FAQs Cryptocurrency Fees

What are fees on Young Platform, why they are charged and how to get discounts.

Introduction

What kinds of fees are there?

There are three types of fees charged on an exchange such as Young Platfrom: deposit fees, withdrawal fees (which include blockchain transaction fees) and trading fees. The three types vary in amount depending on whether they are in euros or cryptocurrencies.

What are transaction fees and why do I have to pay them?

Fees are necessary for a transaction to be authorised and executed on the blockchain. They are a necessary contribution to the functioning of the technology. Fees vary by network, for example those on the Ethereum network tend to be more expensive than those on the Bitcoin network. Each exchange adds a small percentage for the service it provides to these network fees.

If I activate a discount on Young Platform is it also valid for Young Platform Pro?

No. Discounts on Young Platform are NOT valid on Young Platform Pro and vice versa.

Still have questions? Open a ticket via support.youngplatform.com to contact us

Depositing

How much are the fees for euro deposits?

Young Platform's deposit through wire transfers from any country are free of charge. You can find all the details on the dedicated page.

How much are the fees for crypto deposits?

Depositing cryptocurrencies from an external wallet or another exchange to Young Platform is completely free of charge for any cryptocurrency.

Where is my money stored?

Young Platform has exclusively Italian accounts, with Banca Sella and Banca Azzoaglio.

Still have questions? Open a ticket via support.youngplatform.com to contact us

Buying and Selling

How much are the fees for buying and selling cryptocurrencies?

Fees for converting Euros into Cryptocurrency and vice versa are 2.5%. The fees for converting Euros to YNG tokens and vice versa are free of charge. The fees for converting one cryptocurrency to another cryptocurrency are 1.35%. You can lower these fees by 50% by purchasing the YNG token. You can find all the details on the dedicated page.

Are there any fixed costs for keeping your money or cryptocurrencies on Young Platform?

No. Keeping your cryptocurrencies or euros on your account is free of charge.

Still have questions? Open a ticket via support.youngplatform.com to contact us

Withdrawing

How much are the fees for euro withdrawals?

The fees for transferring money from Young Platform to your bank account are €1.99. Simply enter the name of your bank and your IBAN. Remember: in order to withdraw your cryptocurrencies and transfer money to your bank account, you must first sell them to convert them into euros. Once you have converted your cryptocurrencies into euros, you can make a transfer to your bank account.

Is there a minimum withdrawal amount of euros?

Yes, the minimum amount to withdraw euros from Young Platform is €20.

What are the fees for crypto withdrawals?

Transactions to wallet addresses outside of Young Platform (e.g. to move your cryptocurrencies to another exchange or an external wallet) take place on the blockchain. That's why, the fees charged for these types of transactions vary depending on the network, and may be more or less expensive.

How much are the fees for crypto withdrawals?

Young Platform has significantly lowered its withdrawal fees as of July 2021 in accordance with current network conditions. See the specific withdrawal fees for each cryptocurrency on the dedicated page.

Can I change the crypto withdrawal fees?

Yes, during periods of high network congestion, fees may vary. Young Platform always communicates any changes in advance, whether via newsletters, blogs or in-app notifications. We therefore recommend that you subscribe to the Young Platform newsletter to keep up to date. It is possible that emails may arrive in Spam.

Is there a minimum withdrawal amount of cryptos?

Yes, a minimum amount is set for each withdrawal request. The minimum amount is specified in the fees column next to each cryptocurrency. You can see the table at this link.

Are there fees for sending crypto from one Young Platform wallet to another Young Platform wallet?

Yes, you pay the same withdrawal fees as indicated in the withdrawal summary table. See the page at this link.

Still have questions? Open a ticket via support.youngplatform.com to contact us

Discounts

How can fees be reduced on Young Platform?

Fees on Young Platform can be lowered by up to 50% by purchasing and holding the YNG token, Young Platform's cryptocurrency. The YNG token has a fixed value of €0.24. Please see our YNG token page for discounts info.

On which transactions are discounts applied?

Discounts are only activated on fees for buying and selling cryptocurrencies, including Euro-Crypto and Crypto-Crypto trades. They do not apply to withdrawal transactions.

Where can I buy the YNG token to get the discount on fees?

Currently, the purchase of the YNG token is only available on Young Platform on the 2nd, 3rd and 4th week of each month, while the sale is open on the 1st week of each month.

Is there a way to get YNG for free?

Yes, by downloading the Step app and playing with it you can earn YNG tokens for free. Download the app at this link.

Still have questions? Open a ticket via support.youngplatform.com to contact us

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