Cryptsy Changed their fee structure


#1

https://www.cryptsy.com/pages/fees

They dropped the market trade fees across the board but imposed a 0.5% fee for withdrawals in addition to the network fees.


Coin Fire Claims - Cryptsy Under Federal Investigation
#2

Now that sucks.


#3

Indeed it does. Yet another reason why we need the sec/cftc overseeing these exchanges. That 0.5% is akin to extortion in my eyes. I have never paid a withdrawal fee for moving money out of a stock or commodities account other than what it costs to wire the funds or what paypal charges when I used them with oanda.


#4

Does that apply retroactively, i.e. if I happened to deposit some coins to Cryptsy last week am I going to pay 0.5% now to get them back? If that’s the case then it’s a fairly good example of bait-n-switch, what with their “rebates” for keeping balances on the site. A good opportunity for a young ambitious lawyer :smile:

This may have sounded like a great idea for some beancounter at Cryptsy (look we have 10k BTC worth of withdrawals going out daily/weekly/whatever so this is easy 50 BTC) but it’s likely to backfire.


#5

Retroactively doesn’t apply. Its for all withdrawals going forward from the date of the change, 9/20/15.

And yes, things will get very interesting as soon as someone decides its worth the effort to try and reign them in.


#6

Thanks for the heads up.
I pulled what remaining I had there and plan to not use them going forward…
I’ve always given them the benefit of the doubt as they are the volume leader on most coins :-1:


#7

I will keep using them for ARB, just have to figure out how best to keep track of and account for the withdrawal fee. It was small enough that I didn’t worry about it, now I need to figure something out.


#8

Including withdrawals of coins that I deposited before 9/20? That’s about as retroactive as it gets. I don’t suppose they would charge the fee for coins that are already WITHDRAWN, that would be outright theft. But charging a fee to withdraw coins that were deposited before such fee was enacted is still a shitty move.


#9

Retro active doesn’t apply in this situation, not in the way you think it does. No, they can’t or shouldn’t impose an extra fee for withdrawals already processed, same as they won’t refund trade fees for txs prior to this change.

Date/time of deposit doesn’t matter. There are also no laws or regs that I am aware of that would say that they can’t increase the withdrawal fee for deposits prior to XX/XX/XX. Once a deposit has been made, its irrelevant when exactly that deposit happened, this isn’t a cellphone plan.


#10

So if they imposed a 100% would that still make it right? 50%?

Yes, the date does matter. If I deposited my coins when the fee was 0% and they changed the terms on xx/xx/xxxx any deposits made before that date should be allowed to be withdrawn under the terms that were in place when I deposited. It’s not the same as changing the trading fees - I can opt out of trading and avoid paying those fees. But it looks like I can’t opt out of withdrawal fees if I want to stop using Cryptsy.

We have another crypto-entrepreneur (@cyberpinoy) big on withdrawal fees and we all know how well that is going :smile:


#11

Wow, someone is itching for a fight.
I am not saying its right. Its shady as hell, immoral, etc, but its not illegal. Look at the “fees” that companies like comcast and others tack on to peoples bills.

Again, you could try and argue to a judge that you should be allowed to “opt out” of that increased withdrawal fee but you don’t have a leg to stand on. By your logic because you deposited before a certain date you should also pay the original trade fees instead of the 0 fees now implemented.

In short, we aren’t entitled to anything. Making a deposit to an exchange is NOT a contract for a purchase or business deal. The date of the deposit doesn’t matter in this instance because there is nothing to opt out of. You can try requesting they close your account and send you your funds with no added fee because you don’t agree, this is the only way you have a chance of “opting out”. Again, its shady as Fck and we need regulation in crypto despite all the libertarian free market BS that keeps getting spouted.


#12

Wonder how long it’ll be before people are like, “What? WTF? Wait a minute?” and we see Cryptsy slide down the long slope of failure?


#13

Not gonna happen. The 0 fees just solidified themselves at the top of the heap for now.


#14

Well for those that don’t read the fine print it does, sure. LOL


#15

Even those that do. If your trading with cryptsy and making a profit, getting rid of the 0.2-0.3% trade fee and instead taking a 0.5% hit on withdrawing your profits is worth it, IF your making enough.


#16

LOL what?

Not at all. I should be able to opt out of new terms by by withdrawing the deposit without extra fees and by definition I wouldn’t be trading with those funds. If I decide to keep my deposit and trade I’m clearly not opting out.

Same applies to your Comcast example BTW. If they change the terms you can opt out, i.e. cut the cord. Trouble is, they are a monopoly in many cases and typically don’t have an ETF so it’s of little relevance.

Exactly. Where’s the fight then? :smile:


#17

I have very little balance in there so will buy the shi**est of sh*tcoin and they can have 5% of that. Always thought they were the worst exchange anyway :smiley:


#18

If my 72 paycoin sitting in there ever hit the sell orders that I have in place, I’m happy to pay 5% to withdraw that btc. :smile:


#19

dont like an % fee
each transaction, need the same resources, may be transaction which is done manually
need more resources
for me there is no reason why an transaction has to paid with different amounts


#20

They removed the trading fee, they have to make up for it somewhere. I don’t have a problem with a small % fee for withdrawal but it has to have a cap, there is no reason for them to be charging a “tax” on withdrawals.

I preferred the old way of doing things, they could have reduced the fees for the markets and made more money that way than with this.