If you’re a savvy crypto user, you might be familiar with blockchain explorers like those provided by Blockchain.com or Etherscan. When you send cryptocurrency, you can use a blockchain explorer to find your transaction’s information, including how many confirmations it has, as well as the fee paid for processing that transaction.
You might notice that the fee you paid on Luno is higher than the fee shown on the blockchain explorer. This is because the blockchain fee is only one component of the overall fee we charge you when you send crypto from your Luno wallet.
The fee we show you before you confirm the transaction covers multiple costs that aren’t shown on blockchain explorers. These costs could include, but aren’t limited to:
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A service provider fee for the API we integrate with to facilitate the transaction
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Address creation fees
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Transfer fees (for example, moving funds from our hot wallet to the address you’re sending from)
In other words, Luno’s send fee covers the total cost of your transaction – the blockchain transaction fee plus the internal operational costs described above – it’s not there to make Luno a profit.