We intend to introduce the INCX Coin, which will be a utility token and is intended to be used as the medium of settlement of transactions within the trading platform. INCX Coin will be used to pay for all the fees on the platform, for example, exchange fees, withdrawal fees, listing fees, and other fees as applicable.
All fees are charged in INCX Coins. The revenue model and fee structure are subject to change without a prior notice.
The revenue will come from the following sources :
- Deposits : Free crypto deposits. Incoming wires will be charged a nominal fee based on the banks involved. Major fiat currencies (USD/GBP/AUD/JPY/SGD/CAD/EUR) will be accepted.
- Trades : INCX will charge 0.2% per trade. Other variations might be later introduced but INCX plans to have a cap of 0.2% per trade. For example, if there is a trade in BTC, the 0.2% of the transaction will be charged as fee in INCX Coins, which enforces auto conversion of equivalent BTC to INCX.
If user does not have enough INCX balance, the fees will be charged in respective crypto currency.
- Withdrawals : All crypto withdrawals will be charged nominal gas fees. Wire fees will be additional. Repatriation of funds is possible only with adequate documentation that meets the local banking norms.
Withdrawal fees will be in respective coin as it is enforced by our wallet provider (BitGo).
- Listing fee : INCX will selectively list coins/tokens and other assets and it will charge for the listing.
- Margin fee : Margin trading interest will be charged as per the market norms.
INCX Coin Usage Fee Structure
The trading fee structure using INCX Coin will be very competitive. When trading with INCX Coin, there will be only a flat 0.1% fee, which is a 50% discount on each trade during the first year. This fee will be one of the lowest fees in the industry. This coin will have the usability to pay any kind of fee incurred on the exchange. If a user pays using INCX Coins, the user will receive a 50% discount on these fees during the first year, a 25% discount in the second year, and a 10% discount the third year.
InternationalCryptoX will also offer exchange users a one-of-a-kind special offer. Exchange users who hold 3,000,000 INCX coins in their account will not be charged any fee for trading. These holding numbers are subject to change. They will be reviewed and revised on a quarterly basis after platform launch with respect to the special offer participation numbers and the market conditions.
We aim for the INCX platform to eventually become a decentralized exchange as and when the technological capabilities support such a transformation. At that time, INCX Coins will be used as one of the key base assets and the gas to be spent.