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Why was I charged a cryptocurrency fee?Learn why cryptocurrency network fees are charged during crypto transactions, how blockchain network fees work, who receives the fees, and why the fee amount may change.
Updated yesterday

Cryptocurrency fees are not charged by Axi. They are standard blockchain network fees required to process cryptocurrency transactions securely on networks such as Bitcoin or Ethereum.

What you need to know

  1. A cryptocurrency network fee (also known as a gas fee, miner fee, or transaction fee) is standard charged when sending or withdrawing cryptocurrency.

  2. The fee is used to process and confirm your transaction on the blockchain network.

  3. These fees do not go to Axi, your wallet provider, or an exchange. They are paid to miners (for systems like Bitcoin) or validators (for newer systems like Ethereum 2.0) that operate and secure the blockchain network.

  4. Network fees help process and confirm your transaction, protect the blockchain network from spam or fake transactions, and may improve transaction speed during periods of high network activity.

  5. Cryptocurrency network fees may increase or decrease depending on blockchain network congestion and the cryptocurrency network used, as some blockchains naturally have higher fees than others.

  6. Paying a higher network fee may help your transaction process faster, especially during busy periods on the blockchain.

To pay less cryptocurrency network fees:

  1. Cryptocurrency network fees are usually lower during off-peak periods, such as weekends or late-night UTC hours, when blockchain activity is lower.

  2. Some cryptocurrencies support multiple blockchain networks, and certain networks may have lower transaction fees than others.

  3. Always confirm that the selected blockchain network is supported before making a transfer. Using an unsupported network may result in a permanent loss of funds.

  4. Example: If you send 0.1 BTC and the network fee is 0.0002 BTC, the recipient will receive 0.0998 BTC, while the fee is paid directly to Bitcoin miners or validators, not Axi.

Important note

Cryptocurrency network fees are controlled by the blockchain network and are outside of Axi’s control. The final fee amount may change depending on the cryptocurrency and network conditions at the time of the transaction.

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