Topic: Can I sell my BTC for USD on Bitfinex? (Read 6653 times)

For some reason, no.

I have Ethereum at Bitfinex also. When I buy and sell Ethereum, the money comes/goes from my USD balance. i.e., when I buy Ethereum... my USD balance goes down by the amount of the transaction.

For the Bitcoin, I just transferred it in from an external wallet a few days ago. It seems to be denominated differently then my Ethereum. The balance of my Bitcoin wallet shows the # of Bitcoin (not the USD value)..... so it's showing 2 Bitcoins, not $7000 USD. This is different than my Ethereum wallet, which always shows the value based in USD.

When I tried to sell it today, the amount I sold did not come out of my Bitcoin Wallet..... it showed that I shorted Bitcoin for that amount. (my Wallet amount stayed at the original amount). The 2 offset each other, so net balance is correct... but something is wrong here. Is it possible that my Bitcoin is not in a tradeable wallet? it's in my exchange wallet.

Just select the BTC/USD pair, fill the fields (price USD and amount BTC) and click "Exchange Sell". If you just want to sell to the market (current price), select "Market" before doing so; That's it, isn't it?

Here we go again.

I understand this.

Can somebody just tell me how to do what I'm asking?

I will exchange it again at a later date for crypto and just transfer it to my hard wallet.... But for now, I'd like to know how to change it into USD.

Bitfinex currently (yet again) has banking problems or is running a fractional reserve exchange, either way, they have problems processing USD withdrawals and have significantly upped the withdrawal fees to discourage traders to cash out USD. I would highly recommend anyone to stay away from that exchange and figure out what the best alternatives are, because Bitfinex isn't it.

Look into exchanges as Coinbase, Kraken, Bitstamp, Gemini for fiat exit points. They all obviously require you to verify yourself. If you don't want to deal with that shit, and are just looking for a way to hedge the market, you can always park your funds temporarily in a stablecoin, but that obviously comes with a high level of counterparty risk.

How do I do this? There was lots of talk in this thread about why he shouldn't do it, etc. But does anybody have an answer of how I can move my BTC funds into USD funds?

It's probably better to start another thread with a question like that. As you brought this one back to life it's worth pointing out that Bitfinex has restarted wire transfers so it's one possible option for you. Whether it's cheapest is going to depend on how much you want to withdraw and any banking fees you might have to pay.

what is the Cheapest way to convert ether to USD  ??

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.

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.

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)

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....

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.

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.

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.

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!

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.

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.

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.

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.

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.