Sending Fees
Breaking down network fees, gas prices, and why the cost of sending crypto changes.
Christina Cooper
Last Update vor 5 Monaten
Whenever you send cryptocurrency out of your Walletix account, a fee is required to process the transaction. These are not fees kept by Walletix; they are paid directly to the blockchain network's miners and validators.
Why do fees change?
Fees are determined by "Supply and Demand." Think of the blockchain like a highway with limited lanes.
Fees are determined by "Supply and Demand." Think of the blockchain like a highway with limited lanes.
- Low Traffic: When few people are sending transactions, the "toll" (fee) is low.
- High Traffic: When the network is busy, users "bid" against each other to get their transaction processed first. This causes Gas Prices (on Ethereum) or Satoshis per byte (on Bitcoin) to rise significantly.
How Walletix calculates fees:
To ensure your transaction doesn't get "stuck," our system automatically calculates a recommended fee based on current network conditions.
To ensure your transaction doesn't get "stuck," our system automatically calculates a recommended fee based on current network conditions.
- We include a small safety buffer (approx. 20%) to your gas price. This ensures that even if the network gets busier a few seconds after you hit "Send," your transaction still has enough priority to be confirmed quickly.
- Before you confirm any send, you will see a Transaction Summary showing the exact network fee being deducted from your balance.