How to withdraw from Bitfinex contracts

To withdraw funds from Bitfinex contracts, you must first close your positions by buying or selling them back to the market, then choose between USDt or bank transfer withdrawal options, and initiate the withdrawal process with correct details.

Nov 12, 2024 at 07:02 am

How to Withdraw from Bitfinex Contracts

Are you holding contracts on Bitfinex and want to withdraw your funds? This comprehensive guide will provide step-by-step instructions on how to successfully withdraw from Bitfinex contracts.

Understanding Contract Withdrawals:

Before initiating the withdrawal process, it's crucial to understand the mechanics of contract withdrawals:

• Closing Out Contracts: To withdraw from contracts, you must first close them by buying or selling them back to the market. This action will convert your contract positions into available funds.

• Withdrawal Options: Bitfinex offers two withdrawal options for contracts:

  1. USDt Withdrawal: Withdraw your contract profits in the form of Tether tokens (USDt), which can be transferred to external wallets or used for other trading activities.
  2. Bank Transfer: Withdraw your contract profits directly to your linked bank account through the ACH or wire transfer method.

Step 1: Close Your Contracts

• Log in to your Bitfinex account.
• Navigate to the "Margin" tab in the top menu.
• Click on "Contracts" under the "Positions" section.
• Select the contract you wish to close by clicking on it.
• Click on the "Close" button to initiate the closing process.
• Enter the desired quantity to close and select the appropriate closing price.
• Review the transaction details and click "Close Position" to confirm.

Step 2: Choose a Withdrawal Method

• Once your contracts are closed, go to the "Withdraw" section in the top menu.
• Select the "Contracts" tab.
• Choose your preferred withdrawal method: USDt or Bank Transfer.

Step 3: Specify Withdrawal Details

• For USDt withdrawals: Enter the amount of USDt you want to withdraw and the external wallet address where you want to receive the funds.
• For bank transfers: Provide the necessary bank account information, including the bank name, account number, and routing number.

Step 4: Initiate the Withdrawal

• Review the withdrawal details carefully, ensuring that all information is correct.
• Click on the "Withdraw" button to initiate the withdrawal process.
• You will receive an email from Bitfinex confirming the withdrawal request.

Step 5: Fund Transfer Confirmation

• For USDt withdrawals: The funds will typically appear in your external wallet within a few minutes.
• For bank transfers: It may take several business days for the funds to reach your bank account, depending on the chosen transfer method.

Additional Considerations:

• Withdrawal Fees: Bitfinex charges withdrawal fees for both USDt and bank transfer withdrawals. The fee structure is subject to change and can vary based on the chosen withdrawal method.
• Account Verification: To withdraw funds from Bitfinex contracts, you must have verified your account. This involves providing personal information, uploading a government-issued ID, and completing a video call for identity verification.
• Minimum Withdrawal Limits: There are minimum withdrawal limits for both USDt and bank transfer withdrawals. These limits vary depending on the chosen method and your verification status.
• Withdrawal Processing Time: Withdrawal requests are typically processed within a few hours, but during peak periods, it may take longer.
• Customer Support: If you encounter any issues during the withdrawal process, you can contact Bitfinex customer support for assistance.