How to charge on deposits and withdrawals?

Why are service charges charged on deposits and withdrawals?

There are no service charges on deposits. The service charge is paid by the withdrawal party, that is, there are service charges on withdrawals.

For example, when you withdraw a digital asset from your account on platform A, you will be charged with a service charge on the withdrawal; but if another person deposits a digital asset to your account (or you deposit to your own personal account), you, as the recipient, does not need to pay any service charge on such deposits to your account.

Service charges will be charged on withdrawals, which will be paid in the form of gas fees to online miners as rewards, instead of being paid to the platform.

For example, if you choose to withdraw and transfer assets on the Ethereum blockchain, the miner needs to package your transactions after the platform remits the assets, and put them on the blockchain to complete the transaction. In this process, the computing resources of the blockchain will be consumed, so the miner will be paid accordingly.

Service charge standard

During the withdrawal, the system will automatically calculate the service charge and show the actual volume posted: the actual volume posted = withdrawal volume - withdrawal service charge.

The amount of service charges paid will affect the speed at which your transactions are packaged and put into the blockchain by the miners. It should be noted that the service charge required for completing a transaction depends on the complexity of the transaction. More complex a transaction is, more computing resources must be consumed, so more service charges need to be paid.

During a withdrawal, the system will usually generate a service charge automatically, which may also be set by yourself.

(service charges may be set by yourself on both the App and web ends)

If the service charge is set higher, the miner will be more motivated to pack your transactions and shorten the waiting time for withdrawal; on the contrary, if you set it lower, you have to wait for a longer time. If you are not in a hurry to complete a transaction, you may choose a lower service charge.

Doex  Team

X | Telegram | YouTube