Domestic virtual asset exchanges began the process of lowering withdrawal fees as the price of virtual assets, including Bitcoin, has risen recently

According to the virtual asset industry on the 29th, Coinone has decided to cut withdrawal fees for Bitcoin and Ethereum from the 28th.

Coin prices are rising and domestic virtual asset exchanges are beginning to lower withdrawal fees. As coin prices rise, there is leeway to cut transaction fees.

According to the virtual asset industry on the 29th, Coinone decided to cut withdrawal fees for Bitcoin and Ethereum from the 28th. Bitcoin is down 0.0015BTC to 0.0008BTC and Ethereum is down 0.02ETH to 0.005ETH. Bitcoin fell from about 200,000 won to 110,000 won and Ethereum from about 100,000 won to 25,000 won. Exchanges receive fees because transmission costs are incurred when sending virtual assets to other exchanges.

An official from Coinone explained, "We lowered it to benefit because there are many customers who mainly trade Bitcoin and Ethereum."

As Coinone lowered its price this time, the withdrawal fees of Upbit, Bithumb, Cobbit, Bitcoin, and Ethereum became the same. Only Gopax applies 0.00022 BTC and 0.003 ETH, which are lower than these exchanges. It is about 30,000 won and 15,000 won in Korean won, respectively. For Dogecoin, Coinone is receiving 20DOGE. Among the remaining domestic virtual asset exchanges, Upbit, Bithumb, Cobbit, and Goggax will apply 8DOGE.

If the price of the coin rises, the withdrawal fee will also increase accordingly. This is because most of the withdrawal fees are received based on virtual assets. For example, Dogecoin cost about 2,000 won because the price was traded from 100 won until early October when withdrawing from Coinone. However, now it is traded at 560 won, so you have to pay about 11,200 won as a withdrawal fee.

Since withdrawal fees vary from exchange to exchange, it is necessary to confirm when trading. The withdrawal fee will also be adjusted according to changes in virtual asset prices or upgrades. Upbit adjusted its withdrawal fees in August in response to changes in Ethereum network costs. Fees for Ethereum, Ethereum-based Shiba Inu, and Ave Coin were lowered.

An official from the virtual asset industry said, "In the case of withdrawal fees, there are cases where they are adjusted according to changes in coin prices," adding, "We do not adjust them so frequently because they are not the main source of income for the exchange.