ZenSports charges a processing fee for every withdrawal made in USD (fiat and Tether), Bitcoin, and ICX. We charge this fee to help offset the blockchain gas and fiat financial institution costs that we incur when processing withdrawals.
The fee is charged in addition to the withdrawal amount so that you're always receiving the amount that you requested and don't need to try and figure out how much extra to add to your withdrawal to account for the fee.
The exact amount of the fee that you'll be charged for a withdrawal is variable and will be shown to you in the app at the time the withdrawal request is submitted by you. There are a lot of variables that go into the exact amount of the withdrawal fee at any given moment:
- The currency that the withdrawal is being made in.
- The amount of traffic and congestion on the particular blockchain that a currency is based on.
- For wire transfer withdrawal requests, the amount that our fiat payment processor charges us to process withdrawals.
Generally speaking, ICX is the cheapest coin to withdraw because ICON's technology is very fast and gas costs are cheap. Whereas USDT (Tether) and wire transfer withdrawals are expensive because USDT is built on Ethereum (which is expensive) and wire transfers require a bank to process it, which incurs processing fees.
Of course, SPORTS token withdrawal requests never come with any fee, so we always recommend going with that option! :)