Bitfinex removes deposit fees for amounts below $1,000

According to a recent announcement by a crypto exchange Bitfinex, its users will no longer have to pay fees for small deposits. The ‘small deposits,’ as the exchange puts it, are any deposits below $1,000.

The exchange’s CTO, Paolo Ardoino, clarified the announcement by saying that the decision was made in order to make the platform accessible for smaller traders. Eliminating fees for small deposits makes it easier for those who can only afford small amounts to finally get involved with the trading world.

In other words, it opens Bitfinex to a much wider group of new retail traders. This is important as there are many who are interested in entering crypto, but have a small amount of upfront capital, as Ardoino puts it.

Bitfinex introduced new measures to deal with potential spam

Deposit fees for small amounts originally came into play on Bitfinex back in 2017. The exchange introduced them in order to restrict spam, as small deposits threatened to slow down the platform and its services. However, in the last two years, Bitfinex managed to see quite a bit of technological advancement. It currently has other measures that would prevent spam to jam up the exchange with minor deposits.

Thanks to the new measures, the exchange can now serve everyone who wishes to be among its customers, and still keep things running smoothly for everyone.

The new announcement comes only days after the exchange partnered up with a New York-based Chainalysis. Chainalysis is a well-known provider of compliance software that allows the monitoring of crypto transactions in real-time.

However, the exchange’s customers do not have to worry about their information leaking. Bitfinex’s Chief Compliance Officer, Peter Warrick, stated that the solution does not share data that could identify users. Instead, all such information remains in-house.