If you’re trading cryptocurrency on Bitfinex, then you’ll be pleased to know that the exchange has slashed it fiat withdrawal fees from the usual 3% to 0.1%.
Bitfinex which recently completed its announced $1 billion IEO revealed the reduced withdrawal fees in an announcement today, May 21, with the offering set to take effect at 8:00 UTC, Wednesday, May 22nd.
The exchange wrote in the announcement,
“Standard fiat withdrawal fees will once again apply to all verified Bitfinex users, totaling 0.1% of the amount withdrawn ($60.00 minimum).”
In other words, to withdraw $60.00 from Bitfinex, the exchange will collect $0.06 for the transaction, making it one of the most competitive rates in the industry.
Meanwhile, Bitfinex’s decision to reduce the usual 3% withdrawal fee to 0.1% has come at a time when the exchange is opening its door to retail investors. In April, Coinfomania reported that the exchange removed the $10,000 equity requirement for users.
On the regulatory front, though, the exchange is still a fighting legal battle against the New York Attorney General’s Office regarding its alleged $850 million borrowings from funds set aside to back the Tether stablecoin.
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