Bitniex is an arbitrage cryptocurrency exchange that offers a high value sales on popular cryptocurrencies such as Bitcoin, Ethereum, Binance Coin and so on which prices differs from other major exchange’s. The exchange uses an arbitrage form of trading to lure in traders and investors, and eventually held withdrawal after two to three attempts. This methods of operation is called arbitrage scam which every traders and investors should watch out for before trading on unscrupulous exchanges.