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Why amount available to withdraw is less than my balance?

Feb. 15, 2021, 7:29 p.m.

💡This is the difference between average stock exchange rate and purchase exchange rate. It's called a bid-ask spread.

How withdrawal amount on "Balance" page is calculated?

Assets on you balance are stored only in Bitcoin. Estimating Bitcoins is awkward. That's the reason we multiply average stock exchange rate by your Bitcoins and get estimation in the currency you've chosen.

This way is common, so it's convenient to compare Kryptex balance with other wallets, exchanges and miners. All cryptoservices estimate the balance in the same way.

How withdrawal amount is calculated and why it's less than balance?

Purchase exchange rate is used for payouts. This rate is less than average and their difference is called bid-ask spread. This is how every stock exchange works.

We'll explain it using Chinese yuan and dollar as an example. Let's take a $1 as 70 CNY. Banks and stock exchanges sell $1 for 72 CNY for and buy $1 for 68 CNY. 4 CNY difference is called a bid-ask spread. Bitcoin is exchanged in the same way.

The spread increases when market is unstable and exchange rates grow or fall sharply. When exchange rates are stable, the spread decreases. In other words, spread depends on volatility.

Kryptex doesn't take a fee for withdrawals

We withdraw at exchange rate we get from our partner stock exchange that exchanges the currency. Partners act as a "bank" that exchange Bitcoin for fiat money.

If you're not satisfied with Kryptex purchase exchange rate, you can withdraw Bitcoin or Ethereum to exchange them for dollar on your favorite exchange.

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