Fee restructuring for withdrawals (and deposits)

This story started when bitcoin network fees got to a level beyond our current fixed fee of 0.0005 BTC per withdrawal.

For a while we took the hit of losing money on each bitcoin withdrawal, but had to find a solution, sooner or later. We hate to increase fees, so that’s what we have done:

  1. a regular bitcoin withdrawal will still pay the current 0.0005 BTC fee; these withdrawals are grouped together and sent in a singular transaction every 10-15 minutes or so; this is good for bitcoin network too
  2. an optional high priority bitcoin withdrawal, which will cost 0.0015 BTC fee, but will be executed immediately

both will try to push transaction with enough bitcoin fee to get confirmed in the first blocks.

These option is available both from our website, and from our API.

In the future we will probably apply the same scheme to litecoin or other cryptos.

About litecoin: our current fee of 0.02 LTC for each withdraw is “outrageous” according to some of our users, so we listen and reduce it to 0.002, ten times less.

But let us close this little summary of what is changing on fees with a bad news: after months of cryptocapital free deposits and withdrawals, we have to start adding a fee on this service. A 0.01% on deposit is the current fee, while withdrawals will be placed at 0.001% (yes, ten times less).

Why now?

Why not?

We should have grouped bitcoin withdrawals sooner, yes. We should have reduce litecoin withdraw fee sooner, true. We should have not started charging cryptocapital deposits, maybe. But running an exchange is a complex task, believe me, and things doesn’t get fix magically.

In the latest months we have seen a boom in new subscription and we focused on supporting these new and old users first. Now it was the proper time to fix fees, in order to keep them as low as possible, but still let us run our service comfortably.

Feedback on fees are always appreciated, so if you see something you think should change, let us know what and why.

By the way, we have reopened registration of new users.