Bitfinex triples wire withdrawal fee without prior notice

26 Nov, 2018 | Updated: 26 Nov, 2018
by Fifi Arisandi
Bitfinex triples wire withdrawal fee without prior notice

Bitcoin charges their customers 3 times more expensive for wire withdrawals, without prior notification.  

Black Friday means good deals, well that’s not the case with Bitfinex. The exchange is reported to have increase the minimum fee for wire withdrawals by threefold, from $20 to $60.

While such practice is not uncommon for exchanges, it is pretty odd if no prior notices are made to the customers.

Despite the exchange actively making announcements on their tokens, information on the increased withdrawal fee couldn’t be found anywhere.

That said, Bitfinex’s head of marketing, Kasper Rasmussen didn’t seem to be bothered at all when a media confronted him on this matter.

He replied with a rather vague answer, “Our fee schedule remains subject to change at any time and for a wide array of reasons. This could reflect added complexities associated with a given token, transaction or process, or supply/demand factors.” 

According to Bitcoin Exchange Guide, Bitfinex has been dealing with withdrawals that caused up to one months delay, with some incidents even led to customers refund.

The issue is said to be related to the exchange’s payment processor, Crypto Capital, which makes the fee increase reasonable.

With such changes, the most affected ones would be Bitfinex’s retail customers. A withdrawal of $60,000 would cost $60, which is way higher than Coinbase Pro’s $25 fee and Kraken’s $5 fee.

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