How to Withdraw From Bitfinex

You might already know that Bitfinex is an unregulated crypto exchange operating since 2012. Its global availability along with its long history has made it one of the top choices for crypto investors. This platform is operational in more than a hundred countries and offers around 170 digital currencies. Plus points include features such as margin trading, derivatives trading, staking, lending, and borrowing.

In this short article, we will walk you through the process of how you can withdraw your profits or other funds from this platform. So, if you have made investments and, hopefully, gains, yet are clueless about how to withdraw your money, then do not worry, we’ve got you covered.

Withdrawal means a transaction in which you move your funds from your Bitfinex account to a third party. That third party can either be another exchange, a wallet, or even a bank.

Withdrawing funds from Bitfinex is a short and easy process. It can be done either by withdrawing cryptocurrencies (BTC/ETH) or fiat currencies (USD/EUR).

Before learning how to withdraw your funds, let’s learn the basics first. Here are some things which you should be aware of.

To learn how to sign up for Bitfinex click here

Withdrawal Fees

Before you make your withdrawal on Bitfinex, you need to know the fee it costs to make the transaction. Bitfinex charges 0.0004 BTC (or equivalent) as its commission for each withdrawal. The latest withdrawal fees can also be found on Bitfinex’s official website and mobile app.

Minimum Withdrawal Amount

To ensure your withdrawal goes smoothly, you need to learn about the minimum amount you must have to complete the transaction. Bitfinex does not allow its users to withdraw any amount of crypto that is less than 5 USD, or equivalent.

The minimum withdrawal amount for fiat withdrawals is 10000 USD/EUR/GBP. However, if you use the third-party service provider OpenPay for your Euro transfer, the minimum amount gets reduced to 25 euros.

To know the latest limits on the amount withdrawable, visit the official Bitfinex website or the mobile app.

Supported Fiat Currencies

A fiat currency is money that is issued directly by the government, such as the US dollar. Fiat currencies are most commonly used as a medium of exchange in the form of banknotes and coins.

Some of the most popular fiat currencies supported on Bitfinex are CNH, JPY, GBP, EUR, and USD.

Supported Cryptocurrencies

A cryptocurrency is any digital currency that can be used as a medium of exchange to make a trade. The individual who owns the crypto asset gets his ownership stored in a computerized database in a secure decentralized system.

Bitfinex supports most of the popular cryptocurrencies including but not limited to BTC, ETH, SOL, ATOM, DOT, and USDt.

Steps to Withdraw Crypto From Bitfinex

To withdraw crypto from your Bitfinex account, follow these steps:

1. Go to the official website of Bitfinex
2. Sign into your Bitfinex account
3. Go to your wallet page and select “Withdrawals”
4. Select the currency you want to withdraw from your account
5. Choose the wallet type you would like to withdraw it from
6. You’ve almost completed the transaction. Just fill in the form about the details of your withdrawal
7. Finally, click the “Request Withdrawal” button to initiate your withdrawal request

If you do not confirm your withdrawal by email within 12 hours, your withdrawal request will automatically be canceled.

How Long Will It Take?

It could take up to 12 hours to complete your withdrawal. For requests with unusually large amounts, it may take longer. Note that you will have to confirm your request by email within 12 hours, otherwise, your request will be canceled. If your request is canceled, you can initiate it again by repeating the steps above.

Faster Withdrawals

Bitfinex has provided its users with two options through which they can withdraw their funds faster.

According to their official website, Bitfinex has set two conditions for maximum security. You must meet at least one of these two conditions to qualify for its express withdrawal facility. Each condition has multiple targets, all of which must be fulfilled to qualify for the respective condition.

Do not get intimidated by these conditions, as your withdrawal requests will still be accepted if you do not qualify for them.

Here are the conditions required for faster withdrawals:

1. The first condition has two targets:
   • You must have enabled 2-factor authentication for at least five days. Alternatively, if IP Address whitelisting has been enabled for the same time period, then you’ve met this target.
   • You have locked withdrawal addresses for all of your cryptocurrencies for at least five days. If you are a Basic Plus level subscriber, then Tether should also be locked or disabled for the same time period.
2. The second condition has four targets:
   • You must have enabled 2-factor authentication for at least five days. Alternatively, if IP Address whitelisting has been enabled for the same time period, then you’ve met this target.
   • You have locked withdrawal addresses for all of your cryptocurrencies for at least five days. If you are a Basic Plus level subscriber, then Tether should also be locked or disabled for the same time period.
   • You have enabled the “Send Email on Login” setting found in the security section.
   • You have enabled the “Monitor Withdrawal by IP” setting, also found in the security section. However, you cannot apply for faster withdrawal if you’ve registered your account within 24 hours of initiating your withdrawal request.

This faculty of faster withdrawals works as an incentive for users to enable high-security settings.

Even if these settings are disabled, most of the withdrawal requests for crypto are accepted within minutes.

Hopefully you’ve learned how to withdraw your funds from Bitfinex. If you have additional questions, send an email to the support team of Bitfinex.

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