How to Appeal PredictIt Fees and Get Them Refunded
PredictIt is the stock market for trading political events. It's an online trading platform used by risk-averse people to predict major and minor election outcomes. Reports show that the best players make approximately $100k annually.
However, trading with PredictIt is marred with challenges, compelling traders to appeal PredictIt fees. For example, according to the company's terms, traders are charged a $2 monthly fee for an inactive account. Unfortunately, this can wipe your account clean.
The company also reserves the right to freeze or suspend your account, denying you the chance to access or withdraw. Sadly, appealing on your own can be daunting. But that's where DoNotPay comes to the rescue.
PredictIt Fees Explained
PredictIt, like other trading platforms, charges some fees. According to the company's terms and conditions, there are no fees on deposits. It's also free to sign up for a user account.
However, you need to make a minimum first-time deposit of $10 before you start trading. PredictIt charges a 10% fee on your profits after successful trading. For example, if you have a $100 from $50 deposit at the end of your trading activities, it means your profit is $50.
PredictIt will charge you 10% of $50 in fees. The new account balance is $100 minus the 10% fee charged on the profits made.
You can only withdraw your profits after a 30-day withholding period. However, there's only one catch—you have to pay a 5% processing fee that further eats into your profits. The good news is, PredictIt doesn't charge any fees on losses.
PredictIt also charges fees on inactive accounts. An inactive account fits these criteria:
- There has been no log-in recorded on your PredictIt Account ("Account") for 12 consecutive months or more ("No Account Activity").
- There is a positive cash balance in your account.
PredictIt reserves the right to charge you a $2 inactive account fee per month. The fee is charged beginning after 12 months of inactivity and continues until you resume activity. PredictIt continues to withdraw the $2 fee until a positive cash balance remains in the account.
Also, the withdrawal amount will comprise whatever amount is left in the Account if it's less than the standard $2. Overall, at the end of the withdrawal period, you may end up with a zero balance in your account.
How to Appeal PredictIt Fees by Yourself
PredictIt fees sometimes seem unfair, leading to unimaginable losses. For example, the company can suspend your user account, denying you access to your funds without a valid reason.
Also, the PredictIt clearinghouse often makes errors, and they reserve the right to debit funds from your Ledger to correct these errors. But what if they're wrong? It would help if you appealed these decisions without second-guessing anything.
PredictIt recommends interacting via email in case of any disputes. You should email their customer support department to settle any dispute, claim, question, or disagreement. You should have a mutual consensus within 30 days of the conflict resolution period if all goes well.
Next Steps for Appealing PredictIt Fees if You Can't Do it Yourself
Pursuing a PredictIt related dispute can be daunting. It's time-consuming, and after 30 days of push and pull, you may not have a solution. If it comes to this, it's best to reach out to an alternative dispute resolution organization like the American Arbitration Association.
Alternatively, DoNotPay can also come to your rescue. We're experienced and have helped many people like you to appeal for PredictIt fees. Here's how you can use DoNotPay to appeal fees:
- Search "appeal fees" on DoNotPay, choose the Fight and Waive Fees product, and select the type of fee you want to appeal.
- Select the merchant you want to appeal fees for and enter the details of your transaction, including an associated account if you have one.
- Submit your case! DoNotPay will generate the best argument for your case and make sure your fee waiver request gets sent to the merchant for processing.
Why Use DoNotPay to Appeal PredictIt Fees
- Fast—You don't have to spend hours appealing PredictIt fees with customer support. DoNotPay has simplified the process for you.
- Easy—There is no need to draft a letter or fill out tedious forms with predictIt. DoNotPay will keep track of all the steps for you.
- Successful—DoNotPay will make the best case for you with PredictIt. We've helped many people like you before and are persuaded we can do it for you too.
What Else Can DoNotPay Do?
DoNotPay can also help you waive fees from the following:
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In addition to helping you fight and waive fees, DoNotPay offers solutions to simplify your life.
- Reducing property taxes
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Appealing PredictIt fees by yourself can be a hassle. However, you don't need to sweat it when you can turn to DoNotPay for help. So be sure to sign up today.