Recently, we had a conversation with a team of a leading crypto payment gateway, Coinremitter. They shed light on strategies to minimize transaction fees when accepting crypto payments. As the cryptocurrency industry continues to grow, understanding and implementing cost-effective solutions becomes crucial for businesses to keep more profits.
“Well, we will talk about transaction fee reduction techniques using our platform first. If there are any other techniques that can be implemented, we may discuss it later,” said the Coinremitter authority.
They talked about two ways of reducing the spending on transaction fees on their platform.
- By Enabling the Gas Station (GS)
- By Withdrawing a Large Amount in a Single Attempt
1. By Enabling the Gas Station
The team said that the Gas Station is a unique feature that is exclusive to their cryptocurrency payment solution. We were curious to know how this feature works. A detailed explanation of this feature may be helpful for businesses that accept crypto payments.
How Does This Feature Work?
First of all, you need to purchase the premium plan with some additional benefits. After purchasing it, you can go to the dashboard and explore the Gas Station tab. There, you will see three tabs (options), Ethereum, Binance, and TRX. They’re just unique crypto wallets where you need to deposit the gas balance in advance to enable this feature.
After depositing a sufficient amount, you can enable the gas station (this feature needs to be enabled separately for each cryptocurrency). After enabling this feature, transaction fees will be deducted from these wallets automatically whenever a transaction occurs.
Please note that fees for ETH and USDT-ERC20 transactions will be deducted from the ETH gas balance, fees for BNB transactions will be deducted from the Binance gas balance, and fees for USDT-TRC20 transactions will be deducted from the TRX gas balance. Now, the advantage of enabling the GS is the significant reduction in fees, which can be seen in the table below:
| Cryptocurrency | Fee Without GS | Fee With GS |
| Ethereum | 0.005 | 0.003 |
| USDT-ERC20 | 10 | 5 |
| Binance Coin | 0.008 | 0.005 |
| USDT-TRC20 | 5 | 2 |
Things to Remember
- As of Dec 2024, this feature is only available for Ethereum, USDT-ERC20, BNB, and USDT-TRC20.
- The gas fees mentioned above are as of Dec 2024, they may change in the future.
- You need to maintain the minimum gas balance to use the Gas Station feature.
- In case of insufficient gas balance, the GS will be disabled automatically, and fees without GS will be considered.
- GS needs to be enabled manually after depositing the balance in case of insufficient balance.
2. By Withdrawing a Large Amount in a Single Attempt
The Gas Station feature reduces transaction fees significantly, but it is limited to selected cryptocurrencies. Large fund withdrawals are helpful for all cryptocurrencies.
Coinremitter’s crypto fee chart indicates that crypto transaction fees are flat amounts (and not percentage shares). So, if you withdraw cryptocurrencies in bulk, you can definitely reduce your spending on crypto transaction fees. For example, if you make 10 separate BTC withdrawals of 1 BTC each, spending 0.0001 Bitcoin transaction fees for each withdrawal, then you may end up spending 0.0001*10=0.001 for withdrawing 10 BTC.
On the other hand, consider withdrawing 10 BTC in a single attempt. You can get the same amount withdrawn by paying only 0.0001 BTC fees, which reduces your spending on fees by more than 163%. This is just an example; the difference may vary depending on the number of withdrawals and the withdrawal amount. Loosely, you can make a single withdrawal of a large amount instead of making frequent withdrawals of small amounts to pay less crypto transaction fees.
Things to Remember
- Such withdrawals may not be possible when the withdrawal type is set to ‘Auto’.
- The default withdrawal type is ‘Auto’ in any internal wallet of this crypto payment solutions. However, it can be set to ‘Manual’ by an individual.
- Purchasing the premium plan is necessary to enable ‘Manual Withdrawals’.
- The requested withdrawal amount must be less than or equal to the daily withdrawal limit.
- If your BTC wallet’s daily withdrawal limit is set to 24 and you make a single withdrawal of 24 BTC, you won’t be able to make another withdrawal until the next day.
“We have kept fees on our crypto payment gateway as low as possible,” The team said. “However, we have dropped some fee reduction techniques to encourage businesses to accept crypto payments and take advantage of this ecosystem as much as possible,” they added.
About Coinremitter
Coinremitter is a crypto payment gateway that offers smooth and pocket-friendly solutions to businesses to accept crypto payments. As a businessperson, you can integrate this cryptocurrency payment platform into your website and start accepting crypto payments from your customers.
