A cryptocurrency withdrawal is a transaction of transferring cryptocurrency balance from your Bitfinex account to an external address, usually a wallet or an exchange.
For information on how to make a withdrawal, you can take a look at our guide here: How to make a Cryptocurrency Withdrawal.
When a withdrawal has been requested, it will go into a Processing status and will then be sent to the blockchain. Once the funds are sent, the withdrawal will be marked as Completed, and you can track it using the provided transaction information on your Withdrawals page.
At times, withdrawals can take up to 12 hours to fully process. We always do our very best to have your withdrawals sent to the blockchain as fast as possible; however, we cannot guarantee instant withdrawals.
If you see that your withdrawal takes longer than 12 hours to process, please contact our Customer Support for specialised assistance.
How to get faster withdrawals?
Lesser withdrawal confirmations are needed if your Bitfinex account meets our Greenlane Conditions. These are a set of security requirements that ensure the safety of your account, and therefore less confirmation on your account is needed when making withdrawals.
Your account will need to meet at least one of the two condition sets that are listed on the Auto-Withdrawal Processing (Greenlane) page for withdrawals to be processed faster.
The two condition sets are:
Condition Set One:
- Two-Factor Authentication or IP Address whitelisting has been enabled for at least five days;
- Withdrawal addresses for all cryptocurrencies (and Tether if you are verified above the Intermediate level) have been locked or disabled for at least five days.
Condition Set Two:
- Two-Factor Authentication has been enabled for at least five days;
- IP Address whitelisting or Withdrawal addresses for all cryptocurrencies (and Tether if you are verified above the Intermediate level) have been locked for at least five days;
- The Send Email on Login security setting is enabled;
- The Monitor Withdrawals by IP security setting is enabled, and your current IP Address is not new today (it has been used before, more than 24 hours ago).
If any of the above requirements does not suit you, rest assured that withdrawals will still be processed. You will need to confirm your withdrawal request through an email confirmation link in order for the withdrawal to be processed, and if you do not confirm it within 12 hours, the withdrawal will be cancelled. Common reasons for withdrawals being cancelled can be found in our guide here: Why was my withdrawal cancelled?
Most automatically processed cryptocurrency withdrawals will be processed within a few minutes. However, processing may take longer if our hot wallet (a special wallet used to process withdrawals) is empty and needs to be refilled. The funds kept in our hot wallet are kept to a minimum as a security measure and are refilled periodically.
Note: Sometimes, large or unusual withdrawals will require direct administrative approval.
We encourage all users to review our Greenlane Conditions, and this significantly increases personal security, reduces the required number of confirmations for cryptocurrency deposits, and prioritises withdrawals through automatic processing.
If you have any questions, please feel free to contact Bitfinex Support.