A very frequent question we receive at Bitnovo is about what are the commissions or fees we charge. In this short article we are going to clarify what are the fees paid at Bitnovo.
But first of all, let’s take a quick look at what Bitnovo does.
Bitnovo is a company that offers cryptocurrency services such as buying and selling. But unlike many other companies, it does not operate as a cryptocurrency custodian or exchange.
Cryptocurrencies can be purchased both on the website (with prior registration) and in physical establishments or cashiers through Bitnovo coupons (without prior registration). Once the purchase is made, buyers receive their coins directly to the wallet address they specify, and they fully own them.
Therefore, the only profit Bitnovo makes comes from charging commissions or fees when buying and selling cryptocurrencies.
Before buying or selling cryptocurrencies very important that you know what are the Bitnovo commissions. I will explain them below:
The only profit or fee that Bitnovo gets for your purchase or sale of cryptocurrencies is from the “rate” or “exchange rate” that we offer in our platform (just above the “average price” of cryptocurrencies).
If you want to know the price at which you can buy each cryptocurrency in Bitnovo, you can see it here. Also on the page to buy cryptocurrencies or sell cryptocurrencies, indicating the amount you need in our calculator, we show you the exchange rate on that amount in real time.In addition to this rate, there are associated costs that do not imply benefits for Bitnovo and that you will have to pay depending on the type of purchase you make. These are:
Depending on the payment method you use, you may or may not have commissions:
Finally, you will have to pay the network commission (also called miner fee) which also does not depend on Bitnovo. This is the commission to be paid to the network miners for issuing the transaction and varies depending on the situation or moment. These will be higher if there is a lot of use of the network and very low otherwise, but are unrelated to Bitnovo.
To check the network fee at any given time I recommend looking at mempool.space (Bitcoin network) and ethgasstation.info (Ethereum network). You can find more information about network fees here.
However, when network fees are high, we will display a “high network fees” warning on our website or app, so that you do not incur unnecessary expenses.
Users of other exchanges do not have to pay network fees to buy cryptocurrencies, but don’t be fooled, because you will have to do so when you withdraw funds from the exchange.
As we expose in this article, Bitnovo considers it essential that you take your funds out of the exchanges, as it is a very bad decision to leave your money in centralized platforms.
Here are some examples of how commissions work in Bitnovo.
To be even clearer, let’s look at some examples of Bitnovo purchases and calculate the commissions to be paid.
I hope this makes it pretty clear how Bitnovo’s commissions work. In case you still have any questions, remember that you can contact our support team available 7 days a week to answer your queries in English, Spanish, Italian or French.
Thank you very much for reading and we hope you found this article useful!