"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.
Crypto Mining Company Argo Reduced Losses by 85% in 2023
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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