Is Bitfinex A Scam?

in crypto •  7 years ago 

I recently bought some IOTA on Bitfinex and it's my first time using this exchange.

I withdrew 10 IOTA just to test the withdrawal and it worked. It took them maybe less than an hour to withdraw it to my wallet.

However, when I withdrew a bigger sum, the processing doesn't seem to end. Apparently it doesn't take more than 12 hours but it did in my case. Furthermore, they never replied my ticket.

Do you guys regularly use Bitfinex? Are they trustworthy? I've also activated 2FA authentication system which supposedly speeds up their transaction.

Unfortunately I can't buy IOTA on Bittrex, or else I would.

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never tried bitfinex, i only use bittrex atm. sorry cant help

I only use Kraken and Bittrex. I hope the processing ends soon and you get your all your IOTA safely..

I hope so too..

Hmn...this is cause for concern. Becareful.

I'm still waiting for my money!

All i can say is may god bless u

I have used Bitfinex to buy and withdraw IOTA before, I also did a test then sent the rest, all worked out well for me. Just wait for them to answer your support ticket. Also, check the Blockchain or Tangle to find whether your transaction has been sent or went through. Maybe you need to update your IOTA wallet, they recently did an update.

Good to hear. The withdrawal wasn't processed, so I don't think it has been given out yet. I'll check Tangle.

If it has not been processed that is the exchnages problem.

I think one of the key consideration of exchange is whether it can be withdrawn back to fiat currency into ur bank account/credit card, can these two exchange do that?if yes, at what fee?(if any)

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  ·  7 years ago (edited)

I too experienced the EXACT same problem.

It has now been 14 hours and i am STILL waiting on a "processing" withdrawal.

Their documentation tries to pass delays off as blockchain related, but in reality there is NO transaction pending on the blockchain. They simply have NOT sent the funds.

I can only assume that Bitfinex is completely corrupt.

In my opinion, trading on Bitfinex is incredibly dangerous.

Thankfully i started with a relatively small investment of $110 of IOTA.
I am guessing i have likely lost that investment.

Incredibly furious about this.

I would agree BITFINEX is a total scam. (maybe not, i guess i should retract that, see update below)

If anything changes ill reply here.

UPDATE: MY WITHDRAWAL FINALLY PROCESSED.

Still ... why it took so long is very concerning. Especially since I never received any reply via support email.

I can only imagine how nervous id be if this were a much larger investment. Ugh.

Hey I received my IOTA a few days after i posted this article. Hopefully you get yours soon.

Thanks so much for this reply ... happy to hear ... ill definitely let you all know what happens with mine.

Wow, ok well ironically ... 10 min after this post ... my withdrawal arrived. A lot quicker than yours apparently ... sadly though, just having to wait that long has me really hesitant to trade there with a large amount of money. I wish IOTA was available for exchange on bittrex.

It's probably poignant to point out ... while all these cryptos are decentralized ... and while most pools seem to be playing fairly .... in a way ... the exchanges really have too much influence on the entire ecosystem and are so far and few ... I am really hopeful that the Cobinhood can shake things up.