If you are a crypto investor or are planning to start jumping in the big game and you are here, perhaps you have chosen PayPax for your cryptocurrency exchange or money transfers. So you have started working with the system and have definitely been charged with some fees, you might not know the reason behind, or wondered how to reduce them to save more money and cut the edges on your expenses.
Before digging any deeper, it’s worth knowing ways to minimize the fees, not to spend any more extra money you basically don’t want to spend.
To figure out how, follow the rest of this article to know all about how fees work on PayPax and ways to cut them through.
There are three main types of fees on PayPax. Below we’ll tell you what each one is, what the logic behind it is and how it’s calculated. When you are charged with a fee on PayPax it’s one of the following global, deposit or withdrawal. Here’s a look at them:
The global fees depend on whether your account is verified or not. Both business and personal accounts receive a %0.5 fee in case they own a verified account and %2 in case of an unverified one.
A deposit fee is an amount you are charged with when transferring funds to your PayPax account. Unlike the global fees, a deposit fee does not depend on the type of account you own or whether it’s verified or not but rather on the type of currency you have decided to deposit to your PayPax account. Each cryptocurrency has its own determined fee depending on the blockchain in which it takes place. The same case is true for different types of e-money except that in that case the fees are determined by the service that it’s owned by. Other than these, PayPax won’t charge you with any extra fees in case of crypto deposits.
Withdrawal fee is an amount you are charged with when withdrawing funds from your PayPax wallet. Unlike the global fees, withdrawal fees do not depend on the type of account you own or whether it’s verified or not but rather on the type of currency you have decided to deposit to your PayPax account. Each cryptocurrency has its own determined fee depending on the blockchain in which it takes place. The same case is true for different types of e-money except that in that case the fees are determined by the service that owns it. Other than these, PayPax will charge you with a small fee for withdrawals depending on the type of currency you have chosen.
Need more info? visit: PayPax fees
Verification is not necessary for using the online exchange service but it will charge users with lower fees and give them an overall higher security.
For those users owning a verified account (business or personal) the overall fee for internal money transfers and gift cards will decrease from %2 to %0.5. Note that the fee for deposits and withdrawals are definite and unchangeable and does not depend on your verification status.
Verification on PayPax is an easy process. By sending a few accessible documents you can verify your account, enjoy the reduced fees and save up more money for the rainy day.
Verifying a PayPax account is easily and quickly done within a few hours. All you need to do is login your PayPax account, visit your dashboard and from the top menu choose “verify”.
Once you follow the above pathway, you’ll be redirected to a page on which you should submit a few documents and wait for a verification by the PayPax support team in order for your account to be verified. The document includes the following: a personal image or logo if you are signing up on behalf of a company, a billing document and an ID card.
Having trouble verifying your PayPax account? Visit: How to verify your PayPax account?
The price you are charged with on PayPax is quite worth it in exchange to the convenience and wide user interface it provides for you, no matter if you are just learning to trade crypto or are a pro investor.
We’ve taken under consideration to bring you the lowest fees for you to save money on foreign currency exchange and money transfers. On PayPax everything is clear cut and there are no transparent or hidden fees and that is because we have completely eliminated the presence of any intermediary, third party, or banks.
Plus, it’s easy to minimize fees on PayPax. You just need to know how and that is what we have covered so far in this post.