Mining fees are fees paid by Coins.ph for miners to write transactions to the blockchain. Each time you send funds to an external cryptocurrency wallet, we pay a small mining fee to facilitate the wallet transfer.
In general, the higher the fee, the faster miners will write the transaction to the blockchain. For BTC and BCH transfers, we offer three different fee levels: Low, Medium, and High. This gives customers the choice to pay a higher mining fee to have their transactions processed faster.
As for ETH, XRP, and ERC-20 token transfers, we only offer one fee option. See the section below for more information as to how these fees are computed.
- The fees only apply when sending funds from your Coins.ph wallet to an external wallet. There are no fees to receive cryptocurrency transfers in your Coins.ph wallet.
- These fees do not go to Coins.ph; these fees go to the miners/network for processing the transaction.
- The transaction cost may sometimes increase due to higher than usual network load.
How fees are computed for each cryptocurrency:
- Bitcoin (BTC) - based on the current market rates being charged by miners to write transactions on the blockchain
- Ether (ETH)* - gas price x gas limit (more information)
- Bitcoin Cash (BCH) - also based on the current market rates, just like BTC
- XRP - minimum transaction cost of 0.000045 XRP
*ERC-20 tokens like ETH, USDC, KNCL (KNC Legacy), LINK, AAVE, MKR, and UNI are processed under the Ethereum blockchain and their fees would be computed in the same way
Our team monitors these rates closely and updates fees periodically for our transactions to remain competitive.