Bitfinex is one of the most popular platforms which is used for the cryptocurrency exchanges. iFinex Inc. has provided users with Bitfinex so that they can easily exchange their crypto coins to the hard currency. Earlier, the exchange was just limited to Bitcoins. However, the number of crypto coins has increased on this platform. There has been an increase in the number of users of Bitfinex, lately. Despite the popularity of Bitfinex, there are many issues related to it. The majority of these were related to the problem users faced due to lack of security. Hackers stole thousands of dollars from the user’s account. As a result, the majority of the banks were not wanting to get into a relationship with Bitfinex.
Bitfinex is quite different from other platforms as it involves centralization. The margin trading has been one of the most important features of Bitfinex. However, the extra charge is negligible and is posted on the transactions lesser than 10,000 dollars. It also provides users with many tools that make the transaction for the users easier. Bitfinex also helps users through its app which is available both for the Android and iOS smartphone users. Due to the various concerns, Bitfinex has raised its security. However, this has increased the work of its users. This is because users have to provide details like address, and other documents. Also, these documents should be made available in the English language.
Development of Bifinex
Bitfinex is still improving and is planning to add more features to provide users with easy interface. It has started to offer more efficient cryptocurrency trading to the users. Users are only provided with dollars by exchanging cryptocurrency. However, this will increase to more number of currencies. This is because of the increase in the acceptance of cryptocurrency in different countries. However, Bitfinex has planned not to provide services to the USA anymore. Due to many rules and regulations, Bitfinex is facing many issues in the USA. This will, however, increase the effectiveness of the Bitfinex in other countries.