Why are we charging the fee?
We thought long and hard whether to establish this fee.
We calculated the cost of maintaining the physical infrastructure (computers, wallets, network) and the expert personnel required to perform this daily ongoing maintenance and monitoring. In the end, we decided to institute a monthly wallet fee of 0.0001 BTC (or crypto equivalent) per member, equal (on average) to roughly USD 0.80 / SGD 1.1 / INR 60. This wallet fee covers a fraction of our total maintenance cost. ZebPay will continue to pay for the rest.
Previously, trading fees covered the cost of wallet security so we didn’t charge a separate fee even to inactive accounts. In a few months, we will resume crypto-crypto trading. Once that trading resumes, we will waive the wallet fee for anyone who makes even one trade per month.
We will even offer no-fee trading on select crypto-crypto pairs, like BTC-ETH. From that time on, the wallet fee will only apply to inactive accounts and you can choose to trade or simply hold your crypto. You won’t be charged both fees.
We cannot comment about the wallet security procedures or fee schedules of other exchanges, but ZebPay’s 3 million customers have never suffered a loss of their coins and our wallet security continues to be among the best available anywhere.
How will this fee be applied?
The fee will be charged on the 1st of the month for the balance on that date and cannot be prorated. It will be 0.0001 BTC per member, equal (on average) to roughly USD 0.80 / SGD 1.1 / INR 60.
If your balance on the 1st is zero, you won't be charged any fee, regardless of your activity the rest of the month.
If the price of BTC increases we will lower the fee accordingly.
If your crypto balance is below the fee, your fee amount will be reduced. At no time will your balance go below zero.
If there is a verified withdrawal request pending for the entire account balance, then you will not be charged a wallet fee.
What can I expect in the coming months?
In a few months, we plan to resume crypto-crypto trading. Once that trading resumes, we will waive the wallet fee for anyone who makes even one trade per month.
We will even offer no-fee trading on select crypto-crypto pairs, like BTC-ETH. From that time on, the wallet fee will only apply to inactive accounts and you can choose each month to trade or simply hold your crypto.
Your funds are in a secure pool and not in an individual wallet with a private key. You may purchase a private key and withdraw your coins to that wallet, or, if you have an account with another exchange we can transfer the coins to that address if you want to withdraw your crypto from ZebPay.
We are working with various government and regulatory agencies to resolve the issue of conversion between crypto and fiat currency. At the moment we cannot offer fiat currency exchange. However, we plan to soon offer crypto-to-crypto trading as well as other features to help you maximize your crypto investments.
We will send you further communications once crypto-crypto trading is ready to go live.
For any further queries please create a ticket here.