For Naira transactions, we pay N50 CBN stamp duty charge for every deposit you make. We also pay N50 (formerly N100) for every withdrawal to a bank account, plus 5% VAT and a variable COT that is less than 0.5%.
For Bitcoin transactions, we pay a minimum of 0.0002BTC for every deposit you make. We also pay a variable network fee when sending out BTC to make sure it gets added to the blockchain early enough.
However, some customers take advantage of this to deposit, withdraw and do the same thing over and over again without actually transacting in the exchange market on the platform. This repeated action increases the cost we bear. We figured that putting a fee to our service will bring this to an end, and give us a little benefit too.
On January 1, 2017, we introduced a small fee/commission for withdrawals only. Deposit, exchange and trading would still be free. The fee for withdrawal will be as follows:
Naira Withdrawal
0.5% of withdrawal amount.
Minimum: N200
Maximum: N2,000
Bitcoin Withdrawal
Fixed Fee: 0.001BTC
Therefore, to be able to withdraw a certain amount of bitcoin, ensure to add 0.001BTC to it. For example, if you hope to get 1.2BTC sent to a wallet address, please withdraw 1.201BTC.
We are also receiving feedbacks from customers for the best method to handle these fees. We would love to hear from you too.
We are also receiving feedbacks from customers for the best method to handle these fees. We would love to hear from you too.
