The withdrawal costs (blockchain fees) for digital currency The withdrawal costs (blockchain fees) for digital currency

The withdrawal costs (blockchain fees) for digital currency

Withdrawal fees (blockchain fees) are the costs associated with sending digital currency. The blockchain fee is a small amount paid to the network's 'miners' for processing transactions on the blockchain. The transaction fee is deducted from the transaction, so you ultimately receive slightly less than the amount you transfer. The blockchain fee is a standard component when sending digital currency, whether you do it through Bitvavo or not. Bitvavo may charge higher withdrawal fees than a private wallet. This occurs to 1) ensure that the transaction is processed as quickly as possible on the blockchain (relatively high fees) and/or 2) cover the costs of maintaining our hosted wallet structure.

Check the following page for current blockchain fees on Bitvavo.

Attention: Withdrawal fees may be substantially higher in some cases, for example, during peak times on a specific blockchain.

For information, you can check this website to see the current fees on the Ethereum network.

Tip: If you find the withdrawal fees too high, it's best to wait until the network is less busy. Withdrawal fees automatically decrease during quieter periods. You can also consider using a different digital currency/blockchain.

Frequently Asked Questions

Why do I see the message ''Transaction costs depreciated''?

The message 'transaction costs depreciated' means that the blockchain in question is currently so busy that the blockchain fee fluctuates significantly. As a result, withdrawal fees are no longer up-to-date.

You can refresh your webpage and then proceed with the withdrawal again or perform the withdrawal at a later time when it is somewhat calmer.