Onchain Labs appreciates the value of transparency with fees. We strive to be as transparent as possible when detailing the different fees involved for the end-user that transacts using ONCHAIN® Ramp.
Types of Fees
Service Fee
Onchain Fee
Network Fees
Circumstantial Third-Party Fees
Service Fee
The 'Service Fee' covers various costs associated with facilitating your transaction and providing our services. This includes, but is not limited to, payment processing fees, infrastructure costs, and technological expenditures. This fee will generally fall between 2.4% and 4.9% for debit and credit cards.
It’s crucial to note that the fees can vary based on several factors:
Payment Method: Different payment methods have different associated costs. For instance, bank transfer payments are generally less expensive to process compared to alternative methods.
Transaction Amount: There is a 2 USD minimum Service Fee. Consequently, for smaller transactions, the 2 USD minimum may constitute a higher percentage compared to larger orders.
Currency: The Service Fee can also fluctuate depending on the currency used for the transaction, largely due to foreign exchange fees. Common currencies like USD, EUR, and GBP typically incur lower fees than others.
Note: Fees can be updated at any time. Any such changes will only apply to new transactions. You will never encounter adjustments to the fees of an open/in-progress transaction. Thus, the total and final fees presented at the time of creating your order are conclusive.
Onchain Fee
ONCHAIN® Ramp charges a 0.5% service fee to transactions, on top of any other fee(s) that may apply.
Network Fees
Network fees, often called "gas," are payments made to the blockchain network to process and validate transactions. These fees ensure the security and operation of the network and vary based on factors like network demand and transaction complexity. We do not control these fees, and these fees can be volatile, depending on network congestion at a given time.
Circumstantial Third-Party Fees
Your bank or credit card company might charge you some additional fees that you will only see after the transaction. We advise checking with your financial institution first to avoid unpleasant surprises.
These circumstantial charges include:
Cash Advance Fee: Visa and MasterCard decided to consider all cryptocurrency transactions as cash advance transactions. Your bank or card issuer may add an extra fee (up to 5%) for purchasing cryptocurrencies using your credit card. This fee is charged by your bank and we have no control over it.
Exchange Rate Fee: Exchange rate fee is the fee your bank charges for converting your bank account currency into either EUR, USD or GBP. The exchange rate fee is determined by your card issuer.
Bank Transfer Fee: In most cases, banks will apply their commission for transferring funds. Please refer to the "Fees and Charges" section on your bank's website for more information.