There is no fee charged for deposits, as it is paid by the withdrawal party. That means you have to pay a fee when making a withdrawal.
For example, when you withdraw crypto from your account in Platform A, a withdrawal fee will be charged. However, if someone (or you) deposit(s) crypto to your account in Platform A, you, the holder of the recipient account, don't need to pay the fee.
The fee charged for withdrawal is called Gas Fee, which is used to pay miners as a reward, and not to OKX. For example, when you decide to withdraw and transfer on the Ethereum blockchain and submit the withdrawal request on OKX, miners will pack your transaction into the block and put it on the chain to complete the transaction. Since each transaction requires computational resources to execute, the fee is paid to miners for processing the transactions and securing the respective blockchain network
The system will calculate the fee automatically and show the actual amount that will be credited to your account on the withdrawal page. Actual amount in the account = Withdrawal amount – Withdrawal fee.
The amount of paid fees will affect how fast your transaction will be processed by miners and put on blockchain. Please note that the fee amount is based on the complexity of completing the transaction. A more complex transaction means that more computational resources will be consumed, so a higher fee will be charged.
The system will calculate the fee automatically before you submit the withdrawal request. You can also set the fee yourself.
(Users can set the fee on APP and on Web)
If the fee is set high, miners will be more likely to choose your transaction to include in the block, and it can reduce the waiting time. On the contrary, if the fee is set low, it is possible that you will need to wait a longer time for the transaction to be confirmed by the miners. If you are not in a hurry to complete a transaction, you can set a lower fee.
