Why is bitcoin fee so high

There might be other causes of higher blockchain fees, but we've listed the most common ones. Is there anything Wirex can do about that? We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' outside of the blockchain network.

This solution will not incur any blockchain fee at all for smaller exchange amounts. This update to move small exchange amounts off-chain will take some time due to third-party integration requirements throughout our global liquidity network.

Users will be notified via app updates and other announcements. What can I do to reduce the blockchain fee in the meantime? The general advice to reduce your blockchain fee would be: Consolidate your microdeposits in another third-party wallet, then send a larger amount to Wirex as one single transaction.

That will help you reduce the blockchain fee for future exchanges and transfers. If you are used to exchanging small amounts regularly, it might help to use larger amounts. Monitor the average blockchain fee in the network. If your transfer is not time-sensitive, you can wait until the average fee amount drops. In addition, some exchanges charge spreads. Advanced trading options incur fees as well. Buy Cryptocurrency With Coins When you liquidate cryptocurrency into fiat — government-backed — currency, you are likely to face fees for that withdrawal and the related deposit into your digital wallet.

On the other hand, using coins to trade might be free. Consider using this strategy to reduce or eliminate your crypto fees. Watch Transaction Amounts Many cryptocurrency exchanges charge a percentage of the amount traded, typically around 0. Be Strategic About Your Transaction Types It may be that you want to exit a cryptocurrency investment, but do you need fiat currency from that trade?

If not, you may be able to back out of that crypto holding with minimal fees by trading it for another cryptocurrency investment. Some exchanges will charge you for deposits into your digital wallet, and conversion fees for moving from cryptocurrency to fiat currency may also apply.

Offset Crypto Fees by Taking Advantage of Promotions Several cryptocurrency exchanges offer sign-up offers and other deals that give you access to free cryptocurrency, which will lessen the sting of fees in your portfolio balance. Good To Know Cryptocurrency exchanges may not always be the only places where investors can incur crypto fees.

Several brokerage houses would like to introduce cryptocurrency exchange-traded funds , and Fidelity already has. Investors should plan to evaluate all potential fees associated with them before taking the plunge. Although ETFs typically offer a lower fee structure than other diversified investments , there are enough unknowns with cryptocurrency to warrant above-average due diligence.

Keep Crypto Fees Under Control and Maximize Your Investments When it comes to crafting a financial strategy, investors tend to focus solely on returns. But watching what you pay for investments is just as important, if not more.

Fees can take a very real bite out of your portfolio , particularly over time. Cryptocurrency is no exception to that rule. Online networks must be managed, trades must be documented and crypto exchanges must make money to support the role they play.

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