How are TokenSpot Code Fees Charged?

 

A TokenSpot code is a unique, one-time alphanumeric code that carries a designated value in a given fiat currency. It can be used to top up your wallet or withdraw fiat currency from your account. It serves as an internal medium of exchange that enables secure fiat currency transfers between TokenSpot users.

TokenSpots codes are commonly used for transferring virtual fiat assets between TokenSpot users. By creating a TokenSpot code, you effectively withdraw virtual fiat currency from your account. Another user can top up their account by activating your TokenSpot code.

Different transaction fees apply for Individual and Corporate accounts on the Platform.

 

Individuals

Fee Liability Criteria

The Platform charges separate fees for code creation and for code activation. Based on their transaction statistics, an Individual user may be liable to pay both code creation fees and code activation fees, or only one of the two.

A user shall be liable for the code creation fee if they meet both of the following criteria:

  • A total of 1 mln RUB / 1 mln KGS / 15,000 USD in TokenSpot codes created over the last 30 days (Amounts in different currencies CANNOT be added together)
  • The total amount of TokenSpot codes created over the last 30 days exceeds the User’s 30-day trading volume in fiat trades by 10% or more.

If a user creates a total of 1 mln RUB, or 1 mln KGS, or 15,000 USD in TokenSpot codes over a 30-day period, and their code creation volume exceeds their trading volume in fiat spot trades for the same period by 10 percent, they will be charged a code creation fee whenever they create a TokenSpot code in any fiat currency.

A user shall be liable for the code activation fee if they meet both of the following criteria:

  • A total of 1 mln RUB / 1 mln KGS / 15,000 USD in TokenSpot codes activated over the last 30 days (Amounts in different currencies CANNOT be added together)
  • The total amount of TokenSpot codes activated over the last 30 days exceeds the User’s 30-day trading volume in fiat trades by 10% or more.

If a user activates a total of 1 mln RUB, or 1 mln KGS, or 15,000 USD in TokenSpot codes over a 30-day period, and their code activation volume exceeds their trading volume in fiat spot trades for the same period by 10 percent, they will be charged a code activation fee whenever they activate a TokenSpot code in any fiat currency.

A user shall not be liable to pay a fee if they only meet one of the two criteria.

Fee Rates

The following rates shall apply for Individual users liable for the code creation fee / code activation fee:

  • TokenSpot code, KGS: 0.19%
  • TokenSpot code, RUB: 0.19%
  • TokenSpot code, USD: 0.1%

Fee Status Designation

A user’s fee status is reevaluated automatically once every 24 hours at 00:00:00 GMT (06:00:00 Bishkek Time).

Examples

  1. You do not trade on the spot market, but use TokenSpot codes to send/receive fiat payments. If you have created/activated less than a total of 1 mln RUB / 1 mln KGS / 15,000 USD (depending on which fiat currency you use) in TokenSpot codes over the last 30 days, you will not be charged a fee when creating or activating a TokenSpot code.
  2. You do not trade on the spot market, but use TokenSpot codes to send/receive payments in different fiat currencies. You have created a total of over 1 mln KGS in TokenSpot codes over a period of 30 days. You will now be charged a fee whenever you create a TokenSpot code, regardless of its currency. However, you won’t have to pay a fee for activating a TokenSpot code.
  3. You deposit any given amount of crypto to the exchange and sell it on the spot market the same day, then create a TokenSpot code for the entire amount in a fiat currency. You will not be charged a fee for creating a TokenSpot code.
  4. The Platform starts charging you a fee every time you activate a TokenSpot code. You decide to trade a large amount of fiat on the spot market, which increases your 30-day trading volume so that it no longer falls behind your code activation volume by 10 percent. Once your fee status is reevaluated at 00:00:00 GMT (06:00:00 Bishkek Time) the next day, the code activation fee will be instantly discontinued for your account and you will no longer have to pay it when activating a TokenSpot code.
  5. You have amassed 15,000 USD in trading volume over a 30-day period while creating a total of 22,000 USD in dollar-denominated TokenSpot codes in the same period. Your code creation volume exceeds the $15,000 threshold, and it also exceeds your 30-day trading volume by more than 10 percent. Therefore, once your fee status is reevaluated at 00:00:00 GMT (06:00:00 Bishkek Time) the next day, you will have to pay a fee every time you create a TokenSpot code. However, if you had a 30-day trading volume of more than 20,000 USD, that would mean that your account only meets one of the two criteria for paying the code creation fee, therefore no fee would be charged.

Legal Entities (Corporate Users)

Fee Liability Criteria

Corporate users are only charged a fee when creating a TokenSpot code. The code creation fee is a fixed charge that is charged regardless of the User’s code creation or trading volumes. No fee is charged for activating a TokenSpot code, irrespective of the User’s fee status and transaction details.

Fee Rates

Corporate users shall have to pay the following fee for creating a TokenSpot code:

  • TokenSpot code, KGS: 0.2%
  • TokenSpot code, RUB: 0.2%
  • TokenSpot code, USD: 0.2%

Fee Status Designation

A user’s fee status is reevaluated automatically once every 24 hours at 00:00:00 GMT (06:00:00 Bishkek Time).

Summary

Individual users will be charged a fee (0.19% for KGS and RUB, 0.1% for USD) for creating/activating a TokenSpot code if:

  1. They have created/activated a total of 1 mln RUB, or 1 mln KGS, or 15,000 USD in TokenSpot codes over a 30-day period,
  2. Their code creation/activation volume for the last 30 days exceeds their trading volume in fiat spot trades for the same period by 10% or more.

If the User’s transaction statistics cease to meet any of these criteria, the relevant fee will be discontinued starting from 00:00:00 GMT (06:00:00 Bishkek Time) the following day.

Your 30-day trading volume is displayed in the Status box on your Profile page. To view your TokenSpot creation and activation volumes, go to History > Transaction History.

Corporate users are charged a 0.2% fee whenever they create a TokenSpot code. No fee is charged for activating a TokenSpot code.

 

Should you have any questions, feel free to contact our 24/7 Customer Support team using our website chat widget or our Telegram support bot @tokenspot_support_bot.