Digital Wallet (Wallet) Service of cryptocurrency and digital assets.
Cryptosmart offers you a free digital wallet service with which you can hold your cryptocurrencies and digital assets. This means that your digital wallet will store your Euros and your cryptocurrencies and digital assets at no cost to you.
Cryptocurrency and digital asset transactions (buying, selling and converting)
Customers can buy or sell a single cryptocurrency, or single digital asset, or convert one type of cryptocurrency to another type of cryptocurrency (e.g. you could directly convert Bitcoin to Ethereum). For each executed transaction Cryptosmart will charge the customer a % commission.
The % fee varies according to the customer’s bracket determined as follows:
the total amount of € volumes (purchase and sale transactions) in the month prior to the month in which new transactions are made (for example: if a client makes transactions in February for a combined total of € 150,000 he will place himself in bracket 2 (total amount of purchase and sale transactions between € 100,000 – € 500,000); in the following month of March he will be charged the fees of bracket 2, and so on each month the bracket to which the client belongs is determined and will accompany him in the transactions of the following month;
by the type of transaction executed as Maker (market transaction order) or Taker (limit transaction order)
What does “Maker / Taker” mean?
If you choose to place a market order it means that you are asking the exchange to execute your order with priority over others at the current market price. In the eyes of the market, you are therefore a “Price Taker“, that is, a seller or buyer who is able to place an order that immediately meets all the requirements for it to be processed.
A taker then places a market order that goes to reduce market liquidity. There is usually a higher commission cost for a market order (and thus for a taker).
If you choose to place a limit order you are asking the exchange to buy or sell by “declaring” however, that you are willing to wait for the market to reach a certain price before handling and executing your order. To the market you are therefore a “Maker“, that is, a seller or buyer who enters an order that does not immediately meet the requirements to be processed.
A maker enters a limit order which, since it cannot be processed immediately, is added to the order book going to increase market liquidity. There is usually a lower commission cost for a limit order (and thus for a maker).
Transfers (send and receive) between digital cryptocurrency wallets, digital assets, and fiat currency
Customers can send and receive cryptocurrency, digital assets, and fiat currency (Euro) from their own digital wallet to that of another party. For each executed transaction Cryptosmart will charge the customer a fee.
For all incoming Crypto Deposits, no commission is charged. Whereas a fee of €5 is charged for Fiat deposits on Modulr only. By contrast, deposits in Euro at other banks are free of charge.