Does Coinomi charge for accepting or sending payments?
No, we don't charge anything. You pay absolutely nothing to us. Coinomi is a free wallet. Sending transactions requires a fee which is part of the blockchain itself and goes to the miners of each coin, not to Coinomi. Receiving coins is always free, fees are paid by the sender.
Dynamic fees
You can conveniently select any of the 3 dynamic options of Low, Normal or High priority for transactions. These options dynamically adjust according to the state of the network. When the average fees being paid on the network increase, these options increase accordingly. Please note that the fee algorithm looks at the current state of the network. It cannot predict the future, so a sudden increase on the network can cause delays even when high priority is selected.
Manual fee selection
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| For coins that have dynamic options ("custom, low, normal, high"), select the fee option "custom". On mobile, for coins that don't have dynamic options, press the "... - Change gee" button at the top right corner of the screen. You will then be able to set the fee per byte of transaction data (or per kilobyte, depending on the coin). For coins of the Ethereum family you can set the gas price of the transaction. You do not set the final absolute fee. The final fee will be displayed after you confirm the relative fee. | ||
Transaction fees directly impacts the time it will take for your transaction to be confirmed. If set too low your transaction can possibly take days to confirm! If you have no idea what value to use, we recommend using the 3 dynamic options instead of manually setting your own fee.
Withdrawing from exchanges
When withdrawing from an exchange into Coinomi, they may charge you a high fee. This is a policy choice of the exchange itself. Please contact the exchange's support or FAQ pages for information about their fees.
How Ethereum fees are calculated
Fees are not calculated based on how much you're sending. Fees are calculated based on how much processing the miners / validators perform on your transaction. A direct ETH transfer requires very little processing. A smart contract execution exchanging one token to another requires a lot more. When setting fees in Coinomi, you choose the "gas price" which is how much you pay for each unit or processing. The final fee is calculated by multiplying the price by the amount of processing.
How Bitcoin fees are calculated
Fees are not calculated based on how much you're sending. Fees are calculated based on how much space your transaction takes up on the blockchain. This is affected by what address types you use to receive, and how many deposits are being spent in the transaction. Receiving into the "default" address type uses the least amount of space (and thus pays the lowest fees). Receiving many small transactions means that sending a larger value will need to use many inputs (and thus pay higher fees)