There are several types of fees associated with cryptocurrency.
Trading Commissions - All trading on LVL is free. LVL charges no fee, and makes no money selling crypto.
Spreads - LVL does not charge a spread for buying or selling crypto.
Deposit - All deposits on LVL are free
Withdrawals - There are two combined fees for processing withdrawals, a Network Fee, and a Processing Fee. These are both displayed on the withdrawal screen.
The Network Fee is a fee charged by the Bitcoin network for processing transactions (also known as the “Miner Fee”). The Network Fee is paid directly to the Bitcoin network, and LVL does not charge a margin or markup. We calculate the Network Fee by averaging the miner fees for the last 10 submitted Bitcoin transactions. This fee is the same for free and Premium members.
The Processing Fee is a fee charged by LVL for facilitating transactions, listed below. About 75% of this fee goes to BitGo for operating as an independent co-signer of LVL withdrawals. This enhances security of our Bitcoin wallets by ensuring there is no single point of failure. The remainder of the service fee generates a small income for LVL to offset costs from our free membership. We discount the Processing Fee by 33% for LVL Premium users.
- $3 fee for withdrawals up to $1,000
- 0.3% fee for withdrawals over $1,000
- $2 fee for withdrawals up to $1,000
- 0.2% fee for withdrawals over $1,000