When sending a cryptocurrency, a small transaction fee (TX Fee) must be attached to the transaction in order for the relevant mining network to prioritize and confirm the transaction. If too low of a fee is attached, the transaction could remain unconfirmed indefinitely by the miners. To avoid this, we utilize a dynamic fee algorithm to calculate the appropriate fee to attach to each transaction. This Tx Fee is usually sufficient for the transaction to be included in the next, immediate block.
You can withdraw cryptocurrencies to any valid address for the relevant cryptocurrency by visiting your Withdrawal page.
The withdrawals interface allows users to monitor the current Tx Fee assessed to cryptocurrency withdrawals. At any time, you may visit the fees page to monitor current transaction fees for withdrawals. The Tx Fee is fixed until it automatically updates on a periodic basis according to network activity and the associated cost to achieve reasonable transaction confirmation times.
When performing a cryptocurrency withdraw:
- Enter the receiving address into the “Address” field,
- Enter the amount you wish to send in the “Send Amount” field,
- Select the wallet balance to withdraw from in the “From” drop-down menu,
- The “Receive Amount” reveals the total amount sending less the Tx Fee.
- Press the “Request Withdrawal” button.
See below for additional Monero and Ripple information.
The “Send Amount” entered at the top of this form will be debited from your wallet balance, and the “Receive Amount” at the bottom of the form is the amount that will be received by the recipient address.
Receive Amount = Send Amount - Tx Fee
The first checkbox correlates to locking a withdrawal address, which is a security measure you may or may not choose to implement since this will potentially be a 1-time withdraw. If you were to perform more withdrawals, you could lock a specific address so that no withdrawals could be sent to an address without your express permission.
The second checkbox correlates to a process we call "Greenlaning." Becoming Greenlaned will allow your withdrawals to process automatically (more quickly). This requires setting up your security measures to a more robust profile than you may currently have implemented.
Once the amounts are calculated, you can then click on the fiat amount populated to the right of the "Receive Amount" and adjust the received amount based on the cash value.
Monero and Ripple Withdrawals
The above process is identical for all other cryptocurrencies we support EXCEPT Monero (XMR) and Ripple (XRP). With a Monero withdraw, a "Payment ID" is usually required to associate your transaction with your account. With a Ripple withdraw, sometimes a "Tag" is required to associate your transaction with your account. If no Payment ID or Tag is required by the receiving address, then you can select the checkbox, "No Recipient Payment ID" or "No Recipient Tag."
We understand that time is critically important when it comes to funds being available. As network activity and congestion rises and falls, Tx Fees rise and fall accordingly. We always do our very best to ensure that withdrawals receive the appropriate Tx Fee for the mining network to prioritize the transaction.
We encourage all users to review our Greenlane Conditions which significantly increase personal security, reduce the required number of confirmations for cryptocurrency deposits, and prioritize withdrawals through automatic processing.