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Fees for P2P Trading on Fokawa

When engaging in P2P trading on Fokawa, it’s essential to be aware of the associated fees. Here are the typical fees you might encounter:

Trading Fees:
- Percentage Fee: Fokawa charges a small percentage fee on each completed P2P trade. This fee is typically deducted from the amount received by the seller.
- Fixed Fee: In some cases, a fixed fee may be applied per transaction.

Payment Method Fees:
- Bank Transfer Fees: Depending on the payment method chosen, additional fees may be charged by the payment service provider (e.g., bank transfer fees, PayPal fees).
- Cryptocurrency Network Fees: When transferring cryptocurrencies, network fees (also known as mining or transaction fees) may apply. These fees vary based on the cryptocurrency and network congestion.

Deposit and Withdrawal Fees:
- Deposit Fees: There are generally no fees for depositing cryptocurrencies into your Fokawa account for P2P trading.
- Withdrawal Fees: Fees for withdrawing cryptocurrencies from your Fokawa account may apply and vary depending on the cryptocurrency.

Currency Conversion Fees:
- If you are trading between different fiat currencies or cryptocurrencies, currency conversion fees may apply. These fees depend on the exchange rates and conversion services used.

Example Fee Structure

- Trading Fee: 0.1% of the trade amount.
- Network Fee: Varies based on the cryptocurrency (e.g., 0.0005 BTC for Bitcoin withdrawals).
- Payment Method Fee: As per the service provider (e.g., bank transfer fee of $5).

Updated on: 19/06/2024