Bitfinex Removes Withdrawal Fees On High Fiat Currency Amounts for Loyal Users

The cryptocurrency exchange platform Bitfinex recently announced that it would be removing the withdrawal fees of high size fiat currency amounts on its platform. The twelfth-largest exchange in the world emphasized that its current move is to provide “low-cost fiat withdrawals” for its customers all over the world. Additionally, Bitfinex announced that it would be releasing an update on the number of users it has on its platform.

Bitfinex stated through a blog post,

“Standard fiat withdrawal fees will once again apply to all verified Bitfinex users, totaling 0.1% of the amount withdrawn ($60.00 minimum). We are thankful for the support that many of our traders have shown us, and we are proud to be once again able to provide our loyal users with low-cost fiat withdrawals.”

However, a bitcoin user on Twitter named ibankbitcoins said:

“So one of LEO’s benefit of having better withdraw fees is now nullified, great work tho because 3% is too high.”

It should be recalled that in November 2018, Bitfinex had a new policy that suggested a $30,000 fee to withdraw $1 million. Before making this announcement last year, the exchange recorded more than $1 billion in fiat withdrawals throughout October 2018. The statement included that customers that make more than $1 million, or two fiat withdrawals within any 30 days will acquire a 3% fee.

No doubt, this announcement sparked lots of comments among its customers; many of them expressed their unhappiness towards the increment of transaction fees. Even when the complaints persisted, Bitfinex stated that it is still one of the primary fiat routes for the crypto-trading market. It seems the crypto trading platform reconsidered and enforced a zero fee transaction this year. Many crypto-trading platform offer zero withdrawal fees or Bitfinex aims to be part of those crypto-exchanges.

In other news on Bitfinex, the exchange announced that it is in venturing into the Initial Exchange Offerings [IEO] side of the crypto-market. However, Ethfinex (a crypto-exchange that only trades on Ethereum tokens) stated that it would take the first steps into the Initial Exchange Offerings [IEO] side of the crypto-market with Bitfinex.

Ethfinex stated on its official Twitter page:

“After much development to ensure a user-optimized experience, we are proud to unveil the latest product in our portfolio, Tokinex, our new Initial Exchange Offering platform.”

Nevertheless, the new Initial Exchange Offering platform known as Tokinex will commence operations by the 23rd of May, and its customers’ verification process will be held by BlockPass Application. It is essential to understand that customers from the U.S and other restricted countries on its Tokinex’s list are not allowed to perform any activity. The first sale of its token will take place on the 13th of June.

 “What it means to be an exchange has evolved to become an entire ecosystem, not just limited to the remit of trading digital assets. We are proud to finally launch Tokinex and bring the opportunity for participation in quality token sales in an appropriate environment,”

the blog post stated.

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