"Removing the small deposit fee opens up the Bitfinex platform to a wider group of new retail traders."
British Virgin Islands-based cryptocurrency Exchange Bitfinex has announced that the fee for deposits of less than $1,000 has been eliminated. The announcement came in a press release that was circulated to Finance Magnates.
Paolo Ardoino, the exchange’s chief technical officer, explained that the elimination of the fees could make the platform more accessible for smaller retail traders: “removing the small deposit fee opens up the Bitfinex platform to a wider group of new retail traders who are seeking to enter crypto trading but with a smaller amount of upfront capital,” he said.
We have removed the small deposit fee!
Bitfinex’s users can now enjoy fee-free crypto deposits also for amounts less than 1,000 USD equivalent.
Discover more about the journey of the small deposit fee and the reasons why we decided to remove it: https://t.co/6HB4FcMziCpic.twitter.com/EMjATqEIVh
— Bitfinex (@bitfinex) December 18, 2019
The fee was originally put in place in 2017 to prevent spam, but the exchange has developed a new set of “capabilities to thwart deposit-related spam attacks”
The exchange says that the small-deposit fee was originally instituted at the end of 2017 “to counter the high number of small deposits made in an attempt to spam our platform and slow down [Bitfinex’s] services.” In other words, the fees were put in place in order to keep malevolent users from jamming up the exchange with numerous, minuscule deposits.
According to the announcement, a high number of small deposits “created an excess of tiny wallet inputs that required wallet input consolidation maintenance.” The fee reportedly “served to keep withdrawals flowing smoothly for all our customers.”
However, Ardoino explained that Bitfinex had taken other measures to prevent spam deposits on the exchange: “As we have developed capabilities to deter and thwart deposit-related spam attacks, the small deposit fee is no longer required,” he said.
Bitfinex began a partnership with Chainalysis to build out compliance earlier this month
The announcement came less than a week after Bitfinex began a partnership with Chainalysis, a New York-based provider of compliance software for real-time monitoring of cryptocurrency transactions.
At the time, Peter Warrack, Chief Compliance Officer at Bitfinex, said that “the solution does not share information identifying users, which is kept strictly in-house."
British Virgin Islands-based cryptocurrency Exchange Bitfinex has announced that the fee for deposits of less than $1,000 has been eliminated. The announcement came in a press release that was circulated to Finance Magnates.
Paolo Ardoino, the exchange’s chief technical officer, explained that the elimination of the fees could make the platform more accessible for smaller retail traders: “removing the small deposit fee opens up the Bitfinex platform to a wider group of new retail traders who are seeking to enter crypto trading but with a smaller amount of upfront capital,” he said.
We have removed the small deposit fee!
Bitfinex’s users can now enjoy fee-free crypto deposits also for amounts less than 1,000 USD equivalent.
Discover more about the journey of the small deposit fee and the reasons why we decided to remove it: https://t.co/6HB4FcMziCpic.twitter.com/EMjATqEIVh
— Bitfinex (@bitfinex) December 18, 2019
The fee was originally put in place in 2017 to prevent spam, but the exchange has developed a new set of “capabilities to thwart deposit-related spam attacks”
The exchange says that the small-deposit fee was originally instituted at the end of 2017 “to counter the high number of small deposits made in an attempt to spam our platform and slow down [Bitfinex’s] services.” In other words, the fees were put in place in order to keep malevolent users from jamming up the exchange with numerous, minuscule deposits.
According to the announcement, a high number of small deposits “created an excess of tiny wallet inputs that required wallet input consolidation maintenance.” The fee reportedly “served to keep withdrawals flowing smoothly for all our customers.”
However, Ardoino explained that Bitfinex had taken other measures to prevent spam deposits on the exchange: “As we have developed capabilities to deter and thwart deposit-related spam attacks, the small deposit fee is no longer required,” he said.
Bitfinex began a partnership with Chainalysis to build out compliance earlier this month
The announcement came less than a week after Bitfinex began a partnership with Chainalysis, a New York-based provider of compliance software for real-time monitoring of cryptocurrency transactions.
At the time, Peter Warrack, Chief Compliance Officer at Bitfinex, said that “the solution does not share information identifying users, which is kept strictly in-house."
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
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Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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