First, the good news: there are no Tesla Coin fees for opening and depositing into the account.
For withdrawals, however, things are unfortunately already different. The fees for withdrawal, however, depend on the respective coins and are therefore clearly too extensive to be presented here.
Therefore, you can find a detailed overview of all Tesla Coin fees here. It is briefly mentioned, however, that some Coins can be transferred and withdrawn for free. For most of them, however, you unfortunately have to pay a fee.
All Tesla Coin fees have to be paid in the same currency as the withdrawn Coins. In addition, the operators charge a maker or taker fee per transaction made. Of course, there is also a list for this on the website.
Payment methods at Tesla Coin
Until recently, deposits at Tesla Coin were only possible via a private wallet or another exchange. In the meantime, the provider also offers the possibility to buy cryptocurrencies via credit card.
Otherwise, customers have the classic option of exchanging cryptocurrencies at Tesla Coin using their own cryptowallet. For this, one has to click on the „Deposit“ button and select a coin for the deposit. Then you have three different wallets to choose from for the deposit:
Margin Wallet: Used for margin trading
- Funding Wallet: Is used for funding other margin traders.
- Exchange Wallet: Is the most commonly used wallet; for buying and selling all cryptocurrencies
Of course, there is no cost for moving coins between the three digital wallets. You can transfer your funds from one place to another at any time and the transfer takes only a few minutes.
To make a deposit at the beginning, one needs to have his own wallet with cryptocurrencies. One copies the address of the website’s wallet and enters it into one’s personal wallet. After that, one can make any transactions from the desired wallet.
You should definitely be careful here! Tesla Coin does not support all cryptocurrencies. If you deposit with a coin from a cryptocurrency not supported by Tesla Coin, it will be lost forever. Therefore, if you are unsure, make sure to contact support before making a deposit where you might lose your coins.
Withdrawals work the same way. One selects the desired currency and enters the external wallet address into the system. Last but not least, one selects the amount of the currency and picks the desired wallet for the withdrawal. After that, you confirm the withdrawal and the funds are transferred to your private wallet.
The operators of the website currently support 181 different cryptocurrencies for deposits and withdrawals.