Exchange fee: what a trade costs
The tariffs of the metal exchange on GCX are simple: the fee is 0.50% of the trade amount from each side. Both sides pay, the buyer and the seller.
The lower bound is $0, the upper bound is $500 from each side, that is no more than $1 000 per trade in total. The fee is charged in USD.
How the fee is calculated: metal exchange tariffs
There is one formula: trade amount × 0.50%. The rate is taken from each side separately, so two signatures in a trade mean two fees — one from the buyer and one from the seller.
| Trade amount | Fee from each side | Total from both sides |
|---|---|---|
| $2 000 | $10 | $20 |
| $10 000 | $50 | $100 |
| $40 000 | $200 | $400 |
| $100 000 | $500 | $1 000 |
| $200 000 | $500 (ceiling) | $1 000 |
| $1 000 000 | $500 (ceiling) | $1 000 |
The fee is tied to the trade amount, not to the volume of metal or the number of positions. One trade — one charge from each side.
The rate is calculated for each trade separately from its amount. On large batches the effective proportion falls: for an amount of $40 000 it is 0.50% from each side, while for $200 000 it is already 0.25%, because the $500 ceiling comes into play.
Floor and ceiling
The minimum is $0. This means there is no fixed charge per trade: a small batch pays in proportion to the amount, not "a minimum of $50 for the fact of a trade". The lower bound does not hinder trades for small amounts.
The maximum is $500 from each side. On large batches the fee hits the ceiling and does not grow further. For a purchase of $1 000 000 this is the same $500 from each side, that is the effective rate is noticeably below 0.50%.
Such a ceiling benefits those who accumulate volume: the larger the trade, the smaller the proportion of the fee in its amount.
Settlement currency
The fee is charged in USD. Trades are concluded in dollars, yuan or roubles, so for a trade in yuan or roubles the amount is recalculated into dollars.
The rate is taken at the Bank of Russia official fixing on the date of the trade and is recorded together with the trade. This fixes the basis of calculation: the rate is not recalculated retroactively and does not depend on when you topped up your balance.
What is not included in the fee
The exchange matches orders and records the trade, but is not a party to the purchase and sale contract. Settlement and delivery take place between the parties, so part of the costs remains outside the fee.
- Bank transfers, conversion and charges on the banks' side.
- Logistics, delivery and cargo insurance.
- Storage at a warehouse and loading and unloading operations.
- Expert examination, certification and customs clearance.
- Payment for the goods themselves — the exchange does not carry it out and does not hold money for the goods.
The exchange does not provide escrow, does not check the counterparty, does not read or assess documents. These costs and risks remain on the parties' side.
Separately on access: registration is free, a balance of $10 is needed to place an order, and top-ups are from $10 to $10 000 via RollyPay. An unmatched order does not hold any money, and there is no listing fee. Payment arises only from an actual trade.
Common mistakes
- Counting 0.50% of the turnover rather than from each side. The rate is taken twice — from the buyer and from the seller — so up to the ceiling the total burden on a trade is 1%.
- Forgetting about the currency. A trade in yuan or roubles is recalculated into USD at the Bank of Russia official fixing on the date of the trade.
- Including logistics, storage and insurance in the fee. The parties bear these costs separately from the tariff.
- Expecting a charge for listing an order. Listing is free, and an unmatched order does not hold any money.
Frequently asked questions
What is the fee on the GCX exchange?
0.50% of the trade amount from each side. The buyer pays 0.50%, the seller pays 0.50%. On a trade of $40 000 this is $200 from each side, that is $400 in total.
Who pays the fee — the buyer or the seller?
Both sides. The symmetrical rate removes haggling over who bears the costs: each side pays for itself. The fee is not shifted onto the counterparty through the order price.
Is there a minimum fee?
No. The minimum is $0, that is there is no fixed charge per trade. A small trade pays in proportion to the amount, not a minimum tariff.
What is the maximum fee?
$500 from each side, $1 000 in total. The ceiling comes into play when 0.50% of the amount exceeds $500, that is from roughly $100 000 and above. There is no growth beyond that.
In what currency is the fee charged?
In USD. The trades themselves can be in dollars, yuan or roubles. For a trade in yuan or roubles the amount is recalculated at the Bank of Russia official fixing on the date of the trade, and the rate is recorded together with the trade.
What is not included in the exchange fee?
Logistics, insurance, storage, expert examination, customs and bank charges. The parties bear them themselves. The exchange does not carry out settlement for the goods, does not hold money for the goods and does not provide escrow.
When does the fee arise?
From an actual trade. Listing an order is free, and an unmatched order does not hold any money. A balance of $10 is needed to place an order, and top-ups are from $10 to $10 000 via RollyPay.
Place an order and calculate the trade
The tariff is predictable: 0.50% from each side and a $500 ceiling — before the trade you can see what the order will cost. The other articles on the mechanics of the exchange deal with deadlines and security.