Quickbit pricing and fees disclosures
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.
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 either a fixed fee or a variable percentage of the transaction (the “Quickbit Fee”), as further described below in the section entitled Crypto Buy 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 Send/Receive Transactions
Quickbit does not charge a Quickbit Fee for sending cryptocurrency from one Quickbit wallet to another Quickbit wallet (i.e. transfers between Quickbit users).
Quickbit does not charge a Quickbit Fee for receiving cryptocurrency from a third party wallet (i.e. crypto sent to you from another Cryptocurrency Wallet Service).
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 Buy/Sell Transactions
Quickbit 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.
We also charge a Quickbit Fee (in addition to the spread), which is the greater of (a) a fixed fee or (b) a variable percentage fee determined by region, product feature, and payment type. The fixed fees are set forth below:
If the total transaction amount is less than or equal to €10, the fixed fee is €0.5
If the total transaction amount is more than €10 but less than or equal to €25, the fixed fee is €0.99
If the total transaction amount is more than €25 but less than or equal to €50, the fixed fee is €1.99
If the total transaction amount is more than €50 but less than or equal to €100, the fixed fee is €2.49
If the total transaction amount is more than €100 but less than or equal to €200, the fixed fee is €2.99
For example, if you are in Sweden and wish to purchase €75 of Bitcoin and pay with your EUR Wallet*, the fixed fee would be calculated as €2.49, whilst the variable percentage fee would be 1.49% or €1.12. Since the fixed fee is greater than the variable percentage fee, you would pay €2.49.
If you wanted to pay with your debit card, the variable percentage fee would be 3.49% or €2.62. We would then charge a fee of 3.49%, since the variable percentage is higher than the fixed fee.
If you wanted to sell €75 of Bitcoin and receive fiat to your EUR Wallet, the same calculation would apply. The fixed fee would be calculated as €2.49, whilst the variable percentage fee would be 1.49% or €1.12. Since the fixed fee is greater than the variable percentage fee, you would pay €2.49.
All debit card payments are processed through QB Europe AB.
* EUR Wallets will be launched in Sweden next.
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.