🌐 What are Network fees?
Network fees (also called miner fees) are mandatory fees to process transactions or other crypto interactions.
They are paid to a cryptocurrency network (such as Bitcoin or Ethereum).
Those fees depend on the current state of the network.
👉 Network fees are never paid to Spot.
⏳ When a lot of people are sending & trading the same crypto at the same time, network fees can be very high and transactions can also take more time than usual to arrive.
🔄 Network fees when converting crypto to crypto
When converting one crypto to another, Network fees are applied twice as two transactions are made:
1) the crypto you want to trade is first sent from your wallet.
2) then the new crypto to be received is then sent to your wallet.