Bitget update their p2p terms of fee on NGN for sellers - page 2.

Igebotz

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Quote from: Coyster on October 14, 2024, 04:54:46 PM

I no get bitget account, so i just dey see the update here for the first time. The thing no too clear, how p2p fees go rise as high as 1000 USDT, i no really understand that one oh. I think this has something to do with tax, did the exchange send any message previously about taxes? I have a feeling say dem fit don reach agreement with the federal government of Nigeria on taxation in their platform, as our government no wan dey friendly to crypto, but dem still wan chop for tax.

There used to be some kind of fees on P2P trade when the whole feature was still new on CEX until Binance decided to make it zero fees p2p to attract vendors from other CEX to their marketplace. Initially, Binance was always charging fees but removed them as the exchange grew larger. That move alone forced other exchanges to remove fees from their p2p to compete with Binance. I believe Bitget has reinstated fees to its p2p marketplace now that Binance is no longer active. Bitget and Bybit are currently the exchanges with the biggest p2p trading volume, and they can extort vendors as much as they want because other exchanges are not in competition.

If it was service tax or VAT tax to the Nigeria government they would've send a notice about it just like Kucoin did but it's not. 0.5% on sell order is too much. Imo

Kelward

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Quote from: EL MOHA on October 14, 2024, 04:59:10 PM

Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

Both bitget and Bybit are the two most commonly used exchanges for P2P service now since the delisting of Naira from other top exchanges, so now for the new development or let me say the new policy by the Nigerian regulator is the recent increment of fees this was actually brought to the limelight by KuCoin exchange. So my guess is maybe the bitget too were maybe taken the same route to enable them pay maybe an agree tax. I think we might see further information but I think since this is just for Nigeria and not a general thing, it will be associated with the exchange meeting our country terms

Since na only our naira p2p di fee affect, e no affect oda fiat currencies, dat one show di possibility say e get to do with our government regulations. Dem no fit to make changes exclusively for Nigerians alone, so e show say wetin de do us de inside our house. I believe say di matter get to do with taxation from our government and na people wey de use di naira p2p transactions go feel am.

Top and reputable exchanges don disable naira p2p and OKX don even pack and go, I hope say our government no go cause di remaining ones wey still de enable naira p2p to stop. Our government unfriendly attitude towards crypto matter no good at all. Knowing fully well say a lot of Nigerians de use exchange services and dem prefer to use exchanges wey don get reputation for di crypto market.

Cryptohygenic

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

You probably got the NGN notification on the exchange because the system could decide your preferred fiat as NGN with your records on the KYC. So it is possible that the change updates is being notified based on the exchange users locations which means it might not only be applicable on NGN.
Though it is quite disturbing where stated " all other p2p activities remains unaffected"

EL MOHA

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

Both bitget and Bybit are the two most commonly used exchanges for P2P service now since the delisting of Naira from other top exchanges, so now for the new development or let me say the new policy by the Nigerian regulator is the recent increment of fees this was actually brought to the limelight by KuCoin exchange. So my guess is maybe the bitget too were maybe taken the same route to enable them pay maybe an agree tax. I think we might see further information but I think since this is just for Nigeria and not a general thing, it will be associated with the exchange meeting our country terms

Coyster

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I no get bitget account, so i just dey see the update here for the first time. The thing no too clear, how p2p fees go rise as high as 1000 USDT, i no really understand that one oh. I think this has something to do with tax, did the exchange send any message previously about taxes? I have a feeling say dem fit don reach agreement with the federal government of Nigeria on taxation in their platform, as our government no wan dey friendly to crypto, but dem still wan chop for tax.

Felicity_Tide

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

So during the weekend I was about to run p2p on my Bitget apps but I was required to updating it before I can commence it, after the update I was require also to accept their new p2p terms of service for NGN sellers, inorder for me to sell.

Yes, I also saw the new terms after I updated mine some days(maybe up to a week now) back, but they didn't provide a more detailed explanation, so I had to accept the terms based on what was written at that moment like the image you shared.

Quote

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.

I'm not sure about this, except someone who is a Merchant on our local board can confirm this. Because if they literally specified that selling comes with extra charges, then we should probably assume that it might involve both merchants and regular users.

Quote

The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

Yeah, I can confirm that charges are not applicable to other country users that sells, because I checked that out myself. But I don't really understand why it had to be Nigeria. Or has the government made some behind the scenes agreement with bitget without informing the general public?(because we can never know, since all they do these days is to raise funds).

Amphenomenon

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So during the weekend I was about to run p2p on my Bitget apps but I was required to updating it before I can commence it, after the update I was require also to accept their new p2p terms of service for NGN sellers, inorder for me to sell.

Quote from: https://www.bitget.com/support/articles/12560603816526

Purchasing cryptos on Buy page with NGN currency is free of charge; selling cryptos for NGN currency will be charged a transaction fee from now only on sell page of Bitget P2P. No trading fees are levied on Advertisers on all trades.

A transaction fee of 0.5% will be charged to the user for each completed order only on sell page. All other P2P related activities remain unaffected.

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

Topic: Bitget update their p2p terms of fee on NGN for sellers - page 2. (Read 269 times)