You pay absolutely nothing to us. Coinomi is a free wallet.
But what are those fees I keep seeing? Do you charge me for accepting or sending payments?
No, we don't charge anything. Receiving coins is always free, fees are paid by the sender. Outgoing transactions require a transaction fee which goes to the miners of each coin, not to Coinomi.
Dynamic fees
You can conveniently select any of the 3 dynamic options of Low, Normal or High priority for transactions. These options dynamically adjust according to the state of the network. When the average fees being paid on the network increase, these options increase accordingly. Please note that the fee algorithm looks at the current state of the network. It cannot predict the future, so a sudden increase on the network can cause delays even when high priority is selected.
Manual selection
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| For coins that have dynamic options ("custom, low, normal, high"), select the fee option "custom". On mobile, for coins that don't have dynamic options, press the "... - Change gee" button at the top right corner of the screen. You will then be able to set the fee per byte of transaction data (or per kilobyte, depending on the coin). For coins of the Ethereum family you can set the gas price of the transaction. You do not set the final absolute fee. The final fee will be displayed after you confirm the relative fee. | ||
Transaction fees directly impacts the time it will take for your transaction to be confirmed. If set too low your transaction can possibly take days to confirm! If you have no idea what value to use, we recommend using the 3 dynamic options instead of manually setting your own fee.
To read in more detail how fees are calculated, read here for BTC and here for ETH. Please consult the following links for more information:
https://en.bitcoin.it/wiki/Transaction_fees
https://blockchain.info/charts/transaction-fees
https://jochen-hoenicke.de/queue/
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