⤴️Viewing Transaction Fees and Amounts

Transaction Fees

In cryptocurrency trading, transaction fees typically consist of two parts: base fees and miner fees. The base fee is a fixed fee charged by the exchange, usually a small percentage, used to cover platform operations and maintenance costs. The miner fee is paid to miners to confirm and process transactions and add them to the blockchain.

The amount of miner fee depends on the current level of network congestion and demand from miners. For most blockchains, when we initiate a transaction, we need to specify how much we are willing to pay as a transaction fee. If the transaction fee is set improperly, the following problems may occur:

Setting a too high transaction fee: Although the transaction completion time can be greatly shortened, if the transaction fee is too high, it will cause waste of fees and even result in huge losses.

Setting a too low transaction fee: The transaction cannot be packaged by blockchain miners or validators for a long time, resulting in a long completion time, and even ultimately failing due to insufficient transaction fees.

Viewing Transaction Fees and Amounts

The transaction fees of most blockchains are dynamically adjusted based on the congestion of the transaction on the blockchain. This characteristic determines that we cannot set a fixed transaction fee for a particular or class of transactions in advance, but we need to estimate how much transaction fees will be consumed based on the blockchain's transaction fee model and real-time parameters when initiating a transaction. Of course, you can also view transaction fees in the following ways:

1. Viewing in the transaction: When you place an order, you can usually view information such as the current transaction fee and miner fee. Before placing an order, you can view this information and adjust the transaction fee to ensure a reasonable transaction fee.

2. Viewing in the wallet: If you use a wallet for cryptocurrency trading, you can view information such as the current transaction fee and miner fee in the wallet. Different wallets may have different ways of displaying transaction fees, such as displaying them as a fixed amount or a percentage of the transaction amount.

3. Using third-party tools: You can also use third-party transaction fee estimation tools to better determine a reasonable transaction fee. These tools typically estimate transaction fees based on factors such as network congestion and miner fees.