Understand how much the fees for blockchain transactions should be

For blockchain networks, transaction fees have two basic functions. One is to reward miners or verifiers who confirm transactions; the other is to ensure the security of the blockchain network and avoid spam attacks. So how much is the blockchain transaction fee? This is a question that many people are concerned about. The transaction fee can be more or less, depending on the activity of the network.

How much is the transaction fee for blockchain transactions?

Detailed introduction to the handling fees of the three exchanges:

1. Zero threshold, no platform currency deduction required

Binance handling fees: 0.1% for placing orders, 0.1% for taking orders ;

Huobi handling fee: 0.2% for placing orders, 0.2% for taking orders;

OKEx handling fees: 0.1% for placing orders, 0.15% for taking orders;

As can be seen, For complete newcomers, transaction fees on the three major exchanges range from one to two thousandths, with Binance having the lowest fees.

2. Zero threshold, use platform currency to deduct

Binance handling fee: 0.075% for placing orders, 0.075% for taking orders;

Huobi handling fee: 0.2% for placing orders , take order 0.2%;

OKEx handling fee: not supported

It can be seen that Binance has the lowest handling fee when using platform currency for deduction.

3. Contract transaction fees

Binance: 0.02% for pending orders, 0.03% for taker orders; (higher level handling fees are lower)

Huobi: 0.02% for pending orders , 0.03% for takers;

OKex: 0.02% for pending orders, 0.05% for takers;

As a new user, Binance and Huobi futures transaction fees are as low as for high-level users, The installation fee is lower.

How to calculate blockchain transaction fees?

The calculation formula of handling fee is: handling fee = transaction volume*transaction price*handling rate

The transaction fee of Eureka Exchange is calculated according to the proportion of transaction volume, the minimum The handling fee is 0.02%, and the highest handling fee is 0.15%.

For example, if you trade 100 Bitcoins at a price of $10,000, the handling fee you need to pay is: 100*10000*0.02%=$20. In addition, Ouyi also provides a discount mechanism where users can obtain discounts based on their transaction volume, thereby reducing handling fees.

Normally, when you initiate a transaction on the blockchain, you can choose the transaction fee to pay, and the exact amount of the fee will depend on the factors mentioned above. Typically, you can set trading fees on your wallet or trading platform, or choose a default recommended fee level. Typically, when you initiate a transaction on the blockchain, you can choose the transaction fee to pay, and the exact amount will depend on the factors mentioned above. Typically, you can set trading fees on your wallet or trading platform, or choose a default recommended fee level.

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