Imagine sending 100 USDT to your game wallet only to see 95 in your balance, or buying crypto through an onramp and noticing the price quoted is worse than what you saw on Google. Why do you think this happened? The simple answer is crypto fees.
In this article, we’ll explain in detail what these crypto fees are, who charges them, why they vary, and how you can keep your costs as low as possible.
What Fees Are There?
One of the things new players are particularly concerned about when they start this journey is crypto network fees. This is usually because fees are deducted when you make a crypto deposit. These are:
Network fee: This fee is paid to the miners or validators who process and secure transactions on the blockchain.
Withdrawal fee: An extra amount/percentage that some exchanges and wallets charge when you send crypto out of your account.
Purchase fee or spread: This mostly applies when buying crypto with a debit or credit card through an onramp. The provider may charge a service fee or offer a slightly higher exchange rate than the market price.
It is important to note that these fees are not limited to a particular coin or platform, so knowing which one you are paying makes it much easier to understand where your money goes.
Why You Pay the Fee as the Sender
Some players assume the receiving platform takes the fee, but that is not how blockchain transactions work. The fee is paid by the sender because you are the one asking the blockchain to process the transaction. It is like paying for postage when mailing a letter. The receiver gets the full amount, but the fee comes out of your side.
However, note that Metaspins doesn’t control or collect these network charges, so they cannot remove or reduce them. A simple trick is to transfer a little more than your planned deposit. That extra amount can cover the network fee while you get your desired deposit in your account.
Why Are Fees So Expensive Sometimes?
The first thing you should know is not every blockchain charges the same amount to process a transaction. This is the main reason fees can vary so much from one transfer to another. So, if you’re wondering why crypto fees are so high, the answer usually comes down to the network you choose and how busy it is.
When many people are trying to make transactions at the same time, the processing space becomes congested. This is why crypto fees are so high during busy market hours or big news events. Another reason is that some networks are also designed to cost more than others. For example, Bitcoin transaction fees often cost more than other options when demand rises.
Nevertheless, choosing a network with lower costs where available, is often the easiest way to reduce your overall deposit cost.
The Cheapest Coins for Deposits
Metaspins supports several cryptocurrencies. This allows players to choose the coins that they’re most comfortable with using for their transaction. While the fees on each of these coins can change with network activity, some coins are consistently cheaper than others. Here’s an overview of what the cheapest coins you’d find on the platform:
Coin / network | Typical network fee | Speed |
LTC | Low | Variable; wait for the confirmations required in the Cashier. |
TRX | Very low | Variable; wait for the confirmations required in the Cashier. |
XRP | Very low | Variable; wait for the confirmations required in the Cashier. |
BNB | Low | Variable; wait for the confirmations required in the Cashier. |
SOL | Very low | Variable; wait for the confirmations required in the Cashier. |
DOGE | Low | Variable; wait for the confirmations required in the Cashier. |
BTC, ETH, USDC, and USDT are also available for deposits on Metaspins, though their fees can run higher depending on network conditions. Notwithstanding, it is important to confirm the applicable fees on your preferred coin before making your transaction on the platform.
Onramp Price vs. the Google Price
Some players notice that buying crypto through an onramp costs more than the price they see on Google or CoinMarketCap. This difference is normal.
Google usually displays the current market price, while an onramp includes its own costs before completing your purchase. This may include card processing fees, exchange costs and a small crypto onramp markup (a combination of fees and spread the service adds for convenience and risk coverage) built into the quoted price. As a result, the amount you pay can be slightly higher than the live market value.
This difference happens before you even send your crypto, so it is separate from blockchain network fees. For the best experience when funding your Metaspins account, compare a couple of onramps or buy on an exchange first when possible. This helps you choose the low fee crypto deposit option that works just right for you.
Bottom Line
Crypto fees are a normal part of using blockchain technology for gaming deposits at Metaspins. The gaming platform has nothing to do with this which is why you need to understand how these fees work. It’ll not only help you know where your money is going but also how to cut cost without affecting your gaming experience.
Still Need Help?
Want to confirm which network offers the lowest fees? Contact our support team email at support@metaspins.com or our 24/7 live chat option.
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