Your Coins.ph ETH wallet uses a smart contract wallet. This wallet has features that help us make sure that your funds are secure. It automatically allows us to support specific ERC-20 tokens (USDC, KNCL (KNC Legacy), LINK, AAVE, MKR, and UNI) in your Coins.ph account.
For us to create your Ethereum wallet, we need to initiate a smart contract operation and this costs ETH for miners to validate in the network. The fee for creating your Ethereum wallet is based on the gas prices at that time which may change depending on the network activity. You may check websites like https://ethgasstation.info/ to see the market rate for gas prices. These fees are passed on to the miners in the network. Please be informed that Coins.ph do not profit from these fees.
You only need to create an Ethereum receiving address if you want to receive ETH, USDC, KNCL (KNC Legacy), LINK, AAVE, MKR, and UNI from external platforms. Otherwise, you may still convert and send out these tokens in Coins.ph without creating a wallet address.