The Membership Fee is a monthly fee applied to all accounts at Wealth99.
How is the Membership Fee calculated?
The Membership Fee has 2 different tiers according to the Portfolio Balance.
- Tier 1 (Portfolio Balance $/£/€0.00 to $/£/€100,000.00): Monthly fee of $1/£1/€1, plus 0.95% per annum of the Crypto Assets held in your Wealth99 Wallet, charged monthly.
- Tier 2 (Portfolio Balance above $/£/€100,000.00): For every Dollar/British Pound/Euro above $100,000, the Membership Fee will be reduced to 0.50% per annum of the Crypto Assets held in your Wealth99 Wallet, charged monthly.
Example:
In a Portfolio of $150,000.00, the first $100,000 would be calculated on Tier 1 ($1 + 0,95% p.a), and the remaining $50,000.00 would be calculated on Tier 2 (0,50% p.a).
How is the market value of a Portfolio calculated?
The total market value of a portfolio is based on the average portfolio value over a 30-day period. It includes any crypto balances held at Wealth99 but excludes fiat balances (AUD/EUR/GBP).
When and how is the Membership Fee deducted?
The deduction of the Membership Fee is on the 1st day after the end of each 30-day period. The 30-day period starts on the date of the month that the account was first verified.
Example:
If an account was verified on the 15th of June, the portfolio value would be calculated between the 15th of June to the 14th of July. The deduction would occur on the 15th of July, the first day after the end of the 30-day period.
The fee will be automatically deducted from the wallet on the respective date and recorded in your transaction history.
In what currency is the Membership Fee deducted?
The Membership Fee is deducted according to pre-defined criteria, but you have the option to customize the order of the first three coins – FIAT, USDT, and BTC. If you do not have a sufficient balance in the first coin, the membership fee will be automatically deducted from the next available coin. More information can be found here.
When is the Membership fee starting?
The Membership Fee applies from the 1st of May 2022 onwards, with the first deduction to occur at the beginning of June 2022 for the month of May.
IMPORTANT
The membership fee doesn’t apply to non-crypto (fiat) balances.