I understood. Now for me to understand very basic way about transaction fee and withdrawal. Does the transaction fee vary depending on the crypto I am operating and the withdrawal rate also varies? And to make a withdrawal from Bancor, do I have to have Ether or BNT in my wallet or not?
I signed up to the Bancor exchange to trade a small amount of Loctrip (LOC), just to test out Bancor. I depositing what I thought should have been enough Ether to cover selling costs but the sale would not go through as it complained there was not enough ETH to cover GAS, so I asked on the Bancor telegram channel what would be minimum amount of ETH and an admin said 0.02 ETH should cover it - WOW ! at current prices that's about $4.00 (USD), when it only cost me about $0.03 (USD) to transfer the ETH to Bancor. Now I know it's not just a simple transaction but $4.00 worth ?
Hello Bambi, yes that's a common story. While the 0.02 ETH is only a recommendation, and likely will not be entirely used, it keeps one from having the risk of a failed transaction due to insufficient funds. The transactions on the Bancor Network are quite computationally intense, and must be completed quickly in order to function properly. That's why the gas price can be so high relative to what one might consider normal.