Attention BAT Enthusiasts! Important Update Regarding Zebpay and Brave Integration​:bangbang::
I want to bring to your attention a recent integration between Zebpay, a prominent crypto exchange in India, and the Brave browser, allowing users to integrate their BAT (Basic Attention Token) withdrawals with Zebpay. While this integration offers a convenient way to manage your BAT tokens, I’d like to caution users about Zebpay’s monthly fee structure.
Zebpay has implemented a monthly fee setup that has raised concerns among users. This fee structure can be quite burdensome, often resulting in significant deductions from users’ wallets. Even when you withdraw BAT to your Zebpay wallet, be aware that a portion of your deposit might be charged, sometimes exceeding 50%.
To ensure that your transactions are handled with prudence, I advise users to carefully consider the fee implications and exercise caution when integrating your Brave rewards with your Zebpay account. It’s essential to weigh the benefits and potential costs before proceeding with any transactions.
Stay vigilant and make well-informed choices in managing your crypto assets.
What Operating System and Brave version are you using? (MacOS/ v1.58.131)
Thank you for sharing your insights and concerns about the fee structure and taxation implications associated with Zebpay’s integration with Brave browser.
It’s indeed important to shed light on the practical implications that users may face. As per the Indian Govt., There is 1% TDS (Tax Deducted at Source) on every trade and the subsequent 30% tax on tokens treated as income from other sources can significantly impact users, especially those who engage in frequent trading activities. These financial considerations are crucial for users to be fully informed about before making decisions. On top of that, Zebpay has an monthly fees. I consider it as fraudulent practices.
Transparency and clarity in terms and conditions are essential for users to have confidence and trust in any platform they engage with, especially in the realm of cryptocurrency exchanges.
Thank you for sharing your thoughts on this matter.
@SmartyAadi Yes, I’ve seen it. Just that, I don’t believe customers should be forced to play in Zebpay’s hands and pay monthly fees in order to withdraw and lose their BATs. Fees, as you indicated, are quite exorbitant in comparison to the typical compensation.
@zypher Nice heads up but I would still recommend it. Not only it would help in redeeming vBATs but also in a more formal adoption of BAT and Brave in India. And as you know already, you just have to make one trade a month to save the monthly fee. And I say, make two- sell for INR and buy back again at similar price so that the 30% tax liability on profit is practically zero.
And even if you only sell and file for taxes, as long as your yearly profit from selling BAT/Crypto is around 41,000 or less you would still pay zero taxes as there is a rebate of 12,500 on your total tax value.
@Aman_M Thank you for sharing your perspective. I hear that for the past several months, many customers have been unable to withdraw or convert their vBAT to any exchange or wallet provider, such as Uphold or Gemini. The problem is that these exchanges did not have any maintenance or hidden costs that were adjusted for their respective holdings.
The issue arises when these types of fees often result in the incremental value of the same subsequent fees, which then becomes the norm. These kinds of practices, in my opinion, should not be encouraged, and such mergers should not take place.
When it comes to taxation, many people do not trade every month merely to get their monthly fee refunded. These transactions that we are discussing are typically not free; a certain amount of money is deducted as maker/taker fees, and I believe that they are milking their clients to either trade or pay. Which, in my opinion, is just inappropriate.
I wouldn’t refer Zebpay’s monthly fee as hidden cost. They are quite open about it and they send frequent emails at least once in a month, reminding to trade once and avoid the fees. They’ve been regularly sending me in the past.
Yeah, Zebpay’s maker and taker fees are slighty on the higher side for non-VIP customers. But we need to be mindful that trading volume on Indian exchanges has been very low due to high taxes. And exchanges have to bear the costs for maintaining every account. Also, the extra 1% TDS of every tx can also be reclaimed in filing return if tax liability is zero.
But agree that users need to be mindful of the costs especially this monthly maintenace fees otherwise they could potentially loose almost all of their monthly rewards.
Maybe Brave could’ve tried to negotiate and get the montly fee waived off for Brave Rewards users, that would’ve been amazing.
This is where I was surprised that the Brave Team had not done the necessary research. I mean, it has the potential to backfire and force them to switch custodians in the future which is again hectic if coming from business POV.
I am not sure about that. Brave is only responsible for making sure that people are able to connect to the offered custodial Partner.
In no way are they liable to inform us about fees which are charged by third party. The fee is from Zebpay not from Brave. Us as users should be vigilant and always look out for fees and other related stuff
This is when monopoly comes into play! Because Zebpay is the exclusive custodian of Indian demography, they have an advantage in doing any type of business.
And, although I agree that Zebpay is not responsible for notifying us about their price structure, we should have the option of selecting the custodian partner, much like the North American counterparts, who have two companies such as Uphold and Gemini.
Bro. I meant that Brave isn’t liable to inform but Zebpay is. They just don’t tell you that when you create an account which they should I suppose.
Understood, but don’t you think a disclaimer should be provided before hand by Brave Team? I mean they are the one’s who are doing their due diligence before integrating with such exchanges. And after that, if a person chooses to use Zebpay, then it becomes users responsibility to read those T&C.
This is where I differ. I am one of the fortunate few who have accounts on both Uphold and Gemini, and I continue to use Uphold despite Zebpay’s aggressive fees. I feel myself fortunate to be able to continue using uphold.
And feel that Brave is the one who has to blame here.
I think it’s general business practice. No one would broadcast their fee structure right at the sign-up unless it’s their strength.
If it comes from Brave, price sensitive Indian users would be confused whether Brave wants or does not want them to link ZebPay. “Indian users link ZebPay to earn from Brave Rewards”. But “You will have to trade on a monthly basis to save $3 monthly fee”. Ridiculus, if you ask me. Also, looks like a mockery of their own partner.
At best you can expect it from ZebPay.
Only temporarily. You would have to not update Brave to use previous custodians. And ads are not served on the older versions after some point.
Attention BAT Enthusiasts! Important Update Regarding Zebpay and Brave Integration​:bangbang::
