What are Transaction Fees?

Transaction Fees

Support Lead avatar
Written by Support Lead
Updated over a week ago

Certain Digital Assets require the payment of a transaction fee for every transaction that occurs on the network (“Transaction Charge”), for example to fund the network of computers that run the decentralised network. Where there is a Transaction Charge, you will need to pay the Transaction Charge for each Transaction which you initiate through the App.

The App will suggest an appropriate Transaction Charge for each Transaction. However, you may increase this provided that the total amount of Digital Assets which you are transferring (including the Transaction Charge) cannot be greater than the amount of the relevant Digital Assets controlled by your Keys at the time.

The greater the level of Transaction Charge applied to a Transaction, the more likely your Transaction will be accepted and processed on the network quickly. Your Transaction will show as pending until it is being processed (“Confirmed”). You may cancel your Transaction and submit it again with a higher Transaction Charge at any time before it is Confirmed. You acknowledge and agree that we will not be liable for any Transactions which fail or are delayed due to insufficient relevant Digital Assets being associated with your Keys.

We will process Transactions in accordance with the instructions we receive from you. You should verify all transaction information prior to submitting instructions to us. You must take care to ensure that the details of any Transactions you initiate (including any addresses and amounts) are correct and we will not be responsible for any errors in Transactions as a result of your mistake. We recommend you scan the QR code of another account rather than manually entering the account number where possible, to reduce the likelihood of you entering incorrect account information.

We do not guarantee the identity of any of the parties to a Transaction, as we provide an execution only service executing your instructions. Transactions cannot be reversed or cancelled once they have been Confirmed. You agree that your Account will be self-directed and that you are solely responsible for all Transactions conducted with your Digital Assets.

Did this answer your question?