Understanding Bitcoin Transaction Fees and Charges on Zebpay

For those considering using Zebpay to buy Bitcoin, it is important to understand the associated charges and fees involved. This article aims to clarify the various costs and charge structures in place, helping users make informed decisions.

Overview of Zebpay Fees

Zebpay operates on a straightforward fee structure for both buying and selling Bitcoins. However, there are different aspects to consider, such as fiat currency deposits and Bitcoin network fees. In this article, we will break down the various fees and charges associated with using Zebpay to buy and sell Bitcoin.

Deposit and Withdrawal Fees

When depositing fiat money into your Zebpay account, there are different methods with varying charges:

Payment Gateway: A minimal fee is charged for deposits made through payment gateways. This fee is typically small but can vary based on your bank and the amount deposited. NEFT/RTGS (National Electronic Funds Transfer/Real Time Gross Settlement): Deposits made through NEFT or RTGS incur no charge, but the process might take a day or so.

For withdrawals, a Rs 10 fee is charged for any withdrawal from your Zebpay Rs account. This fee is to cover processing and bank charges. For example, if you request a withdrawal of Rs 5000, you would only receive Rs 4990, after deducting the Rs 10 fee. However, there are no charges for sending or receiving Bitcoin to or from Zebpay users.

Bitcoin Network Fees

When sending Bitcoin to a Bitcoin address, you will be charged a network fee. The amount of the fee will depend on the number of Bitcoin being sent. Fees are dynamic and updated daily. It is recommended to check your Zebpay app for the current fees.

GST Charges

When you make a Bitcoin purchase using a payment gateway, you need to pay a Goods and Services Tax (GST). For each transaction over the deposited amount, GST at a rate of 2% will be applied.

How Zebpay Earns

Zebpay generates revenue primarily through the spread, which is the difference between the rate at which they buy from and sell to users. This is the standard practice for most cryptocurrency exchange platforms. In this way, Zebpay ensures its sustainability while providing essential services.

Conclusion

Understanding the various fees and charges on Zebpay is crucial for both new and existing users. By being aware of the structure, you can make informed decisions and prepare accordingly. Whether you are depositing fiat money, withdrawing funds, or sending/receiving Bitcoin, Zebpay is transparent about its fees, ensuring a hassle-free and secure experience.