High Withdrawal Fees: What’s being done about it?

High withdrawal fees what s being done about it

2020 and 2021 have seen exceeding traffic on the blockchain, which is a good thing. On the other end lies the aching challenge to solve scalability issues and curb rising transaction fees. 

The higher the transactions, the higher the number of blocks blockchain miners have to verify. Incentivizing the miners with a high fee means your transaction will get through the blockchain faster. 

When Aurix CEO Majed Mohsen set out to build Aurix in 2016, he wanted to solve four problems ailing the blockchain; Low liquidity & transaction speeds, insecurity & lack of trust, the underlying complexity of the blockchain, and finally, hidden /high commissions.

Mohsen’s efforts gave birth to the Aurix Chain Ecosystem, a fully-fledged decentralized finance platform that deploys multiple financial solutions under one roof.

Comparing fees structures across two leading exchanges: Aurix & Coinbase

Over 1.7 million transactions occur daily, commanding an estimated market cap of $10 billion.The involved parties in these transactions need a platform that offers them cheap conversion rates without any hidden fees/commissions. Aurix does that, and in this section, we’ll discuss the fee structure of Aurix and compare it with existing industry platforms.

We analyzed the fee structure for Coinbase and found out the following: 

  1. Buying Bitcoins (BTC) through Coinbase, fees are deducted automatically from the total ordering amount. 
  2. Selling Bitcoins (BTC) through coinbase will have the trading fees automatically deducted from the entered amount. 
  3. Whether buying or selling cryptocurrencies through Coinbase, the platform will always deduct fees. Here are the flat fees for transacting on the exchange:
  4. Trading crypto of less than $10.99, the fee is $0.99.
  5. Trading crypto of $11 – $26.49, the fee is $1.49
  6. Trading crypto of $26.50 – $51.99, the fee is $1.99.
  7. Trading crypto of $52 – $78.05, the trading fee is $2.99.

While these fees might seem minuscule, it’s worth noting their potential to accumulate, mainly if you use the platform more regularly and transact significant amounts of money. The Aurix Chain ecosystem, instead of charging transaction fees, pays users for using the platform, which makes it a handy tool for daily and frequent cryptocurrency traders.

There are seven membership tiers on Aurix exchange that define the user experience of each site user. These memberships are labeled from VIP 0 to VIP 6. Each member is awarded membership to a particular tier depending on their volume of trades in the past 30 days. 

Here is a table outlining the membership tiers, their requirements, and their inherent benefits.

Aurix token reduces transaction fees 

The Aurix token or AUR is presently an ERC-20 token, but the Aurix chain ecosystem plans to have the token run on its native blockchain. The entire supply of AUR tokens is 20 million units. Its particular benefits aim to reduce transaction fees within the exchange, staking for investors, offering discounts to its users, and finally being exchanged for other cryptocurrencies. 

Aurix pays users for using the Platform

Aurix aims at providing its users with the best user experience. To the extent of even paying users for trading within the platform. In this section, I will dissect the various cashback and how they apply to every tier of users, and the reward for each level. 

What must be done? 

The Aurix Chain Ecosystem will help users navigate the complicated features of on-chain payments and affordably. It’s a platform you could use on the go, for it comes with a mobile version of a debit/credit card issued by either Visa or Mastercard. No wonder the Aurix exchange is termed “best platform with the state of the art technology built with love for the users.”

Disclaimer. This is a sponsored post. Cryptopolitan does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cryptopolitan is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this sponsored post.

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