Quickbit pricing and fees
Quickbit App (Wallet Service)
Quickbit offers a Hosted Cryptocurrency Wallet Service free of charge. This means our App is free to download and create an account with and we will store your cryptocurrency at no cost to you.
General
In addition to sending or receiving cryptocurrency through Quickbit, customers can (1) purchase cryptocurrency, or (2) exchange one type of cryptocurrency into another type of cryptocurrency.
When you request a cryptocurrency transaction, Quickbit will fill your order through with Quickbit’s partnered exchanges. Quickbit establishes the exchange rate for cryptocurrency transactions (“consumer exchange rate”) by adding a margin (the “spread”), to the Average Price calculated by comparing prices on partnered exchanges. The price you pay is locked in at the time of the order settlement.
Quickbit may also charge a separate fee (in addition to the spread) that is a variable percentage of the transaction (the “Quickbit Fee”), as further described below in the section entitled Crypto Buy/Sell Transactions.
We will always notify you of all Quickbit Fees (not including the margin) and any other service fees that apply to each transaction immediately before you confirm each transaction and in the receipt we issue to you immediately after each transaction has been processed.
Quickbit reserves the right to reject a transaction if Quickbit is unable to fill a corresponding order due to changes in the market price of a cryptocurrency, an order exceeding the maximum order size on Quickbit, or an order timing out due to slow server response time. In rare circumstances, the exchange rate may not be available due to outages or scheduled maintenance. In order to provide you with uninterrupted services at such time, we may derive market pricing data from unaffiliated currency exchanges.
Crypto Buy/Sell Transactions
Quickbit charges a Quickbit Fee for each buy/sell transaction, as set forth below:
Zero-fee on buy/sell transactions totalling €500 in volume. Each buy/sell order contributes to your total volume, you can either make several orders or a single order of €500 without fees.
Once exceeding a total volume of €500 we will apply a variable fee of 1,49% for each transaction. Maximum fee charged per transaction is €45
Quickbit also charges a spread of about one percent (1.0%) for cryptocurrency purchases and sales. However, the actual spread may be higher or lower due to market fluctuations in the price of cryptocurrency between the time we quote a price and the time when the order executes.
Crypto Send/Receive Transactions
Send internal
Quickbit does not charge a Quickbit Fee for sending cryptocurrency from one Quickbit wallet to another Quickbit wallet (i.e. transfers between Quickbit users).
Receive
Quickbit does not charge a Quickbit Fee for receiving most of cryptocurrencies from a third party wallet (i.e. crypto sent to you from another Cryptocurrency Wallet Service). However, we do have a deposit fee for ETH, you can read more here.
Send external
Quickbit does not charge a Quickbit Fee for sending cryptocurrency to a third party wallet, however you will pay a Network Transaction Fee. Quickbit incurs and pays the Network Transaction Fee, such as miner’s fees, for any transaction sent on the blockchain from a Quickbit wallet to a third party wallet. For these transactions Quickbit will charge you the network fee based on our estimate of the network transaction fee that we anticipate paying for each transaction. In certain circumstances, the fee that Quickbit pays may differ from that estimate. All fees we charge you will be disclosed at the time of your transaction.
Crypto Exchange
With a cryptocurrency exchange, you can accomplish in a single transaction what would otherwise require two separate transactions. For example, you can directly convert Bitcoin to Litecoin.
Quickbit charges a spread margin of up to two percent (2.0%) for a cryptocurrency exchange. The actual spread margin charged varies due to market fluctuations in the price of cryptocurrency between the time we quote a price and the time when the order executes.
Quickbit does not charge a separate Quickbit Fee for cryptocurrency exchanges.
Quickbit Checkout
Currently Quickbit does not charge any service fee. If the e-merchant charges a service fee this will be displayed to you in the Quickbit Checkout flow.