When you make a buy or sell trade, the Transaction Fee for the transaction processing will be automatically calculated for your trade and the interface will show its actual monetary value. This information will also be available in your Buy Trade Receipt which we send you per email.
Why do you have them?
The exponential growth of interest in Bitcoin and other cryptocurrencies over the past few months has prompted companies like ours to onboard and serve more customers in a shorter time frame.
We want to continue serving our current customers, as well as welcome new traders. For years, we have provided Trade orders without Transaction Fees, but the costs of this payment method have significantly risen, and covering them on behalf of all customers would be unsustainable.
Therefore, the introduction of the transaction fee is a decision made based on our company’s scaling needs and market development in general.
Important: The Network transaction fees add-up to the total of fees you pay for having your trade processed. Please note that we do not collect transaction fees. Transaction fees are paid to the miners maintaining the networks and are determined by demand in the market for transaction confirmation. Fortunately, this is not the norm and when it settles down, you can expect lower fees.
Can the network transaction fees affect the processing of my trades?
The size of the transaction fees changes depending on how busy the network is. When the number of transactions increases, the fees increase as well. Sometimes this can happen unexpectedly fast. Coinify always processes transactions with a network fee estimated to get them confirmed in a timely manner. However, the rise could be so sudden that the fee which we have set is not enough to cover the current request to process the transaction. Consequently, we have noticed that although rarely, it can happen transactions to take longer than expected to get confirmed and hence, your trade completion might be delayed as well. Currently, the networks affected are most often the Bitcoin network (BTC) and sometimes the Bitcoin Cash (BCH) network.
We are monitoring them and the Mempool Transaction Count closely to minimise these cases as much as we can. You can check the current state of the Bitcoin network and what is the amount of the transactions waiting to be confirmed here.
Keep in mind that even though a transaction might take longer to reach your wallet, the amount of coins quoted for buy trade, once they are processed on our end, will not be affected by the delays.