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Exclusive Interview with Bitfinex for Indian Users

A lot of ink has spilled over a Bitcoin halving, which has created a Fomo, in the mainstream population. On March 12 — Black Thursday- just before the Bitcoin reward halving, the biggest inflow of BTC has been witnessed on various cryptocurrency trading platforms.

Bitfinex is one such platform which has got tremendous trade during the day and attracted a lot of people. The engagement on this crypto exchange is getting high due to the more advanced chart tools and professional connectivity with the users.  

On that note, KoinPost has reached out to Paolo Ardoino, CTO of Bitfinex, and tried to bring out interesting facts which Indian investors/traders must read to seize out opportunity, accordingly.  

Question- What makes you believe Bitfinex is the best trading place for Indian users to engage in cryptocurrency apart from providing liquidity?

Answer- Aside from our depth of liquidity, Bitfinex is leveraging its position as a one-stop-shop for crypto trading, offering a variety of services, including spot trading and peer-to-peer financing with up to 5x leverage. 

We also offer users access to a separate, perpetual swap contract offering 100x leverage through our affiliate, iFinex Financial Technologies Limited. 

One such perpetual swap pair is the Tether Gold/Tether pair (XAUTF0/USTF0) which we launched last month. Tether Gold is also listed on Bitfinex for spot trading. (Though not a Bitfinex product, since its launch earlier this year, Tether Gold has quickly grown and surpassed its main competitors to become the world’s biggest gold-backed digital asset by market capitalization.)

Question- Who do you consider your competitor? 

Answer- We don’t see ourselves in competition with any particular exchange. We are in a unique position and working on our vision to further the growth of the entire crypto community.

Question- What is the level of security concerns on Bitfinex? Rate from 1 to 10 (1 is low and 10 is excellent).

Answer- While we believe our security vulnerabilities are low, we always take security very seriously; ensuring our customers’ funds are safe at all times. This is at the core of our business. Security is our number one priority.

Question- The 2016 Bitfinex hack is still in the news when the trust concerns come in the crypto industry. What is your take on it?

Answer- We have long ago assumed full control of custody of assets held on the exchange and we deploy a tried, tested, and true cold wallet solution. Bitfinex no longer uses any third-party custody services for the management and custody of our customer digital tokens. 

Unfortunately, Bitffinex, like all major cryptocurrency exchanges, continues to be a target for hackers. Still, the security features of our platform are robust and we have successfully repelled all attempts made by hackers since the 2016 incident to penetrate our systems and steal digital assets. 

As to trustworthiness, we believe that we have demonstrated both the commitment and ability to make every customer whole and redeem all BFX tokens at 100 cents on the dollar. Most of all, we thank BFX token holders for their trust and confidence in 2016 and since then.

Question- What are your plans for the Indian market?

Answer- As a global platform, we are creating tools on Bitfinex that we believe will engage users from different regions. We are interested in creating a social experience on Bitfinex, which is why we developed Bitfinex Pulse. With these tools, we believe that people from different geographies and backgrounds can be more united as a single crypto community. There are many exciting developments in the pipeline for Bitfinex.

Notably, in the next few months, we will explore adding new order types. Our affiliate, iFinex Financial Technologies Limited, is considering new derivatives products, and we are looking at sports / political events betting through a regulated site. 

About Bitfinex

Bitfinex is a full-featured spot trading platform for major digital assets & cryptocurrencies, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and Monero including others.

Bitfinex is offering leveraged margin trading through its peer-to-peer funding market, allowing users to securely trade with up to 3.3x leverage. 

The global crypto trading platform is facilitating its users/traders/investors with a variety of order types and helping them to take benefit out of every situation.

Image Credit: Bitfinex