How gas (transaction) fees work
Every Ethereum transaction involves a gas fee which is paid to miners on the Ethereum network. On Cryptomagz Dex Ethereum transactions are required for depositing, withdrawing, and trading.
If you're using Cryptomagz Dex with MetaMask, you can lower the gas price when you accept a transaction to pay a lower gas fee. We recommend a gas fee of 4 gwei if you don't mind waiting a few blocks for your transaction to confirm. If you're using Cryptomagz Dex without MetaMask, the gas price is fixed at 4 gwei.
If you're not using MetaMask, you can set the gas price from the "Gas price" item in the account dropdown (upper right).
Without getting into too much technical detail, a 4 gwei gas price corresponds to the following overall transaction fees:
|Deposit ETH||~0.0003 ETH|
|Withdraw ETH||~0.0001 ETH|
|Deposit token||~0.0001 ETH|
|Withdraw token||~0.0002 ETH|
|Cancel order||~0.0002 ETH|
How platform fees work
Almost everything you do on Cryptomagz Dex is free, with only one exception. Here is the full list of exchange fees Cryptomagz Dex charges:
|Place an order (add liquidity fee)||free|
|Execute against someone else's order (take liquidity fee)||0.3%|
An important feature of Cryptomagz Dex is that placing an order doesn't involve an Ethereum transaction. Placing an order involves signing a message, which doesn't cost a gas fee. This means that placing an order on Cryptomagz Dex is completely free: there's no Ethereum transaction fee and there's no fee if the order trades. The one and only platform fee Cryptomagz Dex charges is a 0.3% fee paid by the person executing an order (paid in the instrument being sold).