BSC deposit and VAT fee | Bitcointalksearch.org

Charles-Tim

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Quote from: Nightwalker(NW) on November 08, 2024, 07:25:47 PM

1% taxed of every single Nigerian users is enough of money, and that is too much in my opinion they should reduce around 0.5 percent taxed because as i know Nigerian are increasing in volume on a regular basis and if this tax continue then i think there maybe a time where they would only have little users whereas, channeling their trade to another more tax free exchanges that offers p2p without charging for their spot trading.

I did not explain it very well. It is not 1% but 7.5% from the transaction fee on spot trading. This is the example that Kucoin used which you can easily understand and see that the fee is small:

Assuming you want to trade $1000 worth of a coin
Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction:998.925 USDT

So from the $1000 that you traded, the tax is 0.075 USDT.

Nightwalker(NW)

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Quote from: Charles-Tim on October 27, 2024, 06:30:50 AM

Quote from: Nightwalker(NW) on October 26, 2024, 12:55:56 PM

I had this news something last year or early this year when most of the exchanges that offer p2p trade were seriously getting limited or ban, this was same thing that was applicable to kucoin making them to implement this law but i know that this is a bad move for them, as many Nigerians won't longer patronize them again due to this tax and vat fees.
I think you can use bybit for free without any additional charges apply when making deposits to their exchange.

This is different from the news of when some Nigerian regulators were very hostile against naira/crypto P2P as a result of naira depreciation which is caused by the government poor way of handling the economy but deceiving people that it is caused by P2P. Kucoin is taxing Nigerians a very small amount of money which is 1% of the amount traded on spot trading market which is the tax that you are referring to.

1% taxed of every single Nigerian users is enough of money, and that is too much in my opinion they should reduce around 0.5 percent taxed because as i know Nigerian are increasing in volume on a regular basis and if this tax continue then i think there maybe a time where they would only have little users whereas, channeling their trade to another more tax free exchanges that offers p2p without charging for their spot trading.

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Quote from: Charles-Tim on October 30, 2024, 02:07:24 AM

Quote from: nelson4lov on October 29, 2024, 05:43:04 PM

~Snipped

I guess you may be right but it is just a speculation. But why only Kucoin? I think Kucoin needs to be getting something right. After everything they are doing, the government does not care about the exchange. I prefer how other exchanges like Bybit and Bitget are handling the matter than how Kucoin is handling it.

I guess Nigerian government and regulators can not think to this extent because of their little brain thinking. I hope this is not Kucoins doing and advice to the government.

I have not seen tax on crypto deposits before until I saw this one. Tax supposed to be on paying certain percentage from the profit someone make from the coin after selling it. We can all the time see the reason we have incompetent government.

The tax thing from Kucoin doesn't make sense to me one bit. I mean, if they're going to tax, they should do it the right way to only tax realized gains. For instance, if someone takes a loss on a trade on binance and send their remaining balance to kucoin, they get taxed 7% flat fee as VAT. The idea of taxing users whether or not they make gain is simply evil.

I do hope that other exchanges don't follow suit otherwise, we'd need to find a new alternative, preferably a decentralized solution for this P2P problem.

Charles-Tim

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Quote from: nelson4lov on October 29, 2024, 05:43:04 PM

7% VAT fee for every deposit is very expensive. As for why it is only for tokens on BSC network, na only speculation we fit do. But if I'm to guess, I go say e fit probably link to the fact say Binance no gree cooperate then and thus is just punishment for them. But that's just speculation. In any case, I would suggest the usage of other exchanges that don't have such VAT fee(s). If all exchanges chose to go down this route, there would be an increased need for decentralized products and services that FG can't get to.

I guess you may be right but it is just a speculation. But why only Kucoin? I think Kucoin needs to be getting something right. After everything they are doing, the government does not care about the exchange. I prefer how other exchanges like Bybit and Bitget are handling the matter than how Kucoin is handling it.

I guess Nigerian government and regulators can not think to this extent because of their little brain thinking. I hope this is not Kucoins doing and advice to the government.

I have not seen tax on crypto deposits before until I saw this one. Tax supposed to be on paying certain percentage from the profit someone make from the coin after selling it. We can all the time see the reason we have incompetent government.

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Quote from: Mpamaegbu on October 29, 2024, 02:57:46 AM

Na why wetin Kucoin dey do nor make sense to me. With all the taxes wey dem dey charge Nigerians because of dis owa bulaba government, dem still nor allow us do P2P. What's the essence then? So, if I transfer to dem and make money from trading I go still need to find an external P2P to get my fiat. E nor make sense at all. Kucoin na d second account wey I open after Binance in 2017 because then e just dey copy everythin wey Binance dey do before Binance went real tech, come leave am behind. I nor dey do any active trading on Kucoin again since I noticed dat nonsense.

This one na him dey burst my brain pass. We nigerians no dey complain, collect your VAT and restore the P2P. We go pay instead of trying to rip us. Abi dem dey vext say our government make them lose money and now dem one get am back before them go open up their P2P? Well the whole thing nor make sense. We nor fit even talk about Binance because our government don already do dem dirty. So those ones go take long before dem go look our side again. Na just the anyhowness of the government cause all these wahala sha.

nelson4lov

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7% VAT fee for every deposit is very expensive. As for why it is only for tokens on BSC network, na only speculation we fit do. But if I'm to guess, I go say e fit probably link to the fact say Binance no gree cooperate then and thus is just punishment for them. But that's just speculation. In any case, I would suggest the usage of other exchanges that don't have such VAT fee(s). If all exchanges chose to go down this route, there would be an increased need for decentralized products and services that FG can't get to.

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Quote from: Felicity_Tide on October 26, 2024, 01:30:54 PM

It's boldly written "Government taxes". This is quite surprising to me as well. I think this is what the government probably wanted in the first place. They should have mentioned that earlier, rather than picking up unnecessary fight and giving merchants and crypto users unrest.

We all know that this is what they are after, but the unrest is coming form the angle whereby what they are demanding is too much, the institutions and exchanges cant be able to afford paying that much, are they scammers? or do they expect that the whole bills should be levied on us their users so that we may easily finds in an alternative exchange from them, all these are nothing but attitude of being inconsiderate, same thing of this nature was what transpired between them and the Binance exchange.

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Quote from: Charles-Tim on October 29, 2024, 03:31:34 AM

I guess Kucoin is looking for ways to make regulators to give them license to fully operate in Nigeria. But I do not think this has been fruitful.

I think this will still be futile, the federal government would rather want a one time fee they can squander easily, though I wonder if they try to follow up with the Nigerian Sec regulations,if they are desperate to be at the right side of our government. Since 1% should have been something that would have made them support Kucoin but still yet nothing difference.

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Quote from: Charles-Tim on October 29, 2024, 03:31:34 AM

I guess Kucoin is looking for ways to make regulators to give them license to fully operate in Nigeria. But I do not think this has been fruitful.

I nor know wetin Kucoin dey try achieve wit dis self-centred Tinubu administration wey dey make dem wicked their customers like dis. But whatever e bi, I can assure dem sey dem go lose big time wen all dis pass because many Nigerians go pass their hatred for owa govment to dem for exploiting us now. I like as OKX handle d issue. To close shop betta pass dis nonsense wey Kucoin dey do so. Anyway, I'm enjoying my trades with Bybit almost effortlessly. One road nor dey lead to market.

Charles-Tim

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Quote from: Mpamaegbu on October 29, 2024, 02:57:46 AM

Na why wetin Kucoin dey do nor make sense to me. With all the taxes wey dem dey charge Nigerians because of dis owa bulaba government, dem still nor allow us do P2P.

Not only that. When that 1% from trading fee VAT was introduced some months ago, I always check if I can be be able to access Kucoin from the web but I was unable to. I checked it now and still not working.

I guess Kucoin is looking for ways to make regulators to give them license to fully operate in Nigeria. But I do not think this has been fruitful.

Mpamaegbu

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Quote from: Amphenomenon on October 28, 2024, 03:48:43 PM

It's ironic they're charging 1% as tax for trading and also 7% tax again for BSC token, though I'm quite curious what view the government has about them since even till now I doubt they have started p2p with naira currency again as ironic as it seems now, while another exchange (Bitget) are charging us a fee 0.5% for selling our coin for naira and I doubt that exchange bother much about our government behavior at the moment. Though will try to find the reason for this 7% fee added now.

Na why wetin Kucoin dey do nor make sense to me. With all the taxes wey dem dey charge Nigerians because of dis owa bulaba government, dem still nor allow us do P2P. What's the essence then? So, if I transfer to dem and make money from trading I go still need to find an external P2P to get my fiat. E nor make sense at all. Kucoin na d second account wey I open after Binance in 2017 because then e just dey copy everythin wey Binance dey do before Binance went real tech, come leave am behind. I nor dey do any active trading on Kucoin again since I noticed dat nonsense.

Charles-Tim

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Quote from: Lida93 on October 27, 2024, 12:56:55 PM

I think it all started with that saga of Nigeria government trying to fault the crypto exchangers of being the reason for the naira drastic depreciation after having no where to place their blame on instead of taking responsibility for their inefficiency. Having seen that they ain't actually winning in the fight they have to device other route of not losing the fight totally by initiating the 7% tax fee for trades.

You do not understand me very well. Only BSC tokens are taxed. Or I should be more specific, I checked the fee for bitcoin, ethereum, binance coin, solana and many other coins and tokens on the exchange but there is no government tax and deposit fee.

Quote from: Lida93 on October 27, 2024, 12:56:55 PM

It's ironic they're charging 1% as tax for trading and also 7% tax again for BSC token, though I'm quite curious what view the government has about them since even till now I doubt they have started p2p with naira currency again as ironic as it seems now, while another exchange (Bitget) are charging us a fee 0.5% for selling our coin for naira and I doubt that exchange bother much about our government behavior at the moment. Though will try to find the reason for this 7% fee added now.

The 1% tax from trading is even 1% of the trading fee and not actually the whole coins that is traded. But this 7% tax is assured.

Quote from: Pi$$ on October 28, 2024, 03:56:28 PM

To cut the story shorts, BSC network is not affordable like it used to be.

BSC is now cheaper than before. Yet it was very cheap before. On some exchanges now, you can send BSC tokens like USDT and USDC with $0 fee but I guess it is because the exchanges estimated fee in two decimals while the fee can be in three or lower decimals like $0.0002 but I am not sure if that is the reason.

Pi$$

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I am not surprised to see that things are changing in the BSC network. When i knew about the BSC network 2 years ago the fees was very affordable, i think it was the cheapest at that time. And so many knew projects where pushing into the BSC network. The highest amount you can spend on fees then was about 0.1$ to $0.2. If you are using a decentralized exchange line pancakeswap in swapping any token to BNB $0.01 fees was an approval fee then. But now its all different. I tried using the exchange yesterday to covert my USDT to BNB coin the approval fee was about $1. Talk more of transaction fees.

To cut the story shorts, BSC network is not affordable like it used to be.

Amphenomenon

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Quote from: Charles-Tim on October 27, 2024, 06:30:50 AM

Quote from: Nightwalker(NW) on October 26, 2024, 12:55:56 PM

I had this news something last year or early this year when most of the exchanges that offer p2p trade were seriously getting limited or ban, this was same thing that was applicable to kucoin making them to implement this law but i know that this is a bad move for them, as many Nigerians won't longer patronize them again due to this tax and vat fees.
I think you can use bybit for free without any additional charges apply when making deposits to their exchange.

This is different from the news of when some Nigerian regulators were very hostile against naira/crypto P2P as a result of naira depreciation which is caused by the government poor way of handling the economy but deceiving people that it is caused by P2P. Kucoin is taxing Nigerians a very small amount of money which is 1% of the amount traded on spot trading market which is the tax that you are referring to.

It's ironic they're charging 1% as tax for trading and also 7% tax again for BSC token, though I'm quite curious what view the government has about them since even till now I doubt they have started p2p with naira currency again as ironic as it seems now, while another exchange (Bitget) are charging us a fee 0.5% for selling our coin for naira and I doubt that exchange bother much about our government behavior at the moment. Though will try to find the reason for this 7% fee added now.

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I don't know what is going on between Kucoin and the Nigerian government because some of these new rules and policies in Kucoin are not in other exchanges. Even when Kucoin have stopped P2P in the NGN, they still bend to all that the Nigerian government are suggesting which makes me wonder if they actually want to discourage Nigerian customers from using their exchange. With these policies, people will simply go for other exchanges because there is nothing special about Kucoin that cannot be found in Binance and Bitget. If they continue this way, Nigerians will lose confidence in that exchange because Nigerian government can wake up one day and ask them to freeze all Nigerian accounts and chances are that they will oblige.

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I don't know what to make from this, I am of the assumption that this particular measure is what the war between exchanges have degenerated into, just like what binance exchange used to do to other chain network providers, some time their limits their usage or even suspending their services on this exchange all with the aim to limit their popularity and usage as a competitor, same thing apply to this current Battle of unseen and seen fees from Kucoin.

The cryptocurrency space is beginning to be witness a lot of Battle and this time is between cryptocurrency centralized exchanges most especially those that offer's chains between, so putting deposits fees on tokens on the Bsc network on Kucoin will force, the network user's to select another chain instead of binance chain because of the fees, and also this is far from p2p and local cryptocurrency regulations as some other comments try to shifts our attention to that which not the topic here.

Lida93

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Quote from: Charles-Tim on October 27, 2024, 06:30:50 AM

Quote from: Nightwalker(NW) on October 26, 2024, 12:55:56 PM

I had this news something last year or early this year when most of the exchanges that offer p2p trade were seriously getting limited or ban, this was same thing that was applicable to kucoin making them to implement this law but i know that this is a bad move for them, as many Nigerians won't longer patronize them again due to this tax and vat fees.
I think you can use bybit for free without any additional charges apply when making deposits to their exchange.

This is different from the news of when some Nigerian regulators were very hostile against naira/crypto P2P as a result of naira depreciation which is caused by the government poor way of handling the economy but deceiving people that it is caused by P2P. Kucoin is taxing Nigerians a very small amount of money which is 1% of the amount traded on spot trading market which is the tax that you are referring to.

I think it all started with that saga of Nigeria government trying to fault the crypto exchangers of being the reason for the naira drastic depreciation after having no where to place their blame on instead of taking responsibility for their inefficiency. Having seen that they ain't actually winning in the fight they have to device other route of not losing the fight totally by initiating the 7% tax fee for trades. Ordinarily it would have been an issue that would have gone in their overall interest if the government had come up with better and diplomatic means of dialoguing with these exchanges like binance and kucoin but they thought they could use the instrument of violence which ultimately wasn't going as they had thought.

Charles-Tim

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Quote from: Nightwalker(NW) on October 26, 2024, 12:55:56 PM

I had this news something last year or early this year when most of the exchanges that offer p2p trade were seriously getting limited or ban, this was same thing that was applicable to kucoin making them to implement this law but i know that this is a bad move for them, as many Nigerians won't longer patronize them again due to this tax and vat fees.
I think you can use bybit for free without any additional charges apply when making deposits to their exchange.

This is different from the news of when some Nigerian regulators were very hostile against naira/crypto P2P as a result of naira depreciation which is caused by the government poor way of handling the economy but deceiving people that it is caused by P2P. Kucoin is taxing Nigerians a very small amount of money which is 1% of the amount traded on spot trading market which is the tax that you are referring to.

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Quote from: Charles-Tim on October 26, 2024, 12:22:07 PM

I checked BTC, ETH, BNB and many other networks but I saw no deposit fee and VAT. I read online that Kucoin is charging 1% deposit fee for BSC tokens. I was unable to see another BSC token than USDT on Kucoin.

If you want to deposit USDT on BSC network on Kucoin, deposit fee can be charged but the free deposit limit is huge as you can see on the second image but which might be changed later. But how about the VAT of 7% of your deposit which you can see on the third image.

~snip

I am very surprised to see this. Just like I included earlier that this is not applied on coins and other tokens but just BSC tokens.

It's boldly written "Government taxes". This is quite surprising to me as well. I think this is what the government probably wanted in the first place. They should have mentioned that earlier, rather than picking up unnecessary fight and giving merchants and crypto users unrest. But come to think of it, why was BSC the main target when we had other popular ones. This clearly shows that this people might not even know what they are doing, or they might possibly want to start with BSC, before moving to tax from other.

And I think few weeks back, bitget also started charging Nigeria p2p users( I think the sellers), but I'm not even certain if the charges is government related, unlike this very one from Kucoin that is very clear. Though, I don't use Kucoin, but 7% sounds really crazy. but anything for survival if you ask me.

Nightwalker(NW)

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Quote from: Charles-Tim on October 26, 2024, 12:22:07 PM

I am very surprised to see this. Just like I included earlier that this is not applied on coins and other tokens but just BSC tokens.

I had this news something last year or early this year when most of the exchanges that offer p2p trade were seriously getting limited or ban, this was same thing that was applicable to kucoin making them to implement this law but i know that this is a bad move for them, as many Nigerians won't longer patronize them again due to this tax and vat fees.
I think you can use bybit for free without any additional charges apply when making deposits to their exchange.

Charles-Tim

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I checked BTC, ETH, BNB and many other networks but I saw no deposit fee and VAT. I read online that Kucoin is charging 1% deposit fee for BSC tokens. I was unable to see another BSC token than USDT on Kucoin.

If you want to deposit USDT on BSC network on Kucoin, deposit fee can be charged but the free deposit limit is huge as you can see on the second image but which might be changed later. But how about the VAT of 7% of your deposit which you can see on the third image.

I am very surprised to see this. Just like I included earlier that this is not applied on coins and other tokens but just BSC tokens.

Topic: BSC deposit and VAT fee (Read 210 times)