Here is a detailed guide on how to set a transaction fee on Multibit:
Setting the Transaction Fee on Multibit
Multibit is a popular cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies. One of its key features is the ability to set their own transaction fees for trades.
Step 1: Open an Account
First, make sure you have an active Multibit account. Log in to your account using the credentials provided on the website or mobile app.
Go to Settings
After logging in, go to “Settings.” You can find it under the “Account” tab of your profile.
Step 2: Find the Transaction Fee Option
In the settings menu, you will see several options that cover different aspects of your account and trading experience. Look for the “Custom Fees” or “Fee Calculator” section to set up transaction fees.
Set your own transaction fees
In this section you will be able to calculate your own fees based on various factors such as:
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Base Currency: Set the base currency for your transactions.
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Currency Pair: Enter the cryptocurrency pair you want to use to calculate the transaction fee.
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Amount: Define how much you want to spend or receive in the transaction.
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Min/Max: Determine whether the amount should be minimum, maximum, or any value.
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Unit: Choose whether the fee should be set per unit (e.g. per coin) or in fiat currency units.
Step 3: Enter your transaction details
In the “Fee Calculator” section, enter the details of the required transaction:
- Amount: The amount you want to trade in the specified base and pair currencies.
- Base Currency: The base currency for your transactions (e.g. ETH, BTC).
- Currency Pair: Select the cryptocurrency pair you want to use (e.g. ETH/BTC).
Step 4: Calculate Your Own Fees
After entering the necessary data, click “Calculate” or press Enter to see the calculated customs fees.
View Transaction Fee Options
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Transaction Fee: You should see the transaction fee options in the Multibit settings. The fee calculation will be displayed based on the parameters entered.
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Exchange Fee: You may also need to click the “Exchange Fee” (or similar) option in the fee calculator to adjust other aspects such as the exchange fee or any additional fees.
Step 5: Save on Transaction Fees
Make sure you can save on your own transaction fees. If they don’t appear as expected in your settings, check for a typo or incorrect settings provided by Multibit.
Troubleshooting
If none of these steps work, the problem may be with how you have configured your account or your settings. You can contact Multibit support directly for assistance or, as a last resort, seek help in online forums and communities.
