Zebpay Bitcoin Transfer Fees Issue. | Bitcointalksearch.org

reliable

full member

Activity: 868

Merit: 151

Quote from: Wapinter on August 23, 2017, 07:19:55 PM

Indian btc exchanges and wallet must stop ripping off their customers.Not fair Angry

I guess only Zebpay charges such fees for btc transfer. Rest of the exchanges do charge but only to a limit and not so much extremely high. Just trying to understand why do they charge so much when other exchange only takes in a limit. Is it indirectly making of money as they do not charge on buy/sell as its 0% fees do they cover up from here?

mohucool

full member

Activity: 220

Merit: 101

Radix-The Decentralized Finance Protocol

Yes transparency is needed in fees, Zebpay must resolve this issue.

Kewl

newbie

Activity: 41

Merit: 0

No one from Zebpay is present here?

sachinunchwal02

newbie

Activity: 42

Merit: 0

zebpay btc fees is take gst or not

Wapinter

legendary

Activity: 2688

Merit: 1026

Hire me for Bounty Management

Indian btc exchanges and wallet must stop ripping off their customers.Not fair Angry

Somz1

full member

Activity: 420

Merit: 102

They have been charging excessively from the very beginning
In Coinbase I would receive 15 rupees worth of bitcoin and could send just as much minus a few paisas of transaction fees but with Zebpay they used to charge 23 rupees (At that time) as transition fees alone so you get the picture.
And never fall for their excuses saying that they charge higher to make the transaction faster,its complete illogical.
This is why I strongly advocate you do p2p trading in Localbitcoins website where it's faster and anti fraud as long as you operate in the site with their escrow service.

tcsmate

newbie

Activity: 27

Merit: 0

Quote from: cryptoheadd on August 11, 2017, 01:36:17 PM

Quote from: cryptoheadd on August 11, 2017, 12:56:20 PM

Quote from: tcsmate on August 11, 2017, 12:17:27 PM

How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.

Can you share the TX ID?
Or maybe the Bitcoin address you transferred the BTC to?

Here or via PM?

Just received the TX ID via PM.

The actual fees paid by CS is: 0.00072358 BTC. (The tx contained multiple outputs and had a combined fee of 0.00072358 BTC)

That is very bad on coinsecure's part. When I am specifically paying a higher fee to get the confirmation faster, they pay less than 75% of it and then club it with whole list of other outputs , delaying my confirmation by atlest 6 hours.

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: cryptoheadd on August 11, 2017, 12:56:20 PM

Quote from: tcsmate on August 11, 2017, 12:17:27 PM

How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.

Can you share the TX ID?
Or maybe the Bitcoin address you transferred the BTC to?

Here or via PM?

Just received the TX ID via PM.

The actual fees paid by CS is: 0.00072358 BTC. (The tx contained multiple outputs and had a combined fee of 0.00072358 BTC)

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: tcsmate on August 11, 2017, 12:17:27 PM

How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.

Can you share the TX ID?
Or maybe the Bitcoin address you transferred the BTC to?

Here or via PM?

tcsmate

newbie

Activity: 27

Merit: 0

How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: S_D on August 11, 2017, 01:08:25 AM

Well everyone.. this is their business model.

I wouldn't call it their business model as they aren't being upfront about it. If I pay a 0.002BTC tx fee, I expect the miners to receive them (unless stated otherwise) and the transaction to be verified within the next few blocks. The actual tx fee that they are paying is very low. (Which leads to an increased confirmation time.)

S_D

full member

Activity: 198

Merit: 112

Well everyone.. this is their business model. Similar is being followed by other service providers if you aren't aware. We cannot conclude what they are doing is wrong. They are no NGO. Either we complain and change it or move to other service providers.

What I am interested is how the Zebpay justifies earning huge margins compared to their competitors via transaction fees.

manav24

member

Activity: 122

Merit: 13

It has happened to me as well Paid $3 fee charged $5, transaction confirmed after 12 hours reason fee paid was less than 1 $ . this is crazy and unacceptable.

karan1498

full member

Activity: 163

Merit: 100

Quote from: escrow.ms on July 30, 2017, 05:24:57 AM

I do not understand why they are charging high fees from users while paying the usual fees in transaction.

One of my friend was sending 1.76 Bitcoins to someone and zebpay charged 0.002 bitcoins as transaction fees while they actually paid just 0.00068.

Total Input    1.82040761 BTC
Total Output    1.81972589 BTC
Fees    0.00068172 BTC
Fee per byte    31.826 sat/B
Estimated BTC Transacted    1.76310706 BTC

Price of 0.00068 Bitcoins is 115.52 Indian Rupee
Price of 0.002 Bitcoins is 340.02

Difference amount is 225 Rupees.

@Mahin Please tell me where this 225 Rupees difference is going?

If there are 1000 Transfers each day on your app of 1 bitcoins. Please tell me where 200*1000= 200000 Rupees is going?
Isn't this is unaccounted money since you are not spending what you are taking from your users as fees.

this happened exactly with me bro , this is nothing , i paid something approx 800 rupees in btc as withdrawal fees and they put just 100 ish like only 20% of what i paid . zebpay is thief amateur looting innocent peoples money .

ZEBPAY KARMA WILL HIT U HARD

iram3130

legendary

Activity: 1512

Merit: 1010

ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

I'm one of their customers from long time now but didn't know about this till now. I think it's better to tweet them once as I have seen them very active on Twitter.

S_D

full member

Activity: 198

Merit: 112

Saving this thread, interested in reply. Also I observe their transactions have multiple output i.e. they club withdrawals of multiple customers. So the "revenue" from withdrawal fees is further magnified.
If they are willing to charge such high fees for withdrawals, they need to pass on the fees to miners as well for faster confirmations. Undecided

cryptoheadd

hero member

Activity: 1036

Merit: 501

I've noticed this a lot of times as well.
Looking forward to a reply from them.

escrow.ms

legendary

Activity: 1274

Merit: 1004

I do not understand why they are charging high fees from users while paying the usual fees in transaction.

One of my friend was sending 1.76 Bitcoins to someone and zebpay charged 0.002 bitcoins as transaction fees while they actually paid just 0.00068.

Total Input    1.82040761 BTC
Total Output    1.81972589 BTC
Fees    0.00068172 BTC
Fee per byte    31.826 sat/B
Estimated BTC Transacted    1.76310706 BTC

Price of 0.00068 Bitcoins is 115.52 Indian Rupee
Price of 0.002 Bitcoins is 340.02

Difference amount is 225 Rupees.

@Mahin Please tell me where this 225 Rupees difference is going?

If there are 1000 Transfers each day on your app of 1 bitcoins. Please tell me where 200*1000= 200000 Rupees is going?
Isn't this is unaccounted money since you are not spending what you are taking from your users as fees.

Topic: Zebpay Bitcoin Transfer Fees Issue. (Read 1981 times)