Bitfinex’s clients were happy with the services of the exchange not until this past Sunday when the exchange announced a new fee structure for transactions involving converting cryptocurrency to fiat in high frequency. The newly updated fee on Bitfinex imposes an extra $1000 when compared to the fee charged by PayPal.
The low frequency fiat withdrawals is said to have constituted 99% of Bitfinex’s transactions, thereby, are not included in the newly updated fee structure. Only transactions considered to be of high frequencies will be required to pay 3% commission as charges for the transaction, and it will be based on two conditions, if the request made exceeds
i. more than two fiat withdrawals in any thirty day period
ii. more than $1M in aggregate in fiat withdrawals in any thirty day period
In reality, that simply means, if a customer is to carry out a transaction on Bitfinex, under the two conditions listed above, he/she will be required to pay $30,000 while PayPal would only charge $29,000.
The Reactions on Twitter recently, shows that their customers are somewhat, not happy with the new development. Some even had to accuse the exchange for acting silly recently, claiming that they intentionally locked users’ fund for no good reason.