Replying to Avatar waxwing

Have an old Bitfinex account, and was inspired to try the lightning withdrawal experience on there (since I still had some sats pocket change there, so why not?).

To be honest I feel like it's a bit of a shit show as a user experience, but it *did* work, for me.

1/ their interface is full of garbage (like 1000 shitcoins) but to be fair, that doesn't need to bother you. They have multiple different accounts (that always confused me), but they somehow made that worse with the LN integration: you can't just specify an amount of sats to withdraw from your bitcoin *funding* account (not exchange, not margin - must be funding!) - no, you have to *convert your BTC to LN-BTC first*. On reflection this isn't totally crazy since they presumably maintain separate LN wallets, but it gives the user the wrong idea. Still, whatever.

2/ Here's the fun part: the withdrawals have to go through the same security checks as other withdrawals, which involves *both* 2FA and manual response to an email. So it's, first, create invoice on your off-exchange LN wallet, then paste or scan that into the bfx interface, then do 2FA, then wait for email, then click email, then copy out *another* security code, then wait for 'processing' - and the site states that this can take up to 48 hours!

This is hardly compatible with a typical LN wallet invoice of course. But, in my case, the 'processing' was done in a minute or two and the invoice was paid fine.

Overall, this seems very dubious, but (a) it did actually work for my small amount and (b) if you were doing it regularly I guess you'd overcome the foibles.

Tricky business.

I had a better experience at another exchange but still not perfect

Reply to this note

Please Login to reply.

Discussion

No replies yet.