You spoke, we listened.

We’ve changed how we process Ethereum transactions to reduce the gas prices involved in sending Ethereum from CoinJar to external Ethereum addresses. Thanks to these changes, you should expect up to an 80% reduction in transaction fees for outgoing Ethereum transfers that are equal to or less than 7.5 ETH per transaction, effective immediately.

This is part of our ongoing mission to provide better value to our customers and to more closely align our pricing with Ethereum’s average transaction fees (that can be viewed here).

These changes apply to only Ethereum at this stage. We’re working on a solution that will apply to the broader ERC-20 network of tokens. We’ll keep you updated as we deliver these updates to our platform.

Ethereum transfers that are over 7.5 ETH might incur a fee that could be 5 times higher than transactions which are equal to or lower than 7.5 ETH. You always have an opportunity to review the fee before confirming the transfer. We will consider increasing this threshold amount in the future.

What’s an outgoing transaction fee?

When transferring funds from your CoinJar to an external digital currency address, a network fee is required in order for the payment to be processed by the blockchain. Including an adequate fee to any transfer is important to ensure the transaction is completed successfully and in a timely manner.

LTC, XRP, XLM, ALGO and EOS payments do not incur transaction fees at this time.

How CoinJar handles transaction fees

When you make a new outgoing payment using a digital currency that has a dynamic fee to send externally, the transaction fee will be automatically calculated. This additional fee will be taken from the same account you’re sending funds from, and will be included in your quote as you make that payment.

CoinJar recalculates this dynamic fee every 15 minutes for accurate network fees, accounting for the amount you’re sending and the current blockchain congestion level. Our network fee calculation system works to ensure your digital currency transfer receives confirmations on the blockchain as promptly as possible while keeping fees as competitive as possible.

You can review any fees you've paid by opening any account and tapping on a transaction to view the receipt.

If you require any assistance, or have any questions -- please reach out to CoinJar Support.

CoinJar Team

The above article is not to be read as investment, legal or tax advice and takes no account of particular personal or market circumstances; all readers should seek independent investment, legal and tax advice before investing in cryptocurrencies. This article is provided for general information and educational purposes only. No responsibility or liability is accepted for any errors of fact or omission expressed therein. CoinJar, Inc. makes no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. Past performance is not a reliable indicator of future results.