Crazy withdrawal fee

Transaction Help
#1

I did a $630 withdrawal last night and was charged $80 in fees. See screenshot. I understand that BTC currently has issues with high fees and this is not directly in ignition’s control. However, there should be some sort of control against this. I would never have done the withdrawal if I knew the fee would be nearly 20%. I also deposited yesterday and only paid a $5 fee so not sure if ignition’s fee setting in the wallet might be off?

Could ignition either show the fee upfront or add a delay/confirmation to the withdrawal if the fee will exceed a certain percentage? Personally I would like the withdrawal to be held if the fee ever exceeds 10% OR $10.

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#2

Same!! I got hit with over $40 in fees the past few days on 100$ deposits… insane!!

#3

Looking more closely I may be misinterpreting the block explorer because it’s batched with another transaction. I think the actual fee for my portion was a lot lower. Still might be good to understand how high fees are dealt with on ignition’s end.

#4

There are almost 300K unconfirmed transactions on the blockchain right now causing the highest bitcoin fees ever. I’ve been using Etherum the last week or so because of it.

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#5

@Dan_123 sorry to hear about your experience. There’s nothing we can do at this moment, as we don’t have any fees on crypto transactions.

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#6

Try using BTC Cash. That should give you almost a fee-less deposit, at least for the moment.

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#7

Blame all the rug pulling coins, tokens and NFT’s that anyone can make using the bitcoin network. All of the scam coins are putting a lot of strain on the network which results in the higher fees. It was never intended to handle this load. I tried depositing $50 and had a $25 fee that thankfully I paid attention too. Crazy that it went from Pennie’s on the dollar to $8-9 avgs since May 1st which ironically was my bday. Lol

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#8

I went to Ethereum also. Fees are the same, or less than bitcoin used to be. Bitcoin has gotten ridiculous.

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#9

This issue has resolved itself since BTC fees are mostly back to normal, but I did want to clarify your statement… when you say ignition doesn’t have any fees on crypto transactions, do you mean that ignition doesn’t add its own fees in addition to the BTC network fee, or that ignition covers the BTC network fee at its own expense? Meaning if I withdraw $500 and the network fee is $5, do I receive $495 or $500? I assume the former?

#10

@Dan_123 Yes, we do not add any additional fee on our end.

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#11

I’m pretty sure Ignition eats the network fee for withdrawals.