The many issues of Bitfinex
2017 has been a bittersweet year for many cryptocurrency exchanges. Despite registering record profits, the huge influx of new users revealed glaring weaknesses for many of them.
One exchange in particular, Bitfinex, has lost the favor of the users quite drastically. Its customer support has become extremely backlogged. Many cases of funds lost during deposits or withdrawals were registered, with hundreds of users complaining about slow or non-existent response in these cases.
New users struggled to get verified, waiting months to finally be able to trade on the exchange. Eventually Bitfinex had to close registrations, and reopened them only recently in January. There’s a twist, however: in order to start trading, the user must make a minimum deposit of 10000$, be it crypto or fiat. This effectively makes this exchange unusable for most new investors or traders, for whom this might be an unreasonable initial deposit in such a volatile market.
All of this is just part of the long list of problems that Bitfinex has suffered. Regulatory issues have also hit the exchange hard, with the latest rumors claiming that the exchange is looking to move to Switzerland. Earlier in 2017, the exchange had to shut down all US operations due to the inability to work with the more stringent regulations in the United States.
Exenium fully understands the lesson that Bitfinex and other exchanges have struggled with. Responsive customer support and a low barrier of entry is our core priority. Our support staff will be available 24/7 and will speak multiple languages, providing nearly instantaneous support directly through the messenger chosen by the user. As the trading volume on the exchange rises, our support staff will be continually expanded to provide the best possible experience for all users.