Pricing and fees disclosures
Below is a summary of all the fees we do and do not charge at Omnidrive.
Omnidrive offers our centralized cryptocurrency wallet service free of charge. This means we will store your digital assets at no cost to you. “Cryptocurrency” means any cryptocurrency currently supported by Omnidrive. We do not charge for transferring cryptocurrency from one wallet to another. Omnidrive incurs and pays network transaction fees, such as miner’s fees, for transactions on cryptocurrency networks (i.e., transfers of cryptocurrency off the Omnidrive platform). For these transactions Omnidrive will charge you a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that Omnidrive pays may differ from that estimate. The total charge you pay will be disclosed to you at the time of your transaction.
In addition to sending or receiving cryptocurrency through Omnidrive, customers can purchase or sell a single cryptocurrency (a “cryptocurrency purchase” or “cryptocurrency sale”).
When you request to buy or sell a cryptocurrency transaction, Omnidrive will attempt to fill that order, either by settling directly towards its own funds (Over-The-Counter – “OTC”) or towards a liquidity provider via a third-party exchange API.
In any case, Omnidrive establishes the exchange rate by adding a margin (“spread”). Typically, Omnidrive charges a spread of around 2% for purchases. However, the actual spread may be higher or lower due to market fluctuations in the price of cryptocurrency on Omnidrive between the time we quote a price and the time when the order executes.
Omnidrive may also charge a separate fee (in addition to the spread) that is either a flat fee or a percentage of the transaction (the “Omnidrive Fee”). Omnidrive Fees may vary based on your location, risk profile, payment method, and other circumstances.
In some cases, we may charge an additional fee on transfers to and from your bank account.
We will always notify you of all Omnidrive Fees (not including the margin) and any other service fees that apply to each transaction immediately before you confirm each transaction and in the receipt we issue to you immediately after each transaction has processed.
In some cases your bank may charge additional fees for transfers between your bank account and your Omnidrive account. Please be advised your bank may charge additional fees for credit card purchases. To avoid these fees, switch to a debit card.
Omnidrive reserves the right to reject a transaction if Omnidrive is unable to fill a corresponding order due to changes in the market price of a cryptocurrency, an order exceeding the maximum order size, or an order timing out due to slow server response time. In rare circumstances, the exchange rate may not be available due to outages or scheduled maintenance. In order to provide you with uninterrupted services at such time, we may derive market pricing data from unaffiliated currency exchanges.