Questions you may have
01 How do I avoid paying the membership fee?
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Very simple: make one trade a month.
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The membership fee is only for inactive accounts (accounts with no trades in that month).
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If you trade even once per month, you won’t be charged the membership fee.
02 Why does CredibleBit charge a monthly membership fee?
One word: security
CredibleBit uses some of the best technologies in the world
to maintain the security of your wallets and trades. Since 2014, we’ve never been hacked
(knock on wood) and we work non-stop to see that we continue this track record of
world-class security.
For wallet security, we partner with BitGo, the global leader
in digital asset custody, providing $100 million of insurance to protect our
members.
To maintain the integrity of our blockchain transactions, we partner with
Chainalysis, who provide blockchain data and analysis to government agencies, exchanges,
and financial institutions across 40 countries for compliance and investigation.
As
one of India’s oldest crypto asset companies, CredibleBit has performed and helped
law enforcement with hundreds of anti-money laundering and fraud investigations. In some
cases we created our own protocols for compliance and integrity and are ready to share
them with governments and other companies.
All of these security measures have a
cost. When you trade, your trading fees help pay for that security. That’s why we only
charge the membership fee to inactive accounts with no trading activity for the month.
03 What is Maker, Taker & Intraday Fees?
Maker: 0.15% :
Also called a limit order. If you place an order
for a price some distance away from the current market price, your order goes on the order
book and waits to be filled.
When you place an order onto the order book, you are
called a maker because you are making a new trading opportunity on the exchange’s order
book. You are also said to be adding liquidity to the market.
Taker:
0.25% :
Also called a market order. When you place an order to buy or
sell at the current market price your order will be immediately filled by the next
available counterparty (trader taking the opposite side of your trade).
By matching
an order that is already on the order book, you are taking that order off the book. That’s
why you are called a taker. You are taking that particular trade opportunity off the order
book so no one else can match that order. You are said to be removing liquidity from the
market.
Intraday: 0.10% :
If your order entry and exit
happen within the same day, you get a reduced trading fee.
CredibleBit is one
of the few crypto exchanges to offer a lower intraday trading fee.
You will be
charged the normal maker or taker fee at the time of your order. The difference will be
calculated after midnight UTC and credited back to you the next day.
04 What is KYC Level 1,2 & 3?
Trading and crypto deposit and withdrawal limits are defined based on the KYC level you’re falling into. For increased limits, you can opt for a change in your KYC level by raising a ticket and providing the required KYC documents.
05 What are whitelisted & non-whitelisted withdrawal limits?
Whitelisting an address allows you to do high-volume transactions to that particular address. This adds an additional layer of security. To know how to whitelist the address, please click here.
06 What is quick trade limits?
It’s the minimum and maximum limit you can trade for per transaction/ daily through Quick trade. For detailed information on Quick trade, please refer to the below link.
07 What is exchange limits?
These are the minimum and maximum limits per transaction you can trade for on Exchange.
08 What does crypto withdrawal fees mean?
A crypto withdrawal fee is charged when you transfer your coins/ token from your wallet to other addresses. You can also check the fee while sending coins on the app/web.
09 What does assets available mean?
This tab shows the coins/ tokens available for trading on CredibleBit. It also shows the status of listing, trading and deposit/ withdrawal.