Fiat Gateway fees

(CryptoUK1) #1

Will fiat gateway use the exchange to swap tokens internally so that NEX stakers benefit from fees?

(Trust Yourselves ) #2

Great question

(Steve) #3

This is the way I see it. To the user, it will look like a simple button click of “Buy GAS with USD”, but what is actually happening behind the scenes is the person exchanging their USD for GAS through the matching engine. This brings USD liquidity and volume to that trading pair, thus trading fees. I assume there are also other fees attached with fiat to crypto conversion though. Those fees may not benefit NEX holders.

(Justus) #4

Maybe this helps…

Me: Will NEX token holders participate in all revenues NEX will generate or is it limited to a specific source?

Fábio Canesin: They will participate in all the revenue going through the DEX matching engine, lots of the products are going to use it. Some services not, and they are mostly free, provided as a tools for our clients.

1 Like
(Aman) #5

AFAIK, yes. Because every transaction will go through matching engine. Suppose I want to buy BTC using USD, my transaction will be matched with someone wanting to sell BTC in USD. This can only be done using NEX Matching Engine as per my knowledge. Maybe the team can confirm. @canesin
Also, the fees in this case will be realized in BTC or USD is to be seen.

(Nex 4 Ever) #6

@canesin please can you comment on that. My staking strategy will depends on if fiat to crypto and vise versa will go through the matching engine. thank you in advanced.

(CryptoUK1) #7

Would be good to get official confirmation from someone on the team? @canesin @ethan

(Ashrith) #8

@canesin @ethan can you please comment on this .

(FCC) #9

@CryptoUK1 depends, one of two options:

1 - Using the OTC workflow (on-off ramps will initially go through that) the token<>fiat conversion happens outside of NEX but with the chosen partner, so NEX collects no fees. If you are wanting to sell a unsupported token by the partner you will do a token<>token trade before and on that NEX do collect fees.

2 - If it is a token<>fiat market on the exchange fees are collected as usual.


Thanks for clarifying, this is originally what I presumed. :+1:

(Seidler) #11

Thank you, now its clear :slight_smile:

This might be until NEX can provide the FIAT gateway by themselves

(CryptoUK1) #12

@canesin Thanks for clearing that up. Much appreciated!