Dynamic send fees
As you may already know, we charge fees for Bitcoin send and receive transactions. You can read more about the reasons for this in our explanation of Bitcoin fees.
We charge dynamic send fees. These will be displayed on your screen before you confirm the transaction.
These fees are dynamic because they are set according to the amount of traffic on any particular cryptocurrency’s network – this could be Bitcoin, Ethereum, USD Coin, and so on. This traffic varies from day to day – sometimes there is more traffic and the fee is, therefore, larger, sometimes there is less traffic and the fee is smaller (e.g. it’s often lower on weekends).
The level of variation can be seen in this chart of the fees over the last year:
It is important to note that these fees go directly towards paying the Bitcoin network fees – Luno doesn’t make any profit from them. Dynamic fees are important because they help to reduce the likelihood of Bitcoin sends being delayed.
Free alternative: Sending to an email address or mobile number is instant and free for BTC transactions. This is only available if both the sender and recipient are Luno customers.