Cryptopay Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Cryptopay fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of Cryptopay
Cryptopay is an online cryptocurrency exchange headquartered in London and registered with the Financial Conduct Authority (FCA). It has provided services since 2013, has its own CPAY token, and is currently available in 122 countries. Using the Cryptopay mobile app and web platform, you can buy, exchange, withdraw and store 37 cryptocurrencies. The Cryptopay exchange takes deposits in euros, US dollars, and pounds sterling, and also supports withdrawals in fiat currencies. It issues virtual and plastic Cryptopay Visa cards that can be used to pay online (including cryptocurrencies) or at physical sales outlets.
👍 Advantages of trading with Cryptopay:
•Activities are under the supervision of the British regulator FCA;
•loyal requirements for the minimum deposit are 10 US dollars, pounds sterling, or euros when replenishing from a card;
•a wide range of instruments include Bitcoin + 36 altcoins;
•storage of crypto assets on hot and cold wallets;
•the ability to connect two-factor authentication for secure entry into the trading application;
•protection against phishing and brute force using multi-signature technology;
•professional support service in 7 languages and 24/7 chatbot.
👎 Disadvantages of Cryptopay:
•high exchange fees for trading and exchange;
•withdrawal commission for both fiat and cryptocurrencies;
•lack of effective investment solutions and no ability to trade with leverage.
Cryptopay Commissions and Fees
Cryptopay commissions vary depending on the type of transaction. For the purchase of cryptocurrency, the broker withholds 4%; for any exchange (Crypto-Crypto, Crypto-Fiat, Fiat-Fiat), the broker withholds 1%. Withdrawals to a third-party wallet are charged LTC 0.001 or XRP 0.00001. The commissions for other cryptocurrencies depend on the network load. No commission is charged for deposits by any means. For withdrawal of funds to a bank account in the SEPA zone, the broker takes EUR 0.09. Monthly commission for storing assets after being inactive for a year: for fiat wallets, it is USD/EUR/GBP 10; for cryptocurrency wallets, it is 0.3% of the amount stored in the account.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 4% | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Cryptopay suitable for beginners?
Analysis of Cryptopay shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
What are non-trading fees?
Non-trading fees are the fees charged outside the trading process, for example deposit and withdrawal fee, inactivity fee, etc.
If the fees are low, how does a broker make money?
As a rule, brokers with low fees earn on the fees thanks to high trading volume and also non-trading fees.
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.