Users who choose to withdraw their Approved SG must pay an amount equivalent to the withdrawal fee with in-app payment.
★UPDATE -May 27, 2024★
Starting from May 27, 2024, users will be responsible for Verification Fee when withdrawal. A fee of $30 will be charged only for the initial KYC process. Once you have completed KYC, there will be no additional Verification Fee in the future.
The Network Fee for first-time withdrawals (via Polygon only) and the Handling Fee (up to 3 times) will remain at $0 as always (since July 31, 2023).
See this article for more details: Contributor's Withdrawal Feature
This withdrawal fee covers the following three types of fees:
- Network Fee
The network fee is the fee required to send SG to users via the Ethereum or Polygon network.
(For reference:
Ethereum network: https://etherscan.io/gastracker
Polygon network: https://polygonscan.com/gastracker) - Handling Fee
The SocialGood App will charge a total of 30% of the amount withdrawn by the user to cover handling costs. - Verification Fee (since May 27, 2024) You will be charged a $30 fee for the initial KYC process. After completing it, no further Verification Fees will apply.
While a fixed 30% fee for handling may seem high, it is actually not.
If the price of SG continues rising steadily over time, the situation would look something like this:
On January 1st, you made a $100 shopping trip and earned back $10 worth of SG, at a 10% Crypto Back rate.
↓
SG price doubles
↓
By the end of February, your SG assets are now worth $20. You got SG worth $20 for a 30% fee. In other words, you've profited $14.
This means, you made a $100 purchase and received a 14% return.
During a period where the price of SG is falling, it doesn't make sense to go out of your way to pay a fee and withdraw SG. It's better to keep holding your SG and earning a staking bonus in the meantime.
To learn about the patented buyback system to raise the price of SG, see this article:
Patented Crypto Buyback System Begins
*The Withdrawal Fee is calculated as the Network Fee + Handling Fee, but in the case that the rate of Withdrawal Fee and in-app billing fee cannot match exactly, we will calculate the in-app billing fee using the lowest possible in-app billing fee that is still greater than the Withdrawal Fee. For fiat currencies other than the U.S. dollar, the in-app billing fee will be converted into the user’s local currency using the exchange rate calculated independently by Apple and Google.