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RE: Is Bitfinex a Safe Trading Platform to Buy Cryptocurrency?! | Why I Have Changed My Mind
Thanks for sharing your experience with and thoughts on Bitfinex. I would stay away for two main reasons: 1) they don’t allow customers from the US, and 2) They are linked to, or may be the issuers of, Tether which is widely believed not to be backed by real US dollars (i.e. it is printed out of thin air). However if they’ve been a good exchange for you, then by all means keep using them, as long as you don’t leave coins on there for long!
Thanks for writing in, I really like to hear other peoples thoughts on this subject. Just in response to your first statement, I believe they do not allow US customers due to a lawsuit of $75,000 made by regulators after the hack. Because they initially spread the losses across all users instead of leaving a few people on the hook for everything I believe they stopped servicing Americans to avoid legal trouble. For the second note, I am not sure to be honest but I will do some investigating and get back to you. Personally I do not have any US dollars on bitfinex, the only time I would is if I sold an altcoin and wanted to buy something else. I like to use USD to buy coins as its easier to monitor but the dollars are in my account for a maximum of 5 min.
Thanks reading!!