A withdrawal from Bitfinex refers to moving your funds out of your Bitfinex wallets to a third-party wallet, platform, bank, etc. which can hold your funds.
The withdrawal process and processing time depend on the type of funds you are moving and the confirmations that are required. Some cryptocurrencies can be withdrawn to different blockchains, so be sure to check your withdrawal information carefully before proceeding.
How to make a withdrawal?
2. From the list of currencies on the left-hand side, select the token you wish to withdraw.
Note: If you do not hold the funds on your account, the option to withdraw will be greyed out.
3. Once you have selected the token you wish to withdraw, you will be directed to the withdrawal page for that specific token. Here you will need to enter information specific to your withdrawal:
- Address: The address you will be depositing your funds to when you withdraw from Bitfinex.
- Amount: The amount you wish to withdraw from Bitfinex, 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.
- Wallet: The wallet you wish to withdraw your funds from.
4. Now you will find two checkboxes below:
- The first checkbox allows you the optional choice to add 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 refers to a process called Greenlaning. If your Bitfinex account is Greenlaned, your withdrawals will be subject to auto-withdrawals after meeting certain security requirements.
5. Once all the information is filled in and selected, you can press Request Withdrawal.
6. As a security measure, you will need to confirm your withdrawal request via 2FA and email confirmation.
Note: If your account has been Greenlaned, an email confirmation will not be necessary.
7. Congratulations! You have now successfully submitted a withdrawal request.
You can look to our guides here to better track your withdrawals if necessary: Why is my withdrawal “Pending Approval?”, Where is my cryptocurrency deposit or withdrawal?
What are the withdrawal fees at Bitfinex?
The fees for withdrawing are the transaction fees (Tx Fee). When sending a cryptocurrency, a small transaction fee (TX Fee) must be attached to the transaction in order for the relevant mining network to prioritise and confirm the transaction. If the fee is too low, the transaction could remain unconfirmed indefinitely by the miners.
To avoid this, we utilise 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. 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.
Note: The Tx Fee for withdrawals depends on the currency you are withdrawing. For details, you can view the token withdrawal page directly or go to our fees page for a complete overview.
What is a tag/memo/payment ID?
Some currencies require not only an address but also other relevant information to track the transaction. Be sure to check with the receiving party if any other information is needed when making a transaction!
For example, with a Ripple withdrawal, sometimes a tag is required to associate a transaction with an account.
Important: If you are certain that no tag is required for your withdrawal, you can check the No Tag option in the checkbox.
The same goes for Stellar Lumen and EOS based tokens that usually require a memo.
Important: Failing to include the relevant information when making your transaction may cause significant delays in crediting the funds to your destination wallet, and in some cases, can be unrecoverable.
If you have any questions regarding making a withdrawal, please feel free to contact Bitfinex Support.