🌐 What are Network fees?

Network fees (also called miner fees) are mandatory fees to process transactions or other crypto interactions.

They are paid to a cryptocurrency network (such as Bitcoin or Ethereum).

Those fees depend on the current state of the network.

👉 Network fees are never paid to Spot.

⏳ When a lot of people are sending & trading the same crypto at the same time, network fees can be very high and transactions can also take more time than usual to arrive.

🔄 Network fees when converting crypto to crypto

When converting one crypto to another, Network fees are applied twice as two transactions are made:

1) the crypto you want to trade is first sent from your wallet.

2) then the new crypto to be received is then sent to your wallet.

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