Bitfinex, the major digital cryptocurrency exchange, has become more flexible. That is because the exchange now supports fee-free small deposits. As per the recent announcement, the traders who deposit less than $1,000 equivalent don’t have pay to anything extra.
Undoubtedly, Bitfinex is quite a popular cryptocurrency exchange. Founded in 2012, it currently ranks #2 on CoinmarketCap as per the new liquidity matrix.
While the exchange never imposed a minimum deposit limit, it did require its customers to pay a small deposit fee since December 2017. Also, the exchange was facing small deposit spam attacks leading to service slowdown, receiving numerous small deposits and creating tiny wallet inputs. Subsequently, these excess inputs required wallet maintenance that in turn hampered the speed of deposits and withdrawals. The small deposit fee motivated traders to merge small deposits into bigger ones bringing down the system load.
In a press release shared with AltcoinBuzz, Bitfinex CTO Paolo Ardoino said that Bitfinex is now capable of handling such spam attacks. And in light of this development, the small deposit fees are no longer necessary. According to Ardoino, this will help the crypto community to grow as it opens Bitfinex to small capital retail traders.
Earlier this year, Bitfinex opened up its professional standard trading to everyone by removing the $10,000 minimum equity threshold. The exchange explained that there had been an overwhelming demand coming from the community. To that end, Bitfinex also noted that it has been consistently working to advance its infrastructure and services.
Previously, we covered Bitfinex supporting Lightning Network to increase transaction throughput of Bitcoin.