Bitfinex has announced that it has removed fees on deposits of less than a thousand dollars.
In fact, starting at 15:00 UTC on Wednesday, December 18th, 2019 there are no more fees applied to small deposits on the exchange.
The small deposit fee was introduced in December 2017, in the midst of the hype, as a means of countering the high number of small spam deposits made in an attempt to slow down service. In fact, at the time many small deposits created an excess of small wallet inputs that required maintenance to consolidate them.
Since then, the fee on small deposits has been used to keep the flow of withdrawals in full efficiency, but the exchange states that in the meantime they have developed the ability to prevent these deposit spam attacks.
As a result, this fee is no longer necessary and has now been removed, giving exchange customers greater flexibility and more options for deposit amounts.
Already at the beginning of the year, Bitfinex also removed the minimum threshold of 10,000 USD of capital for traders, so as to be able to accommodate small retail customers and to grow its crypto community.
The Bitfinex CTO, Paolo Ardoino, said:
“As we have developed capabilities to deter and thwart deposit-related spam attacks, the small deposit fee is no longer required. Removing the small deposit fee opens up the Bitfinex platform to a wider group of new retail traders who are seeking to enter crypto trading but with a smaller amount of upfront capital. We’re committed to growing the crypto community. Getting rid of the small deposit fee will open up crypto trading to more retail customers and enhance their onboarding experience to our platform”.