What are the fees for P2P trading?

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).

Where to Find Fee Information

- Fokawa Platform: Detailed fee information can be found in the "Fees" section of the Fokawa platform. This section will provide the most accurate and up-to-date fee schedule.
- During Trade Confirmation: The applicable fees are typically displayed during the trade confirmation process, allowing you to review them before completing the trade.

Understanding these fees helps you plan and execute your P2P trades effectively on Fokawa. Always check the latest fee information on the Fokawa platform to ensure you have the most current details.

Updated on: 19/06/2024