What Is the Deposit/Withdrawal Fee?
[Estimated Reading Time: 3 minutes]
This article explains deposit and withdrawal fees on IMBX, why they exist, how they are determined, and where you can find the most up-to-date information.
What Are Deposit/Withdrawal Fees?
Deposit Fee: IMBX does not charge any fees for deposits. However, when transferring cryptocurrency to IMBX, you may need to pay a blockchain network fee. This fee is required by blockchain (e.g., Bitcoin or Ethereum) to process your transaction and is not collected by IMBX.
- Example: If you deposit BTC or ETH into your IMBX account, the network fee charged by blockchain depends on factors like congestion and transaction speed. IMBX does not receive this fee—it goes to miners or validators who process the transaction.
Withdrawal Fee: A fee is charged when withdrawing cryptocurrency from your IMBX account. This fee ensures your transaction is processed on the blockchain and is determined by network conditions. The withdrawal fee varies depending on:
- The cryptocurrency being withdrawn.
- The blockchain network used (e.g., ERC-20, TRC-20).
- Current blockchain congestion.
Why Do Withdrawal Fees Exist?
Withdrawal fees cover the transaction costs required to ensure a secure and reliable transfer of funds. These fees are not profit-driven and are adjusted according to blockchain's transaction costs, ensuring user withdrawals are processed efficiently.
Key Points to Remember:
- Fees vary by cryptocurrency and network type.
- Network conditions, like congestion or demand, can influence the fee amount.
How Are Withdrawal Fees Determined?
Withdrawal fees are influenced by several factors:
1. Blockchain Network Activity:
- High activity or congestion on a blockchain can lead to increased fees due to limited capacity.
- During periods of low activity, fees may decrease.
2. Cryptocurrency Type and Network Used:
- Each cryptocurrency and network has unique transaction fees. For example, withdrawing USDT via TRC-20 is generally cheaper than via ERC-20.
3. Transaction Size and Complexity:
- Some networks require higher fees for larger or more complex transactions.
Check Withdrawal Fees Before Confirming:
The latest withdrawal fees for your selected cryptocurrency and network are displayed during the withdrawal process. You can also view the full fee structure directly on our Fee Schedule page.
FAQs
1. Are there deposit fees on IMBX?
No, IMBX does not charge deposit fees.
2. Can withdrawal fees change?
Yes, withdrawal fees may fluctuate based on blockchain network conditions.
3. How do I see the exact withdrawal fee?
Fees are displayed on the withdrawal confirmation page before you finalize the transaction.
4. Why do fees differ for the same cryptocurrency?
Fees can vary due to changes in network activity or congestion levels.
5. Does IMBX offer any fee discounts?
Occasionally, IMBX may run promotions with reduced or waived withdrawal fees. Check announcements for details.