When using Bitcoin or other cryptocurrencies, there are two types of fees that you will see:
1) Conversion Fees. For converting US dollars to Bitcoin, or Bitcoin back to US dollars, your exchange wallet will charge a small percentage (typically 1% - 3%).
- On deposits of $100 or more, Galaxy will reimburse those fees for you. For more details on claiming your fees, please see the article HERE.
- On withdrawals, those fees will not be reimbursed.
2) Mining Fees. When Bitcoin is transferred from sender to receiver, there are fees known as mining fees. This is basically a payment awarded to the miners who handle confirming Bitcoin transactions. The mining fees are your responsibility to cover, however, this is almost a non-factor as those fees are less than $1 on most transactions, no matter how much is being sent.
If you have any other questions, feel free to contact our dedicated Bitcoin team anytime on Live Chat or by calling 1-855-535-4947.