Cryptocurrency transaction fees
When you send Bitcoin or Ether to another Zumo user or an external wallet a transaction (or “mining”) fee will be added to the amount that you send. This fee is not charged by Zumo, and we make no revenue from it. The transaction fee is the cost of processing the transaction by external “miners” who charge a fee to validate the contract on the blockchain.
When you’re sending Bitcoin or Ether to another Zumo user or external wallet you can set the transaction speed to Low, Medium or High
This will affect how long the transaction takes to process, and the cost associated with it. In the future, you’ll also be able to set a custom transaction speed.
You can check the estimated fee on the transaction confirmation screen before you initiate the transfer
And if you tap on the notification in your wallet transaction history the transaction fee will also be shown on the transaction details screen
Something to remember is that sending Ether is cheaper than sending Bitcoin, which has a higher mining cost and therefore a higher transaction fee. So if you want to send a small amount of cryptocurrency, it’s often more efficient to send ETH instead of BTC.
Cryptocurrency Exchange fees
When you exchange between ETH and BTC using Zumo the following fees are applied:
The transaction fee to send the exchanged funds back to you (BTC/ETH)
The transaction fee to place the exchange order (BTC/ETH)
Zumo’s 0.5% exchange commission
These fees will be shown on your exchange confirmation screen as follows
Buying and selling cryptocurrency fees
In addition to sending and exchanging cryptocurrencies, we’ll soon be adding GBP (£) and Euro wallets for our users, starting with users based in the UK.
In order to buy Bitcoin or Ether with Zumo, you can add funds to your Zumo wallet via bank transfer. There will be no fee to add funds, and the exchange fees will be:
These fees will be shown on your exchange confirmation screen as follows
Zumo’s 0.5% exchange commission
The transaction fee to send the exchanged funds back to you (BTC/ETH)
