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Question about BTC withdraw fees

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Question about BTC withdraw fees

dashed-slug.net Forums CoinPayments.net Coin Adapter extension support Question about BTC withdraw fees

This topic contains 5 replies, has 2 voices, and was last updated by  alexg 4 months, 2 weeks ago.

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #6573

    clickforafrica
    Participant

    Hi, when withdrawing, there is a fixed 40,000 satoshi fee. Coinpayments is showing a 30,000 fee now,
    https://www.coinpayments.net/help-fees
    Is that fee hard-coded or coming from their API?
    Thanks

    #6575

    alexg
    Keymaster

    Hello,

    The value you have, 40k, originally came from the API at an earlier date.

    If you are using the latest version of the adapter, 1.1.0, then it is easy to go and change the withdrawal fee at “Wallets” -> “CoinPayments” -> “Coin Settings & Fees” -> BTC.

    The plugin will let you set the fixed part of the withdrawal fee to 30k satoshis, but not lower, since this is currently the withdrawal fee in CoinPayments.

    Hope this helps

    with regards

    #6581

    clickforafrica
    Participant

    Thanks I have changed that, but sorry to say I am bit dense when it comes to the mysteries of how these guys do their fees. I looked at the other coins, in the coinpayments help section about fees, but it just say “Tx Fee” nothing about how much. Elsewhere I find it is (maybe) 0.5%. There doesn’t seem to be any way to set withdrawal fee accurately.

    If I set them all to zero and then the proportional one to 0.5% will it automatically stop transactions that are too low?
    All I want to do is charge users the same as what coinpayments will charge.

    Thanks
    Andy

    #6583

    alexg
    Keymaster

    Hello,

    apologies if the UI is not very organized, it was built incrementally without much planning 🙁

    If you set the fixed fee to zero, then it will be reset to the minimum allowed, which is 30k satoshi. This is because transactions would not be able to go through if the withdrawal fee is not covered.

    As a starting point, set the fixed withdrawal fee to 30k satoshi, and the fixed fee to zero.

    Once you can confirm that this works, you can then increase the values if you wish.

    Do let me know if you continue to experience problems.

    with regards

    #6585

    clickforafrica
    Participant

    Ok thanks. I set the withdraw fees to zero so they are up to date now. I think it’s all up to date now. I set all the other fees to zero. I imagine if ever anything happens that would put it above the minimum fee, coinpayments will let me know!
    Cheers!

    #6586

    alexg
    Keymaster

    Glad to hear you set the minimum withdrawal to the correct value.

    The minima are updated if they are outside of the allowed range, every time you clear the HTTP Cache, in “Wallets” -> “CoinPayments” -> “HTTP Settings” -> “Clear HTTP Cache”, or once per hour automatically.

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