Withdrawal Fee
Updated on:
Why is there a withdrawal fee?
Digital currency transfers and deposits do not require a fee. The withdrawal fee is paid by the party initiating the withdrawal.
For example, when you withdraw digital assets from Platform A, a withdrawal fee will be charged. However, if someone deposits digital assets into your account (or you deposit into your own account), the receiving party does not need to pay a fee.
A withdrawal fee is charged as compensation for the miners' fee (Gas Fee) on the mainnet, not to the platform. For instance, when you choose to withdraw assets on the Ethereum blockchain, after the platform sends the assets, miners must package your transaction and place it on the blockchain to complete the transaction. This process consumes computational resources on the blockchain, hence the fee paid to miners.
How to check the withdrawal fee?
Each withdrawal requires a mainnet fee to cover the transaction cost of transferring digital assets out of your BITKAN account. The fee amount depends on various factors, such as blockchain mainnet congestion. The specific mainnet fee can be viewed on the withdrawal page.