CryptoBridge Fees Explained
As a decentralized exchange(DEX) we made the logical choice of building out our platform on top of the battle tested Bitshares blockchain. The blockchain behind the CryptoBridge exchange, graphene, can process up to 100,000 transactions per second and has an average confirmation time of just 3 seconds.
In a decentralized exchange all transactions are stored on the blockchain and as a result a fee is associated with each action to be processed by the blockchain.
- Staking fee ( varies)
This fee is charged to create a a stake( also know as vesting_balance_create) on the blockchain. The value of the fee charged is determined by the BTS Committee. The current fee is approximately 61 BTS. As BCO price increases relatively to BTS ,we are able reduce the number of BCO required to be converted to pay the staking fee to create a staking position on the blockchain. - Trading fee (0.2%)
Like all exchanges the fee charged when a user makes a trade on the DEX - Gateway withdrawal fee
This is a fee that is charged to withdraw from the DEX and to ensure that it is processed on the destination blockchain. For example the fee to withdraw BTC might vary or be adjusted to ensure that the transaction is confirmed when sent and not stuck in an unconfirmed state. - Cancel Order/Place Order (~0.00009 BTS)
An overview of the fees charged to make various operations on the BTS blockchain is available at https://cryptofresh.com/fees
The good news is that the BTS Committe are now voting to reduce the fees for operations that take place on the BTS blockchain. As a result the staking fee should be reduced significantly by the end of next week. Allowing anyone regardless of the number of BCO that they own to create a staking position.
THE BTS-RFC to reduce the fees is available here http://cryptofresh.com/p/1.10.7264
In a decentralized exchange all transactions are stored on the blockchain and as a result a fee is associated with each action to be processed by the blockchain.
The fees are minute when compared to the significant benefits of trading on CryptoBridge . When you trade on CryptoBridge you have full ownership of your wallet(private keys) and your coins on the exchange. CryptoBridge allows you to avoid the following significant risks:
- Thefts
- Performance Issues
- Withdrawal & Deposit restrictions
- Hardware failures
- Exchange insolvency
You can get started trading on CryptoBridge without the worries of centralized exchanges today!
