How does Transak pricing calculation work?
There are 3 types of fees transak imposes on every transaction.
Transak Fee: This fee depends on the mode of payment and fiat (Bank Transfer or Credit Card or Debit Card)
Network fee: This is the cost of gas that will be used to transfer the crypto from one wallet address to another, this depends on the crypto and the network.
Partner Fee: It’s a percentage charge applied on the transaction amount on behalf of the partner.
NOTE: In case of Bank Transfer transak fee cannot be less than 1 EUR/GBP
Fee Structure
Transak Fee: A
Network/Exchange Fee: B
Partner Fee: C
Total Fee: A+B+C
How does Transak calculate prices and fees?
Transak is dedicated to being transparent about our pricing and fees.There are four variables that are used to calculate the total amount of cryptocurrency received for the chosen amount of fiat.
Fee Type | Fee Details |
Partner fee: P | A percentage charge applied on the transaction amount on behalf of the partner. This fee is configurable by partners |
Transak fee | A percentage charge applied on the transaction amount or Minimum Fee + Fixed fee, This covers the fiat processing costs so is set depending on the chosen payment method: credit/debit card or bank transfer. Our fees are set out here.
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Network/Exchange fee: N | This is the blockchain transaction fees or gas that is paid to make the on-chain transfer of the crypto to the user’s wallet address. These fees vary by blockchain network and cryptocurrency, as well as changing over time depending on network demand. This fee is set by the market not by us |
Exchange rate: R | This is the conversion rate from fiat to cryptocurrency. It is calculated by taking an up-to-date quote of the market rate from multiple pricing services and adding a small slippage percentage. The slippage varies by cryptocurrency and is calculated according to the actual rate we are able to get in the market |
To calculate the total amount of cryptocurrency, C, for the specified amount of fiat currency, F, we calculate the total fees, deduct them from the fiat amount then convert the remainder to cryptocurrency at the market rate.
The formula for this is as follows: C =(F - (F x P% + Max(F x T%, MF) + FF + N)) x R
Below is the illustration for 100 EUR purchase:
F = 100 EUR (Fiat)
P = 1% (Partner fee)
T = 1% (Percentage Fee)
MF= 1 EUR (Min Fee)
FF = 1 EUR (Fixed Fee)
N = 0.5 EUR (Network/Exchange fee)
R = 0.001 ETH/EUR (Exchange rate)
C = (100 - (100 * 0.01% + MAX(100*0.01%,1) + 1 + 0.5) ) * 0.001
C = 0.0965 ETH
For 100 EUR = 0.0965 ETH
Widget Screen
Note that the market rate and network/exchange fee shown in the widget UI is an estimate. The final cryptocurrency amount the user receives is calculated when the fiat payment is settled.