Usually, the withdrawal fee is determined by the congestion of the block network, and it is also proportional to it.
Therefore, the miner fees vary depending on the network congested even for the same crypto, and the withdrawal fees will fluctuate as well.
What is Miner Fee?
In the cryptocurrency system, every single transition with detailed information is recorded in a "Ledger", including input/output wallet address, amount, time, etc.
This "Ledger" is known as blockchain record, 100% transparent and unique. The person who records the transaction on the Ledger is a "Miner". To attract miners and speed up the process of transaction confirmation, you will need to pay a certain amount of fee to miners when transferring assets.
Why is Blockchain Network Congested?
Same as traffic congestion, there are two reasons for the Blockchain congestion: The block capacity is too small (Narrow road), or the transaction volume increases very sharply (Too many cars).
The fundamental reason for the congestion is related to the data structure of the blockchain. Due to the limited capacity of a single block and the relatively fixed time of every block generation, the number of transactions that can be accommodated is also limited. If there are too many transactions, you can only wait in line or increase the miner fee to jump in the queue.
Currently, BTC network can process 3 transactions per second, while ETH network can process 13 transactions per second. For the current best miner fees, please refer to:
Note: For the other mainnets, please refer to their explorers.
Why Does the Withdrawal Fee go Up and Down？
Based on the blockchain network congestion level of each crypto, CoinEx has calculated the optimal withdrawal fees for you to ensure that your transfer can be quickly confirmed. （Please refer to Withdrawal Fee）
Reminder: When withdrawing to an address in CoinEx, [Inter-User Transfer] is highly recommended. By entering its CoinEx account (Mobile or Email), your assets will be transferred within CoinEx system instantly, without the need for on-chain confirmations or fees.