To send funds on digital currency networks, we must pay fees to miners who process the transactions. These fees do not go to Coins.ph. Ethereum fees may change over time.
Total Ethereum fees = gas price * gas limit
Gas price is the amount you pay per unit of gas. Our default price is set dynamically, depending on current Ethereum network activity.
Gas limit is the maximum amount of units of gas you are willing to spend on a transaction. Our gas limit is currently set to allow transactions to other Ethereum wallets only.
To provide a simple analogy: Think of Ethereum fees as the fuel required for your vehicle (Ether) to reach your destination address. Gas limit would refer to your transfer's fuel tank capacity to reach your destination, while gas price is the default fuel price which is seen from the gas stations you've passed through.
Please note that we do not currently support sending Ether for smart contracts such as those needed for ICOs. Coins.ph customers may only send Ether to other Ethereum wallets.
To successfully receive ETH on your Coins.ph wallet, please make sure to set a minimum gas limit of 70,000.
