Changer Fees

Deposit fees

Changer does not currently charge deposit fees.

Custody fees

Changer charges custody fees on a monthly basis, in relation to each Wallet opened under your Account.

Each Wallet will remain open under your Account until such Wallet or your Account is closed in accordance with the terms of this Agreement. Even after a Wallet is closed, you will remain liable for all custody fees due and payable to Changer in respect of the period the Wallet was open.

Payment Methods

To open your first Wallet under your Account, you must select one of the current, valid and accepted methods of payment indicated on the Platform (“Payment Methods”). You can use any Wallet under your Account as a Payment Method. You can change your selected Payment Method at any time by following the instructions on the Platform.

Payment date

For each billing month, the custody fees set out in this Appendix are due and payable to Changer on the payment date of that billing month. You can view the payment date for each billing month on the Platform by accessing your Account page on the Platform.

Notwithstanding the above:

1. where a Wallet is closed prior to the payment date of the relevant billing month, the custody fees set out in this Appendix in respect of such Wallet for such billing month shall be due and payable at the time the Wallet is closed; and

2. where this Agreement is terminated prior to the payment date of the relevant billing month, all custody fees set out in this Appendix for such billing month shall be due and payable to Changer at the time this Agreement is terminated.

Statement

On each payment date, Changer will send you a statement via email showing the custody fees due and payable to Changer as of such payment date, and such statement will also be made available on your Account page on the Platform.

Statements will express custody fees in USD, AED and, where your selected Payment Method on the payment date is a Wallet under your Account, the Stablecoin/Accepted Virtual Asset corresponding to that Wallet.

Calculation of custody fees

The monthly custody fee in respect of each Wallet is based on the higher of:

1. a percentage fee calculated on the average USD/AED balance of Accepted Virtual Assets/Stablecoins under custody in that Wallet over the billing month; or

2. a fixed USD amount.

The fixed USD amount is USD 40, except in the first billing month of a Wallet, in which case the fixed USD amount will be calculated by multiplying the proportion of the billing month during which the Wallet was open by USD 40. For example, if the Wallet was only open for half of the first billing month, the fixed USD amount will be USD 20 for that billing month.

Custody fees in respect of each Wallet will be calculated separately and given its own line item in the relevant statement. For example, if BTC and USDC are held in your Account, the custody fee payable with respect to each of your BTC and USDC Wallets will be calculated separately, and the relevant statement will contain a line item for your BTC Wallet and a separate line item for your USDC Wallet.

Even though Wallets may execute a number of transactions and therefore have the same coin-based balance over the course of the billing month, the USD/AED value of the Accepted Virtual Assets/Stablecoins may vary over the hours of the billing month, resulting in differing USD/AED-based balances at each hourly fencepost. The USD/AED balances of each Wallet will be calculated at the beginning of each hour. This means that transactions or price changes in the very last hour of the billing month are not reflected in the average for that billing month; instead, they will be reflected in the average for the following billing month.

For each Wallet, we calculate the balance in Accepted Virtual Assets/Stablecoins for that Wallet at the beginning of each hour, and multiply the balance by the price of the Accepted Virtual Asset/Stablecoin as of that point in time to derive the hourly USD/AED balance. We then average the hourly USD/AED balances, to derive the average USD/AED balance for the billing month for that Wallet. The average monthly USD/AED balance is then multiplied by the rate specified in this Agreement. The resulting figure would then be reflected in the relevant line item for that Wallet in the statement for that billing month, unless the fixed fee specified in this Agreement is higher than the resulting figure, in which case the fixed fee would be reflected in the line item for that Wallet in the statement for that billing month.

Autopay

Changer operates an “autopay” system with respect to custody fees. You hereby authorise Changer to charge all custody fees due and payable to Changer under the terms of this Agreement on the payment date of each billing month to the Payment Method selected as of that payment date.

Where, as of a payment date, your selected Payment Method is a Wallet under your Account, you authorise Changer to transfer any Funds from such Wallet on such payment date for the payment on your behalf of all custody fees due and payable to Changer under the terms of this Agreement.

You will remain liable for any custody fees that remain unpaid after Changer has charged custody fees to your selected Payment Method under the autopay system. Custody fees may remain unpaid where, for example, your selected Payment Method is a Wallet under your Account, and there are insufficient Funds within that Wallet to cover all custody fees due and payable to Changer on the relevant payment date.

Where custody fees remain unpaid, without prejudice to any rights or remedies available to Changer under the terms of this Agreement, Changer will notify you of the amount of custody fees outstanding and provide instructions on how to pay such outstanding custody fees to Changer.

Please note that custody fees will continue to accrue with respect to an Accepted Virtual Asset/Stablecoin Wallet opened under your Account, until such Wallet is closed or this Agreement is terminated. Even after a Wallet is closed or this Agreement is terminated, you will remain liable for all custody fees due and payable to Changer in respect of the period the Wallet was open or that accrued prior to termination, as applicable.

Withdrawal fees

Withdrawal fees will be due and payable at the point when the Accepted Virtual Assets/Stablecoins are withdrawn and in the Accepted Virtual Asset/Stablecoin to which the withdrawal relates. A “withdrawal” for these purposes includes a withdrawal effected as a result of a closure of a Wallet or the termination of this Agreement.

Notwithstanding any other terms of this Agreement, when you request to withdraw an amount of Accepted Virtual Assets/Stablecoins from a Wallet, including where such request is a result of a closure of a Wallet or the termination of this Agreement, Changer will deduct any Fees due and payable to Changer at the time of withdrawal, including any due and payable withdrawal and custody fees.

You authorise Changer to transfer from your Account the amount of Accepted Virtual Assets/Stablecoins so deducted as payment on your behalf for Fees due and payable to Changer at the time of withdrawal.

The balance of Accepted Virtual Assets/Stablecoins following such deduction will be transferred to such destination as shall be specified by you, subject to the terms of this Agreement. This means that you will not be able to withdraw any amount of Accepted Virtual Assets/Stablecoins equal to or less than all Fees due and payable to Changer at the time of withdrawal.

Fiat currencies

Changer does not currently charge any custody fees for holding/controlling fiat currencies, nor does Changer currently impose any minimum balances for fiat currencies.

Changer may be charged by third-party banks for fiat currency deposits into or withdrawals from your Account. If Changer is so charged, you agree to pay Changer an equivalent amount of such charges, in the same fiat currency(ies) to which such charges relate. Changer will not apply any uplift to such charges.

If Changer is charged by a third-party bank for a fiat currency deposit into a Wallet, Changer will debit the amount of such charges from the deposit amount, and the balance will be deposited into the Wallet.

Notwithstanding any other terms of this Agreement, when you request to withdraw an amount of fiat currency from a Wallet, including where such request is a result of a closure of a Wallet or the termination of this Agreement, Changer will deduct from the withdrawal amount any Fees due and payable to Changer at the time of withdrawal, including any amounts charged by third-party banks to Changer for such fiat currency withdrawal. You authorise Changer to transfer from your Account the amount of fiat currency so deducted as payment on your behalf for Fees due and payable to Changer at the time of withdrawal. The balance of fiat currency following such deduction will be transferred to such destination as shall be specified by you, subject to the terms of this Agreement. This means that you will not be able to withdraw any amount of fiat currency equal to or less than all Fees due and payable to Changer at the time of withdrawal.