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Author Topic: Xapo fees is too high.  (Read 3499 times)
FasTroy
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June 08, 2017, 01:43:57 PM
 #1

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

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June 08, 2017, 01:56:29 PM
 #2

I don't know. Maybe they want to compensate for the time they offered transactions for free?

Or just got greedy.

There is no reasonable reason for such high fee now


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June 08, 2017, 02:02:37 PM
 #3

This is only a guess, but AFAIK, xapo was popupal amongst faucet users and PTC'ers... Since they didn't have to pay a fee to spend their outputs, i can only imagine a lot of people used xapo to send dust outputs to.
If this is still the case, xapo must have loads and loads of dust outputs, so if they have to combine a bunch of dust to create reasonable sized transaction outputs, the average size of xapo withdrawal transactions would be above-average, explaining the higher fees.

Once again: this is a guess, one of the possible theories...

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June 08, 2017, 02:03:44 PM
 #4

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

For me,  $6 is not too much to pay for a transaction running into above $500 but definitely not for $20 transaction but the issue I will have is the duration for the transaction to confirm and if that is not happening soonest then the fee is too high which I won't subscribe to and aside that, if the amount is too much, all I need to do is to pay the fee once by moving out all my funds to another friendly wallet that can take care of my needs.

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Yakamoto
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June 08, 2017, 02:05:27 PM
 #5

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.
No idea why they're making it that high, but chances are it doesn't have any correlation to the rest of the network fees that are being implemented.

If you don't like their service then you can transfer your funds out and move to someone else, no-one is forcing you to use Xapo and if you think you're being gouged there are other options for users. It's not like we're in a controlled market.














 

 

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June 08, 2017, 02:15:25 PM
 #6

This is only a guess, but AFAIK, xapo was popupal amongst faucet users and PTC'ers... Since they didn't have to pay a fee to spend their outputs, i can only imagine a lot of people used xapo to send dust outputs to.
If this is still the case, xapo must have loads and loads of dust outputs, so if they have to combine a bunch of dust to create reasonable sized transaction outputs, the average size of xapo withdrawal transactions would be above-average, explaining the higher fees.

Once again: this is a guess, one of the possible theories...
This is the most precise answer for all the questions about huge fee from Xapo IMO. That's why all the users of Xapo will be affected by this even the person who's not fan of receiving micro payments and paired by the recommended fee by the network which is pretty high already then the output of the tx fee will be so...

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June 08, 2017, 02:20:51 PM
 #7

I feel you man , I recently switch wallets because of xapo's fee , But I see that the fee is high too in my wallet right now. We are now suffering from high fee's that we dont experience from before , Low fee's and fast transactions before are slowly fading right now . Hope that in the future we can turn back the old transaction fee's and transaction period.

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June 08, 2017, 02:27:01 PM
 #8

Xapo has created a way for our users to be able to select if they would like to pay a standard or high priority fee - thus allowing you to choose how quickly you'd like for your transaction to be processed!

With standard priority fees, your transaction should get mined approximately within the next 6 blocks on the blockchain. If the bitcoin network is congested (you can always check the blockchain's volume here), there can be a delay in the mining of the transaction.

By selecting high priority fees, your transaction should be mined approximately within the next 1-2 blocks on the blockchain. If you choose to pay this higher fee, you will be giving the miners a larger incentive to mine your transaction faster than normal transactions!

(source from : https://support.xapo.com/what-is-the-difference-between-a-standard-or-high-priority-transaction-fee/view=faq)
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June 08, 2017, 02:33:11 PM
 #9

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

How much are you transacting and most importantly how fast do you wish the transaction to be done, if it's a low cost transactions better not do it, if it's a big transaction and it needs to get confirmed quickly then do it, it feels strange but ya they are charging you a lot. Have you left them a support ticket as to why are you being charged so high? Or send by normal fee but then your transaction may take a while to confirm. These days fees are just ridiculous.

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June 08, 2017, 03:35:56 PM
 #10

Did you choose high priority fees? They inflate that option with extra high fees for people who wants quick confirmations. The Xapo to Xapo

transactions are still free and instant.  Wink ....I think this method of determining the fees are something that are done by lazy developers. They can

have a automated system that queries external sources like https://bitcoinfees.21.co/ to check for the most appropriate fee.  Angry

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June 08, 2017, 03:47:59 PM
 #11

Well yea almost all the wallet that holds bitcoin increase their fee as far as i know they don't know what is the prediction of bitcoin so that they increase their fee's.,,, xapo is good enough but here in our place the fee is too high as inn super.
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June 08, 2017, 03:48:50 PM
 #12

Xapo is a shitty online wallet anyway,  so why not switch to a better one?  The fee you described is pretty ridiculous,  but even mycelium requires that much even for the 'economic' option,  which works just fine.  This whole argument is why altcoins are starting to look better every day.



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bitcoindusts
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June 08, 2017, 03:52:54 PM
 #13

That is really expensive.  $6 per withdrawal, probably they also charged the previous transaction that they have not charged.  Or probably they have seen that there are lots of dust transaction being deposit in their web wallet so they have to compute it and take the average so that they won't have to move these transaction at a lost.

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chaser15
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June 08, 2017, 04:12:37 PM
 #14

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

For me,  $6 is not too much to pay for a transaction running into above $500 but definitely not for $20 transaction but the issue I will have is the duration for the transaction to confirm and if that is not happening soonest then the fee is too high which I won't subscribe to and aside that, if the amount is too much, all I need to do is to pay the fee once by moving out all my funds to another friendly wallet that can take care of my needs.

Yes $6 fee is not too much but depends on the amount that will placed on transaction. That is too much if it's around $100 transaction like I did recently. I send around $200 and it cost me around the OP's mentioned fee and that is a standard fee. The high priority fee is around 330,000 satoshis. Compare to other exchanges, the average is around 120,000 satoshis as a standard fee (like Coinbase).

But the good thing here is, I have seen some changes. Last week IIRC, I send from XAPO with a standard fee of 150,000 satoshis as standard fees and still it took 8 hours to confirm. My recent transaction that cost 220,000 satoshis only tooks couple of hours before it was confirmed. To overcome this, I will just do sending when it really needs and at least a high amount to avoid so much fees. I need XAPO service that's why no way I will left this exchange.

Xapo is a shitty online wallet anyway,  so why not switch to a better one?  The fee you described is pretty ridiculous,  but even mycelium requires that much even for the 'economic' option,  which works just fine.  This whole argument is why altcoins are starting to look better every day.

It's not about the shitty online wallet but we are talking about the fees. Can you give us some wallet or exchanges with reasonable standard fees that will not take the confirmation time not long? Give us some idea.

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BtcKing 1
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June 08, 2017, 04:20:06 PM
 #15

Yeah the fees are much higher now and the BTC price is high too  Angry I don't understand why they are doing that.... maybe they are just greedy that's the only explanation i can get   Roll Eyes
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June 08, 2017, 04:35:21 PM
 #16

About fees for a transaction BTC now is very hight, but I think 400 sat/byte is not highest, I use Electrum and if I want confirm my transaction after one block, best choice is 500 sat/byte Roll Eyes

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June 08, 2017, 04:59:03 PM
 #17

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

Do you own your private key using Xapo (sound like an outright copycat on Zappos, I might as well open up a company called Mikosov or Epol or Emizon)?

Don't use Xapo.

I remember trying to use it back in 2014 and the wallet stop me from withdrawing my savings unless I send them my entire DNA (ID, driver's license, bank statement, utility bill, etc) for verification. Luckily I got only like 80000 satoshi inside. Imagine if I have a much bigger amount saved, I would be screwed. They have no right and no obligation to collect any personal information by law. And their service is just 3rd party, which means you don't own what you have saved in its wallet. Don't be stupid. Stay away from Xapo.

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June 08, 2017, 05:07:26 PM
 #18

Cheaper withdrawals fees than Kraken now, which is the equivalent of $7. I can't tell whether these services are trying to pay off fees they've eaten in the past or are just price gouging.

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June 08, 2017, 05:35:37 PM
 #19

Most probably they are also taking advantage of bitcoins current price, I used Xapo before and now I can't even withdraw the money I have their because it cost half of what I was about to withdraw. They are paying a lot for miners fee, so sad.

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June 08, 2017, 05:35:57 PM
 #20

Why xapo transaction fees are too high? The current standard fee is around 0.00222938 BTC which it mean 6$. https://in.xapo.com/fees/
I don't know why it's too high like that. because according to https://bitcoinfees.21.co/
We can see: The fastest and cheapest transaction fee is currently 400 satoshis/byte, which it mean 90,400 satoshis.

Case is not alone with Xapo. I have observed many other wallets like BTC.com etc are charging compulsive fees over and above network fees. I guess problem is not with these wallets but with us who are using these web wallets and giving them ultimate power to control our Bitcoin. Better quit web wallets!


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