How to Redeem Fee Credit Using Bitkub Coin (KUB)

Modified on Wed, 23 Aug 2023 at 11:12 AM

What is Fee Credit Redemption?


Fee Credit redemption allows users to redeem the Fee Credit by using their Bitkub Coin (KUB). This Fee Credit can be used as a trading fee discount on the Bitkub Exchange platform.

Benefits of using KUB to redeem Fee Credit


Users will receive a minimum Fee Credit conversion rate of 30 THB/KUB and a top-up bonus as detailed below.


1. The minimum KUB - Fee Credit conversion rate is set at 30 THB/KUB (or based on the higher latest price):

  • In case the KUB market price at the time of conversion is below or equivalent to 30 THB/KUB, the minimum conversion rate of 30 THB/KUB will be applied.

Example: Mr. A wants to convert 2 KUB to Fee Credit. If the KUB market price at the time of conversion is 25 THB/KUB, normally Mr. A would receive Fee Credit worth 50 THB.   

With the new minimum conversion rate, the system will use 30 THB/KUB to convert KUB to Fee Credit for Mr. A. He will then receive Fee Credit worth 60 THB.   

  • In case the KUB market price at the time of conversion is higher than the new minimum conversion rate, the market price will be used as the conversion rate.

Example: Mr. B wants to convert KUB to Fee Credit. KUB market price at the time of conversion is 35 THB/KUB, which is higher than 30 THB/KUB. The system will use the market price at 35 THB/KUB to convert KUB to Fee Credit for Mr. B.

2. The additional bonus conditions are adjusted as in the table below. 


Fee Credit Received

Additional Bonus

1 - 100,000 THB

10%

100,000.01 THB and above

20%

 

Example:

Mr. B has 1,000 KUB, and the market price of KUB at the time of conversion is 28 THB/KUB. If Mr. B wants to use all his 1,000 KUB to redeem the Fee Credit, we can calculate the amount of fee credit he will receive as follows:

  • (Numbers of KUB Coins to be redeemed x Minimum KUB/THB conversion rate of 30 THB/KUB) + Additional Bonus (%) = Fee Credit received


The calculation will be (1,000 x 30) + 10% = 33,000 THB

Consequently, Mr. B will receive a total of 33,000 THB worth of Fee Credit.


Note: The above conditions of KUB to Fee Credit conversion rate and additional bonus became into effect from 4 June 2021 at 05:00 PM (GMT+7) onwards.

Terms and Conditions


1. Fee Credit is valid for 2 years from the date of redemption.
2. If the redemption is completed, it is not possible to cancel it or convert the received Fee Credit back to THB or KUB.
3. The minimum value of KUB that can be used to convert to Fee Credit is 1 THB.
4. Fee Credit that you receive can only be used as a trading fee on Bitkub Exchange. You can learn more about Fee Credit here.
5. The company reserves the right to change these terms and conditions at any time without prior notice.

6. In case you do not have a wallet address for KUB that supports the BKC Network yet, you will not be able to redeem and convert KUB to Fee Credit; the system will show a pop-up message to notify you. In this case, please go to the Deposit page of KUB and generate a new wallet address before redeeming the tokens.


How to redeem Fee Credit


Option 1: Redeem through a web browser


1. Log in to your Bitkub account and click “Convert Bitkub Coin” on the tab at the top of the screen.



The interface on the left

A: The approximate current market price of KUB is used to calculate the amount of Fee Credit you will receive. (If the market price is lower than 30 THB/KUB, the minimum rate of 30 THB/KUB will be applied)
B: A table showing the percentage of additional bonuses you will receive based on different tiers.


1_EN.png


The interface on the right

A: The amount of KUB you want to use
B: The amount of KUB that you have
C: Fee Credit you will receive (Not including the bonus)
D: The bonus you will receive
E: Total Fee Credit you will receive (including the bonus)
F: The current Fee Credit you have


2_EN.png


2. Input the KUB amount that you wish to convert to fee credit. The system will automatically calculate the Fee Credit and additional bonus you will receive. You can check the total fee credit that you will receive in the “Total est. fee credit to receive” tab. Click on the “Confirm” button to proceed.


3_EN.png


3. 
Tick in the boxes to accept the terms and conditions of the redemption then click “Confirm” 

* If you do not confirm within 15 seconds, the order will be canceled. You will need to recreate the order. (The fee credit amount in each order may be changed due to the KUB market price at the time the order is placed).


Screen_Shot_2564-05-19_at_21.21.42.png

4. You can check your redemption history at the bottom of the page.


4_EN.png

 

Option 2: Redeem through the Bitkub application


1. Log in to your Bitkub account on the application and tap on “Convert KUB” from the Home page.


Image_from_iOS__1_.png


2. Input the KUB amount that you wish to convert to fee credit. The system will automatically calculate the Fee Credit and additional bonus you will receive. You can check the total fee credit that you will receive in “Total est. fee credit to receive” Click on the “Confirm” button to proceed.



3. 
Tick both of the boxes to accept the terms and conditions of the redemption then click “Confirm” to proceed.

* If you do not confirm within 15 seconds, the order will be canceled. You will need to recreate the order. (The fee credit amount in each order may be changed due to the KUB market price at the time the order is placed).


Image_from_iOS__10_.png


4. You can check your redemption history by tapping on the "Clock" icon in the upper right corner of the screen. Then, you will see your transaction history.



* All investments in digital assets involve the risk of loss. All investors are advised to conduct their own independent research and fully understand all risks associated with the investment. Any plans, projections, or forecasts may not be achieved due to multiple risk factors which may include but are not limited to defects in technological developments, legal or regulatory exposure, market volatility, corporate actions, or the unavailability of complete and accurate information. Therefore, investors should carefully consider the investment in light of investment objectives, financial circumstances, tolerance to risks, and investment experience.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article