Withdrawal fees FAQ
What are Network Fees?
Withdrawal transactions to crypto addresses outside of Midas incur a Network Transaction fee, also referred to as a Network fee. The actual fee you pay will vary according to the network which is supported by Midas for this token/coin.
Why is there a need for Network Fees?
Mining is the process through which cryptocurrency transactions are gathered, verified and recorded into a digital ledger known as blockchain. The work done by miners and validators is essential for maintaining the integrity of the network. This is why fees are essential in order for a network to work smoothly.
Static and Dynamic withdrawal fees on Midas platform
Midas has two categories of assets with different types of withdrawal fees:
- Dynamic Fees for ETH and ERC20 tokens. Dynamic Withdrawal fees are updated automatically. You will be charged according to the current network conditions (network gas fee) plus a Midas withdrawal fee. See below for a detailed explanation of this.
- Static Fees for all other assets. Static fees also update according to the network conditions but manually. Midas team update them following the market.
Current Static withdrawal fees:
Static fees can be changed by Midas manually when there is a significant change in network conditions.
How are the Dynamic Fees / Static Fees Calculated?
Dynamic fees are automatically updated every two minutes. You will be charged according to the current network conditions (Estimated Cost of ETH / ERC20 Transaction) plus an extra $5 for ETH and $10 for ERC20 tokens. This extra $5 / $10 ensures that any potential spikes in gas fees will not hinder or prevent your withdrawal from reaching its destination. You will see the final withdrawal fee cost in the asset withdrawal window. You can also estimate the network fee in open sources: https://etherscan.io/gastracker
The minimum fee amount is $5 for ETH and $10 for ERC20 tokens.
If gas price + $5 (fixed fee) is bigger than $5 (ETH) / $10 (ERC20) then fee = gas price + $5.
If gas price + $5 is less than minimum fee $5 (ETH) / $10 (ERC20) then minimum fee amount is charged.
Both dynamic and static fees can fluctuate without notice due to factors such as network congestion.
There is a minimum amount for each asset. If the amount is too little, you won’t be able to request a withdrawal.
How do I know what the minimum is?
The minimum withdrawal also depends on the type of asset:
- For ETH and ERC20 tokens the minimum amount available for withdrawal is two withdrawal fees. Example: if the withdrawal fee for USDT is 10, the minimum withdrawal is 20 USDT.
- For the other assets, the minimum withdrawal is changed manually.
Current minimum amount available for withdrawal for non ETH/ERC20 assets:
Please note that the minimum withdrawal amount and fees can change without notice due to unforeseeable factors, such as network congestion.