Zebpay, India’s biggest cryptocurrency exchange has announced a new reduction in fees for intraday transactions. As of now, if users buy and sell some bitcoin (or another cryptocurrency) on the same day, the exchange will charge a fee of only 0.1%, which means Rs. 10 fee for a Rs. 10,000 trade.
For example, if a user buys 2 bitcoin (BTC), and sells 1.5 BTC on the same day, they will be eligible for the 0.1% fee on the buying and selling of 1.5 BTC. For the remaining 0.5 BTC, the usual low Zebpay fee will apply.
The company notes that for the purpose of intraday rebates, “same day” is the period from midnight-of-a-day to midnight-of-the-following-day. At the time of making the transactions, users will be charged the usual low Zebpay fee. Then, on the following day, Zebpay will automatically refund the extra fee that was charged beforehand.
On a certain day, a user buys 1 BTC for Rs. 5 lakhs, and later on the same day, they sell it for Rs. 5.2 lakhs. Assuming that they were a Maker while buying and a Taker while selling, based on the usual Zebpay fee, they would have ended up paying:
(0.2% while buying) + (0.25% while selling)
= (0.2% of Rs. 5 lakh) + (0.25% of Rs. 5.2 lakh)
= Rs. 1000 + Rs. 1300
i.e., a total Zebpay fee of Rs. 2300
Now see how much can be saved with the 0.1% intraday fees:
(0.1% while buying) + (0.1% while selling)
(0.1% of Rs. 5 lakh) + (0.1% of Rs. 5.2 lakh)
= Rs. 500 + Rs. 520
i.e., a total Zebpay fee of Rs. 1020
Zebpay would charge a total Zebpay fee of Rs. 1020. For users, this is less than half of what they would have paid before the reduction.
The Zebpay team said:
“This is our way to reward you, our loyal traders. Zebpay is an efficient cryptocurrency exchange, and we are happy to pass on the benefits of this efficiency to you in the form of lowered fees.”
Headquartered in Mumbai, Zebpay is a member of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI).