Cryptocurrency Exchange

Bitfinex Triples Minimum Wire Fee Without Declaration

bitfinex

Unexpectedly, on this Black Friday, Bitfinex has increased its minimum fee for a wire withdrawal from $20 to $60, triple of the previous one. The exchange made the modification without any announcement. With that, it has become one of the most expensive crypto exchange platforms.

Speculatively, the reason behind the increase in charge is to resolve the issues with withdrawals that the platform had been experiencing. The problem was reportedly regarding the exchange’s payment processor, Crypto Capital. As there was no declaration made by the exchange, the change in fees was noticed by checking the fee schedule on Bitfinex.

While asking regarding the same, Kasper Rasmussen, head of marketing for Bitfinex stated, “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.”

Due to the problems with their withdrawals, the exchange had to refund to the customers in some cases. However, this is not the first-ever increase in wire fees of Bitfinex. In the recent past Bitfinex added a 3% fee on wire withdrawals which exceed more than $1 million in aggregated value. Also, the addition was applicable to the withdrawals that accounted for more than two withdrawals during a period of 30 days.

The exchange intends to advise customers against making multiple, small-denomination wires. The exchange aims to encourage its customers to withdraw funds in a single wire once a month, by increasing the fee. Eventually, it will help to take off some of the stress on the system and the bank for processing speed.

Notably, Coinbase Pro charges a wire withdrawal fee of $25. Also, Bitstamp has a minimum fee for an outgoing wire of $15, while Kraken’s fee is much lesser at only $5.

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