Insane Withdraw Fees

Hi,

finally withdraw of BTC and ETH works again. But why does bux crypto charge such horrendous withdraw fees? These fees are 10x higher than competitors. These are not the gas fees - bux crypto calls it “administration costs”. btw: what kind of administration?

for example: if you want to withdraw a minimum amout of 0.015 ETH (40 EUR) you have to pay 20 EUR administration costs. this is insane.

this so called “administration costs” for a crypto withdraw upsets me and lets me consider to say good bye to bux crypto if this “administration cost” policy is not reconsidered and adjusted.

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That’s crazy!

But isn’t it, that if you buy 1000 bux tokens those transaction costs are free?

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Hi Cornel,

good question. I think zero fee with 1.000 BUX only applies to buy and sell transactions.

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Oh ok, I thought that maybe that was the issue here

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No, the transaction fees with 0.5% are ok.

I am talking about sending crypto to another wallet. No one charges “administration costs” for sending crypto from wallet to wallet.

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Ah ok, thanks for the clarification!

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Hey guys, we are aware of the relatively high withdrawal fees but our team is working on lowering it. This takes a bit of time as we are currently migrating to a different custody provider, but as soon as that has finished we can lower the withdrawal fees again.

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Hi @Krypto-Kai,

thank you for your answer.

By lowering the fees you mean to lower to ONLY the normal gas fee like all the other competitors do?

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Hai Kai, do you have a timeframe for us?

Thanks :green_heart:

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Hi @Krypto-Kai,

thank you for your answer.

By lowering the fees you mean to lower to ONLY the normal gas fee like all the other competitors do?

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@Krypto-Kai Unfortunately I haven’t received an answer to my question (see below) yet:

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Also, like with every broker, high fees are partially there to prevent you from moving your assets away to another party.

If you want to move your stocks from one broker to another, they might charge you as much as €100 per position for that. It’s cheaper to just sell your portfolio and buy it at the other broker.

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We are talking about sending crypto to another wallet. this is nothing special and costs normally the all know gas fee.

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Hey guys, the team has had full focus on the BUX Zero integration the past few weeks but now that that is launched more time frees up to work on topics like these in the coming weeks.

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Did you fix the withdraw fee issue to - only - the normal gas fee without any additional fees?

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all exchanges have higher withdraw fees than actual gas fees, i think it has something to do with the flexability of the gas fees.
but it is outragious that a transaction on ETH costs you 3$ and to withdraw the same eth on binance/Kucoin costs you 10$ at least…
thats the way the world work i guess, you want to use their services and this is the only way out so they will charge you…

I read an option to reduce withdrawal fees if you hold BUX token, i would like this added as a utility of the BUX token. If you trade alot on Defi and like to switch between Defi and Cefi it is very lucrative to hold 1000 bux and have low withdraw fees.
If you charge people without BUX token a % more, and then pay the withdrawal fees of the BUX token holders with this %, you create a neat incentive to hold BUX token (and bind customers to the platform).

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we are talking here about 25-50 eur. an no, other exchanges only charge the normal gas fee - way less then 25 eur!

1 Like