What are crypto withdrawal fees?
Withdrawal transactions to crypto addresses outside of BitForex typically incur a “transaction fee” or “network fee”. This fee is not paid to BitForex but miners or validators, who are responsible for processing the transactions and securing the respective blockchain network.
BitForex must pay these fees to miners to ensure that transactions are processed.
BitForex Withdrawal Fees?
BitForex withdrawal fees are dynamic, you will be charged according to the current network conditions. The fee amount is based on an estimate of the network transaction fees and can fluctuate without notice due to factors such as network congestion. Please check the most updated fee listed on each withdrawal page.
BitForex Deposit Fees?
BitForex deposit fee is free for cryptocurrencies.
Your transaction will be credited to your account once it reaches the minimum amount of confirmations on the blockchain. This amount is different for each currency and may be changed at any time, based on the stability of the network, the health of wallets, and several other factors.
The speed at which a transaction receives confirmations depends on various aspects, including the mining speed of subsequent blocks and the amount of transaction fees.
BitForex minimum amount for withdrawal?
There is a minimum amount for each withdrawal request. If the amount is too little, you won’t be able to request a withdrawal. You can refer to the Deposit & Withdrawal Fees page to check the minimum withdrawal amount and transaction fees of each cryptocurrency. However, please note that the fees can change without notice due to unforeseeable factors, such as network congestion.
Please make sure you select the correct network. If the address you are withdrawing to is an ERC20 address (Ethereum blockchain), you must select the ERC20 option before making the withdrawal. DO NOT select the cheapest fee option. You must select the network that is compatible with the withdrawal address. If you select the wrong network, you will lose your funds.
BitForex withdrawal limits on the platform?
Daily withdrawal limit at Bitforex is 100 BTC
What is a ” Chain Network address”?
Chain network is a blockchain network built for running smart contract-based applications. It help users manage their digital assets cross-chain with low latency and large capacit.
An “network address” is, in essence, a specific “location” on the blockchain to which coins can be sent in the form of a string of letters and numbers. A cryptocurrency address can be shared publicly in the form of text or QR code to receive funds.
If the system detects you input a wrong format, it will inform you of an “invalid address”. In this case, please check your recipient’s address and withdrawal network, and make sure that the information your input is correct.
What is Memo/Tag?
A “Tag” or “Memo” is an additional address feature necessary for identifying a transaction recipient beyond a wallet address.
“The memo is not valid” indicates that the user has input the wrong memo. Please confirm with the recipient to ensure that your information is correct.
Why I get a “Network busy” error message? What can I do?
If you get a “network busy” error message, this means that the network is currently congested due to a high volume of use. Please try again later or select other networks. Your patience is much appreciated.
What is a transaction ID (TxID)?
How To Check Your Withdrawal Transaction Hash (TXID)?
You can also click on the TxID to see the status of the relevant transaction in that blockchain explorer. Note that your funds will be transferred to the relevant block after the nodes have confirmed the transaction. If the network is congested, it may take longer for your funds to arrive.
You can also access your transaction history from [Wallets]
BitForex trading fees
The maker and taker model is a way to differentiate fees between trade orders that provide liquidity (“maker orders”) and take away liquidity (“taker orders”). Maker and taker trade orders are charged different fees.
• Maker fees are paid when you add liquidity to our order book by placing a limit order below the ticker price for buy, and above the ticker price for sell.
• Taker fees are paid when you remove liquidity from our order book by placing any order that is executed against an order on the order book.
BitForex trading fees is 0.1% for maker and taker is 0.1%.