Bitfinex Crypto Exchange Announces 3% Fee For High-Frequency Trading Clients
Bitfinex, a crypto exchange that has a daily exchange value of almost $200 million just announced that they will be charging 3% fee on all external wire withdrawal requests that exceed certain criteria.
The guidelines for being eligible for the new exchange fee are:
- More than 2 fiat withdrawals in any thirty day period; and/or,
- More than $1M in aggregate in fiat withdrawals in any thirty day period.
The exchange says that withdrawal requests preceding this announcement will be treated under the old rules. Although the exchange says that they can exempt customers from the fee at their own discretion. They even added that their fee schedule can change at any time.
In the same announcement, the exchange said that they have processed over 700 withdrawals representing more than $1B in October 2018 alone. They even called for unity of crypto exchanges globally saying that the industry is more important than the individuals.