The minimum fiat deposit amount will remain the same
Bitfinex introduced its new improved fiat depositing system for sending fiat currencies. The new process will allow KYC-verified users from around the world to initiate deposits across USD, GBP, JPY, and EUR.
According to the company’s blog post, the new fiat deposit system will function as follows:
- A user wishing to initiate a fiat deposit on Bitfinex will create a deposit request to signal interest in completing a deposit. Through this deposit request, a user will be able to specify the exact amount and currency which they wish to deposit.
- Following an account review (which may take up to 48 hours), the user will receive a deposit notification which will include, among other things, bank details specific to the individual’s transaction.
- The user will be able to initiate the deposit based on the information received through the deposit notification. The deposit will subsequently be processed within 6-10 business days from Bitfinex.
The minimum fiat deposit amount on Bitfinex will remain at 10,000 USD with a 0.100% processing fee.