How do I send cryptocurrency for free?
Why do I pay transaction fees when sending and receiving cryptocurrency?
As cryptocurrency becomes more popular, the number of transactions have been increasing rapidly. While the resources needed to process transactions a couple of years ago was minimal, it is now a lot more significant. Often there are more transactions being created than the network is able to process.
As a result, the various people and businesses participating in blockchain (such as miners and node operators) apply pressure to prioritise and reduce transaction load by means of transaction fees. Miners generally select transactions for the block they are mining based on the fee associated with each transaction, so a higher fee results in a better chance of the transaction being included in the next block.
How do I send cryptocurrency without the fees?
Sending to a cryptocurrency address is costly due to the blockchain mining fee, and can take time if the network is congested. As such, we’ve devised a method that doesn’t use the blockchain network, allowing you to send cryptocurrency for free to anyone, anywhere.
Sending by email or mobile number
If you send it to someone who is already a Quidax customer they will get the cryptocurrency instantly.
The steps in doing this are as follows:
- Sign in to your Quidax app and click on 'wallets' at the bottom of the screen
- Select the particular cryptocurrency you’re trying to send
- Click on 'Send'
- Input the volume of crypto you are sending
- Click on the 'Select network' drop down menu and click on 'Internal Transfer'
- Input the username or email address of the Quidax user you are sending to then click on 'Continue'
- The next page shows you the summary of your transaction, click on 'Confirm' then enter your Google Authenticator code and click on 'Continue'
A confirmation mail will be sent to you to confirm and complete your transaction, please ensure to go to your mail and click on the confirmation link within 30mins before it expires.
Please note that for Send Free transactions, the beneficiary gets credited instantly.