Transaction / Network Fees

What are transactions / network / gas fees?

“Gas fees” are the transaction fees that users pay to miners on a blockchain protocol to have their transactions included in the block. The system works on a standard supply and demand mechanism. If there is more demand for transactions, miners can choose to include the transactions that pay more, compelling users to pay more to have their transactions processed quickly and efficiently.

Will SecuX charge me an additional service fee for each transaction fee?

The transaction fee that occurs with moving funds is paid to miners for mining blocks on the blockchain. SecuX does not charge any additional transaction or processing fee.

Why are my transaction fees getting higher?

The system works on a standard supply and demand mechanism. If there is more demand for transactions, miners can choose to include the transactions that pay more, compelling users to pay more to have their transactions processed quickly and efficiently. On the other hand, when demand is low, your transaction fees will be lower.

Why are the transaction fees for Ethereum or ERC-20 tokens so high?

Gas fees can be high because Ethereum is one of the most used blockchains — there is so much movement in the Ethereum chain that the blocks are full and transaction fees shoot up with each rise in demand. Gas fees are also dependent on the complexity of the transaction involved. Simple actions like sending Ethereum to a friend will likely incur a relatively small gas charge while creating a smart contract to be used in a token sale will be far more costly.