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Does Best Wallet Charge Fees?
Does Best Wallet Charge Fees?

Learn the different crypto fees you might encounter in Best Wallet.

Updated over a week ago

No, Best Wallet charges no service or platform fees.

However, it's important to note that while Best Wallet doesn't charge any service fees, users will still encounter other types of crypto fees. These are generally unavoidable in decentralised crypto and are commonplace with any non-custodial crypto wallet provider.

Understanding the costs associated with using Best Wallet is crucial for anyone looking to manage their digital assets effectively.

We have broken down some of the common fees you might encounter while using Best Wallet.

What fees will you pay in Best Wallet?

Gas Fees

A gas fee is another term for a transaction fee, coined and most commonly used for the Ethereum network (but is also used in other crypto networks, like Polygon).

When you pay a gas fee, you are paying for the energy and effort it takes to carry out your transactions on a blockchain. Gas fees are unavoidable in crypto, as they are an integral part of keeping blockchains working.

They fluctuate based on network demand and are payable in the network's native cryptocurrency, so you would pay for gas fees on the Ethereum network with $ETH tokens.

Liquidity Pool Fees

When you trade tokens in Best Wallet, you're essentially using a big shared pot of tokens on a Decentralised Exchange (DEX) - specifically, Best DEX.

This big pot, called a liquidity pool, is made up of tokens that people have locked up in a program to help others trade easily.

Because these people are taking a risk by lending their tokens, they get paid a small part of the trades that happen as a reward. These are called Liquidity Provider Fees, which you will see when executing a swap in Best Wallet.

This fee is just a very small percentage of the amount you're trading and is to be paid in the native token of the network that you're swapping on.

Processing fees when buying & selling crypto

Best Wallet has partnered with Onramper, the #1 aggregator of crypto purchase providers. This means when you buy or sell crypto in Best Wallet via one of the providers through Onramper, you may have to pay processing fees. Again, Best Wallet does not set or receive any of these fees.

So, for example, when you buy Ethereum tokens in Best Wallet through a trusted provider via Onramper, any fees that are charged go directly to that third-party provider and not Best Wallet.

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