How to make a deposit on Bitfinex cryptocurrency?

Bitfinex – that crypto exchangewhich offers several trading options. To start working on the site bitfinex.comYou need to create an account and make deposits. Deposits are available in cryptocurrency and fiat. In order to deposit fiat money, you will need to pass a full verification of your account. Such verification will also increase the speed of deposit and withdrawal operations processing.

Buying cryptocurrency with a bank card

Bitfinex users can top up their cryptocurrency balance with MasterCard, Visa and UnionPay bank cards. Buying is available through OWNR, Mercuryo and Simplex. Coins available for deposit depend on the level of account verification and the system through which funds are transferred. Transactions fees depend on the system through which they are made.

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Wire transfer

You can deposit funds to your Bitfinex balance by bank transfer. To do this, the user’s account must be fully verified. To deposit the account, you need to:

• Go to the deposit page and select the currency to be credited under “Wire transfer”. The minimum amounts to deposit are 10,000 for US dollars, euros and pounds, 75,000 for yuan and 1,000,000 for yen.
• Create a deposit request. In it you have to specify the amount and the wallet, where the funds will be transferred to. If the deposit is made in a currency different from the one specified in the request, the bank automatically converts the money deposited to the desired currency.
• After sending the request, it will be reviewed within 48 hours. After the review is completed, the user will receive an email from Bitfinex with the details of the bank account to which the deposit should be sent.
• Deposit funds to the sent details. The fee for such a transaction is 0.1%, but not less than 60 US dollars/euros. This amount will be deducted from what will be credited to the balance.

Transaction processing time depends on how quickly the local bank can transfer the money to the exchange bank. Typically, the process takes up to 5 business days. Delays may occur due to long processing time of the transaction by the intermediary or in case the bank has not sent the funds. If the funds are not credited to your account within 5 days, you should contact Bitfinex support, stating your deposit ID and SWIFT MT103, which should be provided by the bank which executed transfer. If the bank is not able to provide the code, you may request a confirmation of transfer. Confirmation of the transfer is a receipt or order from the bank, which should provide such information:

• The sender’s requisites (name, bank account number, the name that appears in the bank).
• Details of the recipient (name of the bank, account).
• Payment data (date when the operation was initiated, amount of deposit, currency).

Bitfinex needs such information to complete the crediting of funds. They can be provided as a scanned copy, PDF file, screenshot from online banking application.

Funding your account with cryptocurrency

You can deposit on Bitfinex from a third-party wallet in cryptocurrency. To make a deposit, you have to:

• Log in and go to the deposit page.
• Click to generate the address for the deposit. For some currencies, you may also need to enter a memo or transaction tag. If you enter it incorrectly or forget to do so, a fee will be charged to restore the deposit. Only accounts verified to intermediate or full level can order this service. Address and additional information can be used to transfer funds from a third-party wallet to Bitfinex balance.

BTC deposit via Lightning network

Lightning gives users the ability to create payment channels using a special payment protocol. To top up Bitfinex in BTC through this network, a trader must create an invoice. To do this, it is necessary to do the following:

• Log in and go to the deposit page Bitcoin (Lightning).
• Enter the amount to refill. You can use the size scale to select the desired value. The amount must be equal to or greater than 0.000001 BTC. The maximum for the deposit is 5 BTC.
• Select a wallet to which funds will be deposited.

Click the “Generate Invoice” button. Copy the invoice or scan the QR code to complete the operation. When the deposit is detected (in 2-3 minutes), a pop-up window will appear notifying you that the deposit has been made. The amount will be displayed on the “Deposit” page.

Transferring funds to a derivatives wallet

A special wallet is used to trade on the derivatives market on Bitfinex. To use this option, you need to fund it with Tether USDt or BTC. There are 2 ways to transfer tokens from margin, exchange balance or financial security wallet:

• Fast translation.
• Through the “Balances” widget.
• To use the first method, you need:
• Go to Purses.
• Find the fast translation option in the menu at the top.
• Specify the amount, currency and wallet from which the money will be transferred. Select “Derivatives” in the “To” field.
• Click on “Transfer”. The funds will appear in the derivatives balance to start trading.

The “Balances” widget is located on the main page and shows how many coins are in each account. To refill your Bitfinex balance via the widget, you have to:

• Select a currency. After opening a window with several options, click on “Transfer”.
• Specify the wallet that has the coins and where the money will be transferred from.
• Select a derivatives wallet. Check the amount and click on the “Transfer” button. The funds will appear on the account, you can start trading.

Replenishment via mobile app

In Bitfinex branded application you can make deposits in cryptocurrency (fiat is not available yet). To make a deposit, it is necessary to enable the option “Transfer between wallets” in the rights of API-key. To deposit funds, you need to enter the “Wallets – Deposit” section, select the payment type, wallet and currency. The application will redirect to the page with the address. For convenience, you can use a QR code or the address copying function.

Transfer between a master and a sub-account

Assets can be transferred between a master account and a sub-account without a fee. In the “Account” tab, you can choose which account the funds will be sent to. Regardless of the verification level of a Bitfinex sub-account, cryptocurrencies, stabelcoins and fiat can be transferred from the master to additional accounts. Funds from some sub-accounts cannot be sent to others. For security, the account that initiates the transfer must have 2-factor authentication enabled.

Internal transfers

Bitfinex allows you to transfer funds between different wallets and does not charge a fee for doing so. Such transactions are processed faster than those that hit the blockchain. To transfer funds from one account to another, the user must know the recipient’s address and tag/memo if they are needed. To conduct such a transaction, you need to:

• Go to “Withdrawal” in the Bitfinex menu in the panel above.
• Select a currency. Enter the address of the account. The amount must be at least 5 US dollars.
• After providing the information and clicking on the “Request Withdrawal” button you need to go through the security confirmation procedure. To do this, enter the 2FA code.

An email will be sent to confirm the transfer. If you do not do this, after 12 hours the request will be canceled automatically. The withdrawal will be sent for processing. When the transaction is completed, the withdrawal page will show the status “Completed”.

Top up your account for paper trading

To fund a paper trading account on Bitfinex, which helps you test different strategies, you have to do the following:

• Log in to the account that was created for this type of trading.
• Go to the “Trading – Balances” page.
• Select “Replenish Paper Balance” to go to the deposit form.
• Replenish the balance, given that it can be deposited up to a maximum of 1 million dollars and a token for the equivalent of 100,000 USD.