![]() The general advice to reduce your blockchain fee would be: ![]() What can I do to reduce the blockchain fee in the meantime?Ī. Users will be notified via app updates and other announcements. This update to move small exchange amounts off-chain will take some time due to third-party integration requirements throughout our global liquidity network. This solution will not incur any blockchain fee at all for smaller exchange amounts. We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' (outside of the blockchain network). While we cannot influence the blockchain network's blockchain capacity and average transaction fees in the network, we still want to support small exchange amounts for the sake of our customers in countries where $10 transfers are popular. Is there anything Wirex can do about that?Ī. There might be other causes of higher blockchain fees, but we've listed the most common ones. The bigger the transaction size, the higher the blockchain fee. If your account has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs. your crypto account has a history of microdeposits (like referral bonuses).Usually, the fee increases during sudden blockchain rate fluctuations and major world events the blockchain network is busy or loaded at the moment.In other words, you may need to pay higher blockchain fees if: Blockchain fees depend on several factors including network congestion, transaction confirmation times (affected by liquidity providers), and transaction size (as measured in kilobytes affected when converting crypto from multiple inputs such as faucet earnings or other micro-transactions). This article will explain why this happens and how you can avoid high blockchain fees.Ī. ![]() The fee is usually low, however sometimes higher fees are needed to complete your transfer or exchange. For high-speed cryptocurrency transfers and exchanges, each transaction requires a blockchain fee.
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