Updated on Wed, 21 Jun, 2023 at 4:22 PM
Bit2Me pays network transaction fees, such as mining fees for transactions on cryptocurrency networks (i.e. cryptocurrency transfers outside Bit2Me platform). For these transactions, Bit2Me does not apply any fees, however given the network cost, a mining fee is applied based on an advance estimate depending on various factors. In certain circumstances, the fee Bit2Me pays may differ from that estimate. All additional fees will be disclosed to the customer at the time of the transaction.
Bit2Me sets the exchange rate for cryptocurrency transactions by adding a margin, or spread to the market exchange rate.
To understand this margin or spread, it should be noted that the cryptocurrency markets (and all cryptocurrency markets around the world) operate on ASK, BID, and LAST TRADE.
The values shown in Bit2Me Wallet when giving the price of an asset is always the average LAST TRADE of the market we observe. But when a transaction is being executed, the LAST TRADE is not used (which is impossible because it was the last trade, not the future). So, for that ASK is taken. Between ASK and BID exists the so called SPREAD. Bit2Me Wallet orders are market orders, so the system operates on ASK.
Depending on the cryptocurrency there may be more or less LIQUIDITY, and depending on the ORDER SIZE of your transaction, having on mind that LIQUIDITY, an average price comes out that must start from ASK and may have a higher SPREAD differential for freezing the price for 30 seconds that Bit2Me guarantees this operation so that you do not lose the opportunity (even though the market varies every second).
Markets have many elements to take into account, and if any user wants to take control of them there is Bit2Me PRO. It is our advanced product we recommend for medium/advanced users. You can place LIMIT orders there and even view order books to design your ORDER SIZEs.
In rare circumstances, the exchange rate may not be available due to outages or scheduled maintenance.
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