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Author Topic: Can I sell my BTC for USD on Bitfinex?  (Read 2291 times)
usrAnonimo
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May 04, 2017, 04:26:52 PM
 #1

I DON'T want to trade, I just want to sell my BTC for USD(convert my BTC to money) on Bitfinex.
Is there a way to do this? If so, how can I do that?
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lizardbtc
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May 04, 2017, 07:44:06 PM
 #2

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.

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May 04, 2017, 08:21:22 PM
 #3

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.
No no no!

Bitfinex is not processing withdrawals and hasn't been for a while.  The chance of you getting your money out soon is slim to none and you'd have to take it out again as Bitcoin.  You need to choose a functional exchange - the main ones are:

-Bitstamp
-Coinbase
-Kraken

Keep safe.

BartS
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May 04, 2017, 08:33:08 PM
 #4

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.
No no no!

Bitfinex is not processing withdrawals and hasn't been for a while.  The chance of you getting your money out soon is slim to none and you'd have to take it out again as Bitcoin.  You need to choose a functional exchange - the main ones are:

-Bitstamp
-Coinbase
-Kraken

Keep safe.
Correct, we all like to get profits and the price at bitfinex is attractive but there is a reason for it  to be that high and that is the lack of withdrawals.

lizardbtc
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May 04, 2017, 08:55:54 PM
 #5

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.
No no no!

Bitfinex is not processing withdrawals and hasn't been for a while.  The chance of you getting your money out soon is slim to none and you'd have to take it out again as Bitcoin.  You need to choose a functional exchange - the main ones are:

-Bitstamp
-Coinbase
-Kraken

Keep safe.


ops wasn't aware of that, thats why their price is high... my bad haven't done my research, ouch

thank you for writing that.

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JanpriX
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May 05, 2017, 02:04:34 AM
 #6

I DON'T want to trade, I just want to sell my BTC for USD(convert my BTC to money) on Bitfinex.
Is there a way to do this? If so, how can I do that?

Yes, there is definitely a way to that. Bitfinex is indeed an exchange where you can sell your BTC for USD but as of the moment, I wouldn't advice you to do that. The reason is that Bitfinex is having problems processing their fiat withdrawals. If you sell your BTC in their exchange, there is a high chance that you will be able to withdraw your profit in USD. I would suggest you to use Kraken or Coinbase or other trusted exchanges out there that are currently processing withdrawals to fiat.

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May 05, 2017, 11:46:23 AM
 #7

I'm pretty sure Bitfinex disabled their fiat withdrawals when their bank closed their accounts. Now they have nowhere to put their money and no way to send it to people. Bitfinex is in a precarious situation, and you shouldn't touch them with a ten foot pole.

Use a site like localbitcoins, or if you're willing to verify your ID, use Kraken or Coinbase if you're in the US.



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Sniper44
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May 05, 2017, 02:40:14 PM
 #8

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.
No no no!

Bitfinex is not processing withdrawals and hasn't been for a while.  The chance of you getting your money out soon is slim to none and you'd have to take it out again as Bitcoin.  You need to choose a functional exchange - the main ones are:

-Bitstamp
-Coinbase
-Kraken

Keep safe.

that is fiat related not bitcoin or cryptocurrency in general.

there is nothing stopping you to deposit bitcoin and trade on their site. they still have a pretty high trading volume which shows people are still trading there. you can also withdraw bitcoin when you are done trading and bought back what you sold.

but forget about anything fiat related. you can not deposit or withdraw fiat. if that is ok with you then go there and do trading!

on a vacation and missing out on all the fun Sad
SONG GEET
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May 05, 2017, 03:29:01 PM
 #9

No you can't bitfinex only have BTC-USDT pair and USDT is not equal to USD right now as bank accounts of both bitfinex and Tether (USDT) have blocked every transactions. And both of them have already stopped processing deposits and withdrawals, so you can't withdraw your bitcoin in fiat from bitfinex.

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May 05, 2017, 08:51:53 PM
 #10

As long he can withdraw BTC and sell somewhere else, he ll be fine. This premium on Bitfinex s justified by the fact u can't get fiat out so there s no premium at all cause it does not work.

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May 05, 2017, 09:42:45 PM
 #11

Yes you should be able to sell BTC for USD there.
If you have opened an account and if you are verified there, it shouldn't be much of a hassle. To sell your bitcoins you will need to do it in their exchange you have buy and sell orders etc.

To make long story short you have here a youtube video that explains well about how does bitfinex work : https://www.youtube.com/watch?v=zUTCSZ7yuy8

Need more help? Ask! I will try to help.
No no no!

Bitfinex is not processing withdrawals and hasn't been for a while.  The chance of you getting your money out soon is slim to none and you'd have to take it out again as Bitcoin.  You need to choose a functional exchange - the main ones are:

-Bitstamp
-Coinbase
-Kraken

Keep safe.

that is fiat related not bitcoin or cryptocurrency in general.

there is nothing stopping you to deposit bitcoin and trade on their site. they still have a pretty high trading volume which shows people are still trading there. you can also withdraw bitcoin when you are done trading and bought back what you sold.

but forget about anything fiat related. you can not deposit or withdraw fiat. if that is ok with you then go there and do trading!
No one should be trading in a dysfunctional exchange.  Loads of people did it when Mt. Gox was on the brink and look where it took them.  Not very far, let's just say.

Their actual liquidity isn't high at all, and some people (wrongly, in my view) are even arguing that the low liquidity and rush out of there is what's pushing the price up.

If an exchange isn't allowing fiat deposits or withdrawals it might not be solvent.  Since USDT isn't fully functional either it's a very dangerous game.

richardsNY
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May 05, 2017, 11:06:17 PM
 #12

No one should be trading in a dysfunctional exchange.  Loads of people did it when Mt. Gox was on the brink and look where it took them.  Not very far, let's just say.

People never learn. It's mind boggling how dumb and easy of believe people are when it comes to an exchange that should never ever gain a single bit of trust/respect after them having messed up big time. I seriously don't believe they were hacked -- it was a blatant inside job. There are so many exchanges to choose from nowadays, but still people make use of an exchange from which the chances are high that it will do a GOX at some point....

shinratensei_
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May 05, 2017, 11:20:33 PM
 #13

I DON'T want to trade, I just want to sell my BTC for USD(convert my BTC to money) on Bitfinex.
Is there a way to do this? If so, how can I do that?
https://www.bitfinex.com/posts/201
Just read the whole of the post has announced by bitfinex, And you will understand where is bitfinex go.
And if you're not able to transfer the result of your USD to your bank account and what will you do with your amount on the lame exchange site?

The answer is.
There is no way for you to do it, just try another exchange site such local bitcoin or Kraken with his SEPA ability(if you're on EU)

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johnsmithx
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May 06, 2017, 07:45:40 PM
 #14

I would describe the situation like this:

It's not possible to withdraw USD from Bitfinex at the moment. That makes some people very nervous and therefore they are willing to trade their USD for BTC even if they have to pay some extra and then withdraw their BTC and get out of Bitfinex. This for some other people looks like an opportunity: they come to Bitfinex, bring their BTC and sell them for a very high USD price to the first group of people, not expecting another GOX happening and planning on waiting the momentary issues out and cashing a noticeable profit.

Risks aside, I personally don't think this is a very good strategy right now when the BTC is going up quite steeply because even if you sell your BTC there for USD at $100 above the usual rate your USD will be stuck there and while you are waiting you will not only miss other opportunities but the BTC may very well rise much higher than those extra $100 so in end, even if you are able to withdraw your USD eventually, you may not actually end up with a higher profit as if you never went there and kept trading anywhere else.

So it's not like everybody is running away from Bitfinex, more like shifting in the demographics of the users - the more careful are getting out and the more adventurous (and in my opinion not very smart) are coming in. But the overall judgment is the same what the others here are saying: better stay away.

Updated 10/04/2017: Beware of fraudulent AWS accounts sellers and dangerous edu AWS codes! Read inside + My personal list of legit sellers and scammers Never publicly reveal your btc addresses, ownership or any other details and stay very far away from anybody who asks you to! The general rule of safe buying is: if the seller is a newbie, with no reputation, with no topic nor trust feedback, offering no vouches and/or selling from a locked or self-moderated topic and unwilling to go first or use escrow => AVOID. Always check the trust feedback first and make sure that you have enabled "Show untrusted feedback by default" in "Profile / Forum Profile Information".
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May 06, 2017, 07:51:42 PM
 #15

I would describe the situation like this:

It's not possible to withdraw USD from Bitfinex at the moment. That makes some people very nervous and therefore they are willing to trade their USD for BTC even if they have to pay some extra and then withdraw their BTC and get out of Bitfinex. This for some other people looks like an opportunity: they come to Bitfinex, bring their BTC and sell them for a very high USD price to the first group of people, not expecting another GOX happening and planning on waiting the momentary issues out and cashing a noticeable profit.

Risks aside, I personally don't think this is a very good strategy right now when the BTC is going up quite steeply because even if you sell your BTC there for USD at $100 above the usual rate your USD will be stuck there and while you are waiting you will not only miss other opportunities but the BTC may very well rise much higher than those extra $100 so in end, even if you are able to withdraw your USD eventually, you may not actually end up with a higher profit as if you never went there and kept trading anywhere else.

So it's not like everybody is running away from Bitfinex, more like shifting in the demographics of the users - the more careful are getting out and the more adventurous (and in my opinion not very smart) are coming in. But the overall judgment is the same what the others here are saying: better stay away.
Anyone who moves their money into Bitfinex right this second to sell for USD is unreasonable, just because the Coinbase price is higher.  If you're in a country that supports Coinbase, just sell there and you'll be able to withdraw easily without waiting for weeks and potentially failing altogether.

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