How are the transaction fees calculated?

Each exchanger charges a commission for its work. Often it is a dynamically generated percent, depending on the transaction volume — for instance, if the transaction is below $10,000 the fee could be 1% while with large transactions a fee can go down to 0.5%. The commission can also be a solid number that is charged irrespective of the transaction amount. In this case, whether exchanging 1 BTC or 10 BTC you will pay the same commission, which is very disadvantageous for small payments.
Some services offer another much more simple and honest approach to the commission. For all transactions in any currency and in any amount, a stable commission is taken without hidden charges or additional fees.

Some services also have no limits on the exchange of cryptocurrencies. But remember that the Blockchain fee is charged within any transaction, so you should store enough money in your account to cover both service and Blockchain fees.

Unlike the transaction fees charged by traditional financial institutions, the Blockchain commission does not depend on the amount of funds you send. The fee for sending $5 may be the same as for the transferring $5,000.

Instead of paying for each Bitcoin sent, a user has to pay for the amount of data in the block that is included in their transaction. The size of an average transaction is about 226 bytes, so the time required for approval of the transaction depends on the commission charged within this transaction.

Most of the exchange services offer the best rate based on the quoted market price of the leading cryptocurrency exchanges such as Binance or Bittrex. The rate is calculated at the time of the transaction completion — which, as we know, might take some time waiting for confirmations in the Blockchain. Therefore, the final rate may differ slightly in both positive and negative ways — it depends on what’s happening on the exchanges at a given point in time.

The average transaction is processed within 5–20 minutes, depending on how busy the network is. Under normal conditions, transactions are performed in a few minutes, but if you operate large volumes (e.g. more than 1 BTC), it may require a bit more time.

Please remember that all transactions with cryptocurrencies cannot be canceled. So make sure to double check your wallet address while using exchange services.

So, make sure to calculate all the commissions beforehand and enjoy the use of simple, transparent and easy-to services!