TradeX is committed to ensuring the best user experience. With the new GST regulations introduced by the Finance Ministry, effective from 1st October 2023, there have been some changes to the deposit process. Here's what you need to know:
1. GST on Deposits
As per the new government guidelines, a 28% GST will be charged on every deposit you make. The good news? TradeX will bear this cost to offer you a seamless experience.
Example:
| Deposit Amount | Amount Deposited to Deposit Wallet | GST (28%) | Bonus amount back to Deposit Wallet |
|---|---|---|---|
| 100 | 78.125 | 21.875 | 21.875 |
| 500 | 390.825 | 109.375 | 109.375 |
2. Bonus Amount
The GST deducted from your deposit isn't lost! We're introducing a Bonus Amount. This is essentially the GST amount that was deducted, given back to you in your deposit wallet.
- The bonus amount can be used in any event without restrictions.
- It is non-withdrawable, but any winnings you gain from it will go to your winning wallet, which is withdrawable.
How it Works:
Let's say you deposited 100, played an event with the entire amount, and won 150. Here's how your wallet updates:
| Wallet Type | Before Event | After Event |
|---|---|---|
| Deposit | 78 | 0 |
| Bonus Amount | 22 | 22 |
| Winning | 0 | 128 |
3. Limitations
There are a few scenarios where you might not receive the bonus or cashback:
- Repetitive withdrawals and recharges.
- These amounts can expire in real-time in such cases.
4. Platform Fee Updates
The platform fee is based on your net profits and sell value. Be cautious: if you're found converting your deposit cash into winnings by buying and selling at the same price, there will be an additional 1% platform fee.
In conclusion, while the new GST changes bring about a slight shift in the deposit process, TradeX ensures that your trading experience remains top-notch. For any further queries, feel free to reach out to our support team.