When sending a cryptocurrency, a small transaction fee (TX Fee) must be attached to the transaction in order for the relevant mining network to prioritize and confirm the transaction. If too low of a fee is attached, the transaction could remain unconfirmed indefinitely by the miners. To avoid this, we utilize a dynamic fee algorithm to calculate the appropriate fee to attach to each transaction. This Tx Fee is usually sufficient for the transaction to be included in the next block.
You can withdraw cryptocurrencies to any valid address for the relevant cryptocurrency by visiting your Withdrawal page.
The withdrawals interface allows users to monitor the current Tx Fee in relation to cryptocurrency withdrawals. At any time, you may visit the fees page to monitor current transaction fees for withdrawals. The Tx Fee is fixed and automatically updated on a periodic basis according to network activity and the associated cost to achieve reasonable transaction confirmation times.
When performing a cryptocurrency withdraw:
- Enter the receiving address into the “Address” field
- Enter the amount you wish to withdraw in the “Amount” field, the USD equivalent will be automatically calculated; you can also enter the USD value you wish to withdraw and the corresponding token amount will be automatically calculated
- Select the wallet to withdraw funds from in the “Wallet” drop-down menu
- Press the “Request Withdrawal” button.
For cryptocurrencies requiring a tag or a memo, see below for more information.
The first checkbox correlates to adding a note to the withdrawal for your records. The note will be saved on Bitfinex only and won’t be sent to the withdrawal recipient.
The second checkbox correlates to a process we call "Greenlaning." Becoming Greenlaned will allow your withdrawals to process automatically (more quickly). This requires setting up your security measures to a more robust profile than you may currently have implemented.
Ripple, Stellar Lumen and EOS based tokens’ Withdrawals
The above process is identical for all other cryptocurrencies we support except the following tokens. With a Ripple withdrawal, sometimes a "Tag" is required to associate your transaction with your account. If no Payment ID or Tag is required by the receiving address, then you can select the checkbox, "No Recipient Payment ID" or "No Recipient Tag."
Depositing XLM and EOS based tokens (EOS, ADD, ATD, IQX, MTO) to Bitfinex requires both a deposit address and a deposit memo. Failing to include the Memo will cause significant delays in crediting the transaction to your account, and in some cases be unrecoverable.
We understand that time is critically important when it comes to funds being available. As network activity and congestion rises and falls, Tx Fees rise and fall accordingly. We always do our very best to ensure that withdrawals receive the appropriate Tx Fee for the mining network to prioritize the transaction.
We encourage all users to review our Greenlane Conditions which significantly increase personal security, reduce the required number of confirmations for cryptocurrency deposits, and prioritize withdrawals through automatic processing.