- WazirX exchange collects 30.43 USDT as a fee for 60.80 USDT.
- Ethereum network witnessing higher transaction fees.
WazirX, India’s most trusted Bitcoin and cryptocurrency exchange collects 30.43 USDT as a withdrawal fee for the minimum withdrawal amount of 60.80 USDT. That is equal to the actual withdrawal fund (50%).
When users of the WazirX exchange attempt to withdraw money, the platform displays fees that are higher than the amount being withdrawn, meaning the user would not receive any money from it. The largest source of cryptocurrency, Twitter, was flooded with tweets from crypto exchange customers.
On withdrawal of 100 USDT.
— Kashif Raza (@simplykashif) April 19, 2023
One need to pay 90 USDT as fees!@WazirXIndia is it true? pic.twitter.com/9Oi1RZTRx5
Users of the crypto exchange tagged WazirX and asked them questions on Twitter. But the exchange has not yet responded to anything. That made too much noise on social media. Also, some customers stated that the fees were different for each account. Crypto Exchange KoinBx CEO stated that;
“We want to make sure that our users are not being charged higher fees for transactions that are in line with what other platforms are charging. This is important for us to ensure that our users have a seamless and affordable experience while using our platform.”
Additionally, the higher transaction cost may result in an increase in the Ethereum network fees during the week. While the median-sized Ethereum network transaction fee is 0.0025 ETH or $5.30 per transfer, the average Ethereum network transaction fee is 0.0059 ETH or $12.45 per transfer.
