When it comes to cryptocurrency trading, one of the factors that worries users are the astronomical hidden fees that arise when making a transaction on an exchange.
Many crypto exchanges use complex tiered structures for maker-taker fees, and different fee structures for high-volume traders and casual traders. Other hidden costs may include withdrawal fees, variable bank transfer fees, or a high bid-ask price
spreads that act as “hidden fees” by reducing the actual execution price
Why transparency is important
Trust and transparency are fundamental principles of the digital asset ecosystem to drive user adoption. Here are some reasons why they are important:
- Evidence and loss: Transparency allows a trader to calculate their true profits and losses before hitting the execute button, thereby moving trading from guesswork to informed strategy.
- Responsibility: Maintaining openness ensures that the exchange is seen as ethical and responsible, thus engendering investor confidence.
These factors naturally play a role when users search for crypto exchanges to begin their journey. And this is where KoinBX stands out with zero hidden fees. KoinBX is an FIU registered exchange in India, offering over 200 crypto assets and over 225 trading pairs.
The exchange has been part of the ecosystem since 2019, serving over 1.5 million users to date.
Different types of fees
It is well known that both centralized and decentralized exchanges charge fees. Although the categories and names may vary, the breakdown of the types of fees an exchange typically charges users is as follows:
- Trading Fees: Trading fees, also called maker-taker fees, where makers (traders who add liquidity to the order book) pay lower fees and takers (who remove liquidity by taking existing orders) pay higher fees.
- Filing Fees: Although crypto deposits are free, many exchanges charge fees on fiat deposits. However, there may be other payment methods offering a lower deposit rate.
- Withdrawal fees: There are different types of withdrawal fees that crypto exchanges charge users. Some may charge a flat fee, some charge a predetermined percentage, and others may charge a network fee, depending on the
- Miscellaneous costs: If the exchange is based in India, a fee of 1% tax deducted at source (TDS) and 30% tax on gains from crypto assets may be charged.
Compared to its competitors who offer tiered fee structures, KoinBX has a stable trading rate.
0.25% fee for maker and taker orders. There are no deposit fees for cryptocurrency deposits.
Withdrawals, however, may incur certain fees listed below:
Crypto withdrawals: incur network fees, which vary by asset.
Examples of specific withdrawal fees can be found on the KoinBX fees pageas for ETH on different networks.
INR withdrawals: may have different fee structures, but the platform offers instant options.
Here are some other reasons why you should choose KoinBX:
- Compliant with FIU-India: As per a government mandate, all providers of virtual digital assets must be registered with FIU-India. KoinBX is fully committed to complying with all FIU guidelines for crypto exchanges in India. As an entity registered with an FIU, it adheres to the Prevention of Money Laundering Act (PMLA) and other legal requirements. This ensures that KoinBX operates transparently and responsibly, providing users with a safe and secure platform to trade digital assets.
- Simple UI/UX: KoinBX understands that entering the crypto ecosystem is nerve-wracking and intimidating. To ensure easy integration for beginners, KoinBX has kept its user interface as simple as possible to minimize confusion.
- 24/7 customer support: As a crypto exchange, KoinBX is user-centric first and foremost, which sets it apart from other exchanges. We provide support in regional languages such as Hindi, Tamil, Malayalam, Kannada and Gujarati, besides English.
And there you have it! Although it is difficult to find the best crypto exchange with no hidden fees, if you are based in India, KoinBX should definitely be your chosen exchange. Not only for barely due fees, but also for compliance, security, and customer support.
Disclaimer: LiveBitcoinNews does not endorse any content on this page. The content described in this press release does not constitute investment advice. LiveBitcoinNews recommends that our readers make decisions based on their own research. LiveBitcoinNews is not responsible for any damage or loss related to the content, products or services stated in this press release.
