At Metal Pay our goal is to make cryptocurrency more accessible than ever, build great products, and of course, operate as a profitable business. A big part of how we do this is through listening to our community, taking their feedback, and working to integrate some of those suggestions into our products.
We have recently had some of this feedback, and our team has worked hard to implement some changes, which you can read about below.
Increased Purchase Limits
The first and most exciting update that we are delighted to bring to the table, is the rollout of increased purchase limits. The limit for cryptocurrency purchases was previously $/€ 3,000, and we are pleased to announce it is now increased to $/€ 10,000 per purchase.
$MTL & $XPR Purchase Fee
Another update that we are rolling out is the introduction of a nominal fee on the purchase of $MTL & $XPR inside Metal Pay.
This fee is 0.5% on the entire purchase amount.
The purchase fee for $USDC remains at 0%, and the purchase fee for $BTC remains at 1%
We are continuously exploring ways to allow our community to purchase cryptocurrency with minimal fees while still operating as a profitable business, which is why we are also reducing the amount of $MTL you need to hold to access the fee reduction tiers.
New $MTL Discount Tiers
One of the great features of Metal Pay that our community loves is the discount you receive on cryptocurrency trading when holding varying amounts of $MTL.
To make this available to more community members and to allow more customers to enjoy the benefit of reduced fees, we have decided to reduce the tier limits that give you that benefit.
Previous Discount Tiers;
2500 – 4999 $MTL = 25% Discount on all cryptocurrency trades
5000 – 9999 $MTL = 50% Discount on all cryptocurrency trades
10000+ $MTL = 0% fees on all cryptocurrency trades
New Discount Tiers;
2000 – 3999 $MTL = 25% Discount on all cryptocurrency trades
4000 – 9999 $MTL = 50% Discount on all cryptocurrency trades
10000+ $MTL = 0% fees on all cryptocurrency trades
We’re constantly bringing more utility to $MTL as a coin, and with the introduction of Metal Blockchain, you will see more use of Metal DAO ($MTL) across the ecosystem.
USD Fiat Withdrawal Fees
Finally, we’re introducing a flat withdrawal fee of 2% on fiat withdrawals to your debit card from Metal Pay. This is a charge that we incur from our banking partner. The fee has a minimum charge of $2.50 up to a maximum of $25 .
$125 and below = $2.50 flat fee
$125 – $1250 – 2% of the total withdrawal amount
$1250 and above = $25 flat fee
These fees will be introduced next week, starting August 22nd.
As always, we strive to make our fees as competitive as possible, and with 0% on $USDC deposits, it’s safe to say that Metal Pay is one of the most competitive Cryptocurrency apps in the industry, and we plan to keep it that way.
