Deposit Euros at Bitfinex: What you need to know

When it comes to crypto trading, the first step is often the most involved. Namely, you must first buy coins for real money, then transfer them, and then make the exchange for the desired cryptocurrency. At Bitfinex, you can also deposit euros directly, but you should know a few things about this.

Theory and practice are far apart when it comes to depositing euros at Bitfinex.

Bitfinex: Depositing euros only possible under special conditions

Bitfinex is one of the larger trading venues and became even more well-known in 2017, as it was the first exchange on which IOTA could be purchased. Basically, it is possible to deposit euros directly at Bitfinex and start crypto trading with it. However, there are some essential points to consider:

• You must first perform a full verification. For this, you need to scan and send numerous documents. Due to the high demand, the processing time is often several days to weeks.
• The minimum amount for the euro deposit is 10,000 euros.
• Initially, all deposits and withdrawals are possible exclusively via bank transfer.
• For each deposit, a fee of one percent is due. At least, however, you will be charged about 20 euros.
• The disadvantage to Bitfinex is, in addition to the high minimum deposit, that the platform has no integrated wallet. Nevertheless, this has a large selection of various cryptocurrencies.

So it is still not quite so easy to start with euros in crypto trading. Especially the minimum amount of 10,000 euros should be a knockout criterion for most private investors. So the recommended way is still via platforms like bitcoin.de, where you can buy Bitcoin or Ethereum.