As of November 30, 2024, the Web3 Wallet feature is no longer available on Coins.ph
We'll make sure to announce any new updates on our Website and social channels!
Don't worry you may still avail of the various cryptocurrency and fiat services Coins.ph has to offer.
Note: The Information below this line is no longer updated.
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What are Gas Fees in Web3 Wallets?
Gas fees are essential transaction costs in blockchain networks that ensure smooth and secure cryptocurrency transfers. When using a Coins.ph Web3 wallet, understanding these fees is crucial for successful withdrawals and transfers.
Understanding Gas Fees
Gas fees are transaction costs required to process withdrawals on blockchain networks. They are paid in the native tokens of the network you are using. Here’s a breakdown of the native tokens associated with various networks:
| Network | Native Token |
| Ethereum | ETH |
| Polygon |
MATIC |
| BSC | BNB |
| Avalanche | AVAX |
Things to check for your Gas Fees
1. Identify Your Network
Determine which blockchain network you're using for withdrawal
2. Check Native Token Balance
Ensure you have enough of the network's native token
3. Verify Withdrawal Conditions
Confirm sufficient funds for both transfer and gas fees
Frequently Asked Questions
Why do I need native tokens for gas fees?
Native tokens act as transaction fuel, compensating network validators for processing and securing your transfer.
Can I use other cryptocurrencies to pay gas fees?
No, each network requires its specific native token for transaction fees.
Are gas fees the same across all networks?
No, fees vary based on network congestion, transaction complexity, and current demand.
What happens if I don't have enough native tokens?
Your withdrawal or transfer may not proceed.