Dynamic send fees

Team Luno
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1 minute read

Updated on 27 May 2020.

 

As you may already know, we charge fees for Bitcoin send and receive transactions. You can read more about the reasons for this in our explanation of Bitcoin fees.

 

We charge dynamic send fees. These will be displayed on your screen before you confirm the transaction.

 

These fees are dynamic because they are set according to the amount of traffic in the Bitcoin network. This traffic varies from day to day – sometimes there is more traffic and the fee is, therefore, larger, sometimes there is less traffic and the fee is smaller (e.g. it’s often lower on weekends).

 

The level of variation can be seen in this chart of the fees over the last year:

 

 

It is important to note that these fees go directly towards paying the Bitcoin network fees - Luno doesn’t make any profit from them. Dynamic fees are important because they help to reduce the likelihood of Bitcoin sends being delayed.

 

Free alternative: Sending to an email address or mobile number is instant and free for BTC transactions. This is only available if both the sender and recipient are Luno customers.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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