The limitations of high transaction fees
The efficiency of a typical economic setting prevails once transaction fees are low or nil. Costs of transacting on the blockchain have been rising as a result of more users that are joining the crypto wagon. Scalability issues, coupled with fees charged on digital asset exchanges, have rimmed down the amount of profits generated by cryptocurrency traders.
Today, transaction fees remain a key determinant of a cryptocurrency trader’s net returns.
For this reason, Mahjed Mohsen set out to build a digital currency exchange, to eliminate the problem of high trading fees. His efforts gave birth to the Aurix Chain Ecosystem, which rose into existence in 2016.
Presently, the exchange is a Fintech powerhouse that deploys multiple financial solutions under one roof. Majed, who serves as the CEO of the ecosystem, believes financial solutions in this age should be simple, affordable, and efficient.
In comparison with other cryptocurrency exchanges, Aurix Chain employs a simple trading fee structure with no hidden fees. The system puts transparency and efficiency first and ensures newbies can easily navigate the crypto industry.
Fees structures across leading exchanges and the Aurix Chain
The Aurix Whitepaper acknowledges that over 1.7 million transactions occur daily, commanding an estimated market capitalization of $10 billion. The involved parties in these transactions need a platform that offers them cheap conversion rates with no hidden fees/commissions. Aurix does that, and in this section, we’ll discuss the fee structure of Aurix and compare it with the existing exchange platforms.
Here are key facts to note about transaction fees on Coinbase: one of the leading cryptocurrency exchanges in the world.
- When buying Bitcoins (BTC) through Coinbase, fees are deducted automatically from the total ordering amount.
- Selling Bitcoins (BTC) through Coinbase will have the trading fees automatically deducted from the entered amount.
- It doesn’t matter, whether you are buying or selling cryptocurrencies through Coinbase, the platform will always deduct fees. Here are the flat fees for transacting on the exchange:
- Trading crypto of less than $10.99, the fee is $0.99.
- Trading crypto of $11 – $26.49, the fee is $1.49
- Trading crypto of $26.50 – $51.99, the fee is $1.99.
- Trading crypto of $52 – $78.05, the trading fee is $2.99.
Aurix cashbacks, transaction costs, and membership tiers
Aurix aims at providing its users with the best user experience to the extent of even paying users for trading on the platform. In this section, I will dissect the various cashbacks and how they apply to every tier of users, and the reward for each tier.
There are 7 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.
(Source: Aurix Official Whitepaper)
The Aurix Chain Ecosystem will help users navigate the complicated features of on-chain payments, simply and affordably. It’s a platform anyone can use on the go, for it comes with a mobile version of a debit/credit card issued by either Visa or Mastercard.