This article is about CoinJar in the United Kingdom. If you're looking for instructions for CoinJar in Australia, visit this article.
When transferring funds from your CoinJar to an external cryptocurrency address, a network fee is required for the payment to be processed by the blockchain. It is important to include an adequate fee to any transfer in order to ensure successful completion.
Transfers involving currency exchange are subject to CoinJar's currency conversion rates, which are always quoted before the confirmation of the transaction.
Crypto currencies that currently incur no transaction fees:
Crypto currencies that incur a dynamic fee:
Note: It's free to make a payment to another CoinJar member using their CoinJar username.
What is a dynamic fee?
Sending some cryptocurrencies externally incur a dynamic transaction fee. This fee is automatically calculated at the time of the transaction and ensures that your cryptocurrency transfer receives confirmations on the blockchain as promptly as possible.
To ensure accuracy, CoinJar recalculates the dynamic fee every 15 minutes based on the amount you’re sending and the current blockchain congestion level.
Why can the dynamic fee cost more than a standard fee for wallet to wallet transfers?
External transaction fees vary depending on how busy a blockchain network is.
CoinJar does not apply a markup to dynamic fees, and we broadcast transactions immediately after required security checks.
CoinJar calculates dynamic fees based on our wallet providers' fee estimation tool. We use BitGo's default priority and the network's past transaction sizes to determine the dynamic fee. It's important to note that multi-sig transactions cost more than transfers between standard wallets.
For 15-minute delayed transactions, we perform transaction batching to save costs, which means that a single transfer can consist of transactions from multiple customers. Our customers receive 70-80% of transaction fee savings through batching. In instances where few transactions are batched, CoinJar takes pricing risk, making it impossible to pass savings in full.
Where is this fee taken from?
The fee is added to your transaction and taken from the same account you’re sending the funds from. Alternatively, if you prefer, you can use CoinJar Points to cover the cost of the transaction fee.
Where can I see how much transaction fee is being charged?
The transaction fee applicable to the transaction is included in your quote as you make the payment. You can also review any fees you've paid by opening any account and tapping on a transaction to view the receipt.
Why are my Bitcoin sending fees so high?
You might find that CoinJar's dynamic fees are higher than expected. The reason for this is because we estimate transactions based on a median transaction size of 358 vbytes, not 140 vbytes as most other calculators do. We also utilise multi-sig wallets for additional asset security, which accounts for the extra size.
Generally, the higher the amount of unconfirmed transactions on the blockchain, the higher the fee will be. This means you may notice that you are paying a higher than expected fee at times of high congestion on the blockchain.
For information relating to fees and limits on CoinJar Card and CoinJar Exchange, please refer to the respective articles below: