Withdrawing funds from Bitfinex cryptocurrency

Bitfinex offers several ways to withdraw Cryptocurrencies and fiat. You can see them in your personal account on the website bitfinex.com. The menu has a “Wallets” section. There is an option to withdraw funds. On the opened tab you have to choose the currency and follow the instructions. Also in this section there is information about all withdrawal operations.

Cryptocurrency withdrawal

When withdrawing digital assets from cryptocurrency exchange the Tx Fee will be deducted to confirm the operation on a priority basis. If it is not enough, the transaction will not be confirmed for an indefinite period. To avoid this, the system uses a dynamic algorithm that allows you to calculate the commission for each transaction.

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On the “Withdrawal” page, you can make a cryptocurrency withdrawal and see the fees that are charged in the process. To withdraw some cryptocurrencies, the account must be verified to Intermediate level. To process an asset withdrawal, you must:

• Go to the “Withdrawal” page.
• From the list of cryptocurrencies, choose the coins you want to withdraw.
• Enter the address and amount in the special fields. Make sure you enter a memo or a transaction tag, if required by the receiving party.
• Choose a wallet from the proposed list.
• Click “Request Output”.

For some asset withdrawals, you must specify a tag to associate the transaction with the account. If you don’t need an ID or tag when sending, you can select the appropriate checkbox. You must also specify a memo for certain transfers. If you forget about it, it may take longer to credit. In some cases, funds may be lost.

Exchange does not support transactions Ethereumwhich were conducted with the help of smart contracts. To avoid losing money, ETH and ETC tokens should be deposited in the traditional way. It is important to make sure that smart contracts are not used before depositing. Alternatively, you can transfer tokens sent via a smart contract to a local wallet and then transfer them to your Bitfinex balance.

Bitcoin withdrawal via Lightning

To withdraw BTC via the network Lightning, you need to convert Bitcoin in LN-BTC. This procedure is free and is used only for withdrawals from the balance of the exchange account. There is a tool for currency conversion on the “Wallets” page. It is a simple form where you have to enter the amount and specify the wallets. To withdraw to Bitfinex LN-BTC, you need:

• Generate an invoice on the wallet where the funds will be transferred.
• Insert it in the special after on the withdrawal page.
• Select a wallet to withdraw money from. Click on “Request withdrawal”. When the connection is established, the money will be sent immediately.

Fiat currency withdrawal

To withdraw funds in fiat currency, the user must complete verification of the account. Such a procedure will also increase the speed of transaction processing. Withdrawals on Bitfinex can be made in the following currencies: U.S. dollar, euro, pounds sterling, yuan, yen. To withdraw funds in fiat currency, you need:

• Go to the withdrawal page and select a currency in the “Wire transfer” section.
• On the page for entering banking information, specify the amount and the wallet from which the money will be debited. Some fields will be filled in automatically using the data that was entered during account verification. Under the data entry form you can turn on the express transfer option. In this case there will be an additional fee, but funds will be credited within 1 day.
• Specify details of the bank to which funds are withdrawn. The bank account must be the same as entered during account verification. If you want to use a new account, you should upload a bank statement through the “Document management” page in the “Verification” section. At the same step you can add an intermediary bank. If the user’s bank requires that the intermediary bank receives the transfer, you can enter information about it in a special field.
• Click the “Request withdrawal” button. A link to confirm the operation will be sent to your email. Processing will start after it is received.

If there are errors in the user’s details that result in a refund, Bitfinex may charge a processing fee of 25 USD, in addition to the additional fee charged by the bank in such a case.

Withdrawing to a bank card

Similar to the previous method of withdrawal of fiat to a bank card. This method is available to those who have undergone full verification.

Withdrawal deadlines

Most of the assets whose withdrawal transactions are performed automatically are credited to the client’s account within a few minutes. But full processing of cryptocurrency withdrawal procedure may take up to 12 hours in some cases. If during this time the funds are not credited to the account, you can contact the technical support service of the exchange for help. The fiat currency withdrawal procedure takes up to 5-15 days. Express withdrawal of funds is available. For the higher commission (1% of the amount) you can order the operation with crediting within 24 hours.

To speed up withdrawal processing, a user’s Bitfinex account must meet Greenlane requirements. They ensure the safety of the account, which helps reduce the number of withdrawal confirmations. The account must meet at least one of two sets of conditions that are listed on the auto withdrawal page (Greenlane). The first includes the following items:

• Enable 2-factor authentication or IP whitelisting for 5 days or more.
• Block or disable addresses for all assets, including Tether, if the account has been verified for intermediate or full tier for at least 5 days.
• The second set, in addition to the items for the first, includes such requirements:
• Turn on the “Send email when logging in to personal cabinet” setting.
• Enable option “Check new IP before withdrawal confirmation”. The current address must not be new at the moment of withdrawal (more than 24 hours).

Minimums for withdrawal of funds

For cryptocurrency and fiat withdrawals, there are minimum amounts that can be chosen for a transaction. For digital assets, this amount is the equivalent of $5. Users who passed full account verification can withdraw fiat with a minimum limit of 10,000 for USD/EUR/GBP, 1,000,000 for Yuan and 75,000 for Yen.