I'm sending crypto to Luno. How much should I put as the fee?

Before sending cryptocurrency to Luno, it’s important to understand send fees - so that your cryptocurrency arrives in a timely manner. Each cryptocurrency has its own way of processing transactions and therefore different fees apply. Luno uses dynamic send fees to ensure that your transaction is processed quickly. However, you may be sending from an exchange that requires you to enter your own transaction fee.

This leaves the potential for certain errors to present themselves, which can result in your transaction taking a while to arrive at its intended destination. It can also be the case that you send a transaction fee that’s unnecessarily high, resulting in a fast, but expensive transaction for you.

How do send fees work?

It's important to understand that send fees don’t go to an exchange, but rather to the crypto miner who mines the transaction in question. Therefore, miners choose to mine the transactions with higher fees so they can earn more cryptocurrency.

• When there’s high network activity (generally during the week or when the price is volatile) one would need to include a higher fee so that your transaction is prioritised over other transactions.

• When there is lower network activity (generally during the weekend or when the price is stable) the fee for the transaction can be lower.

To help you figure out how much your send fee should be when you’re sending crypto to Luno, we’ve compiled a list of third-party websites that suggests estimated fees for each cryptocurrency that Luno supports.

Luno uses dynamic fees and we'll never ask you to set your own transaction fee. However, if you're sending to Luno from another exchange, the following resources can be used to give you an idea of how much of a fee you should pay.

 Bitcoin (BTC)

https://privacypros.io/tools/bitcoin-fee-estimator/
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

 Bitcoin Cash (BCH)

https://bitcoinfees.cash/
https://bitinfocharts.com/comparison/transactionfees-bch.html

 Ethereum (ETH)

https://www.gasnow.org
https://ethgasstation.info/
https://etherscan.io/gastracker

 Litecoin (LTC)

https://bitinfocharts.com/comparison/litecoin-transactionfees.html
https://litecoin.info/index.php/Transaction_fees

 Ripple (XRP)

It depends on the institution you’re sending from
Minimum fee: 0.00001 XRP (10 drops)

 USD Coin (USDC)

https://www.gasnow.org
https://ethgasstation.info/
https://etherscan.io/gastracker