Transfer fee

Feedback
#1

After using nash for a few times , i realized that the way nash showing transfer fee ( Max fee ) is make me scare and feel nervous to use nash .
Example: send usdt 40$ with a chance to pay max fee 4$ .

1 Like
#2

Agree, I don’t like it too.

1 Like
#3

I hope they will have a option for user to choose fee and give us estimate time to recieve fund

7 Likes
#4

I’ve noticed this too when trying to send BTC it gives a maximum fee of - .00073008 right now, which is about 4x higher than what I’m paying on other wallets. Okay but that’s the maximum fee right? I just tested there and no that is the fee that you actually pay. I think letting us chose our own fee or at least a slow, medium and fast option should be a high priority right now. Another problem I can see with this large maximum fee is when inputting your amount it always takes off that maximum fee, meaning that even if you don’t end up paying the maximum fee it means that you are left with small dust amounts since you can’t input anything more than (amount you are sending) - (predicted max fee). This isn’t really an issue right now since it seems that the maximum fee is really just the actual fee you pay, but would also be solved by a slow, medium, fast structure which also doesn’t let people accidentally send a low sat per byte amount and get their transaction stuck.

7 Likes
#5

I have to agree. The max fee right now is a big reason I don’t like to use Nash as a daily crypto wallet (For coins with high fees like BTC or ETH right now), the fees for sends are just so much higher than other wallets.

Right now through the Nash web app it costs me:
~$9.9535 USD to send 0.001 BTC ($11.68 USD) to an external wallet
~$7.0844 USD to send 0.001 BTC ($11.68 USD) to the trading contract

~$0.481 USD to send 0.03 ETH ($11.63 USD) to an external wallet
~$4.5813 USD to send 0.03 ETH ($11.63 USD) to the trading contract

  • To send 0.03 ETH from my Ledger wallet it costs: $0.72 USD
    image

After looking at this they seem to estimate well for ETH as you are not paying high (except for trading contract which is a bit more understandable since it is a state channel), but BTC transaction fees are just too high for smaller sends.

For these reasons, with high transaction fee coins, I don’t use the Nash wallet for daily transactions (like buying something off a store or sending money to a friend or donating). I think the best solution for Nash is to just let the user decide whether they want a slow, normal, or fast transaction. It seems right now Nash’s fee estimator always opts for the fastest possible transaction (which means the highest fees). Also is it possible for Nash to move to Bech32 wallets for lower fees, or what is the reason they are not using them (is it that some places still don’t allow sends to Bech32 wallets)?

EDIT: I have noticed also that sending ETH tokens like stable coins or tokens like BAT is more expensive than other wallets.

4 Likes
#6

@team Nash,
I am very curious to this answer. This is truly a legit concern.

1 Like
#7

I totally agree. Just as there is the option to choose between the speed of execution and the cost of execution in trading (i.e. market vs limit order), you should be able to choose between the speed of the transfer and the cost of the transfer to the trading contract and back.

As was mentioned in the telegram group, nash pivoted from the new entrants to crypto/blockchain and focuses now more on current crypto users. I think this is an important feature for the current set of crypto users.

For me personally, I would like to see a slider between maximum and minimum fee, which would choose the transaction fees. The slider would then affect the estimated time that it would take to transfer the funds. The estimated time would also be shown while initiating the transfer. The important thing is the trade-off between time and cost, which has to be shown clearly.

One last remark, if a user chooses high fee and the funds will get stuck “pending”, it will get more users angry. Therefore, the transactions have to be working flawlessly.

3 Likes
#8

For new users in the blockchain ecosystem, I think choosing fees can be confusing.
A possibility would be to keep the actual system in place, and add a clickable text under the estimated fee, roughly like that :

Capture d’écran de 2020-08-09 10-33-36
Capture d’écran de 2020-08-09 10-33-36604×586 28.6 KB

The click on this text would then let the user the possibility to choose the fee, or choose slow/medium/fast.

And for new blockchain users, another idea is to add a link (maybe in the interrogation point icon) to an educational post explaining why are there fees on blockchains, so that everybodies grandma can understand why they pay fees.

2 Likes
#9

Hi @songkong, yes - since about a month ago with the busy blockchains the max fee computation on the block has been too big. So we are refactoring how this will be displayed to users.

11 Likes
#10

I too, think this is a great idea. Especially if you just want to send your coins to somewhere where the time isn´t the most important factor like a cold wallet.

Maybe even add an info with an estimated time “if its possible and not to much work for a convenience feature” like "Slow~1h/Medium~30min/Fast~10min"

#11

I would gladly use Nash for Bitcoin DCA, especially since it is working flawlessly with Revolut, but fees by Nash for transfering are just ridiculous. Custom fees should be implemented asap!

Also creating some kind of system of batching transactions with others or implementing Lightning would be really awesome…

#12

I don’t know how it works on Revolut but Nash users typically avoid blockchain fees by purchasing Neo and trading it back to btc (eth or any other coin) once it’s on Nash. Would this be a viable option for you?

2 Likes
#13

Another solution is to wait for the fiat ramp to allow receiving funds directly in your 8wallet (instead of trading wallet). Instant buys via Revolut will be compatible with this option IMHO, however there will be a small fee (1%).

1 Like
#14

Receiving funds directly to my wallet and not trading wallet would be great of course, but then transferring from nash wallet to my hardware wallet for example would be better with custom fees. I don’t need them there asap and can wait some time.

#15

I understand. Choosing your speed when sending to an external address would indeed be nice.

But have you ever considered using your Nash Wallet as your main wallet to hold? Nash’s security features (MPC, policies,…) make it virtually as safe (no phishing attempts due to personal data leaks…) and more convenient to use.

You can read more about it here: The safest software wallet for crypto

3 Likes
#16

It is nice to have all those options but imao it does not fit the need some have.

  1. Fees:
    Implementing custom fees should be a basic feature in near future. Not only for external transfers but for all transfers one want to do. Maybe I have plenty of time sending to or from my Trading account. Then I set a low fee. If I want to have those immediately I choose a high fee.

  2. Wallet
    Nash is a hot wallet. This will never replace a hardware wallet imao! Since with nash my seed phrase was generated on a device connected to the internet it is potentially at risk. This can not be solved with MPC or any other security mechanism. If one captured my screen at the time my phrase was shown, game is over.
    This is why I have my major HODL funds on a Ledger, not on nash.

1 Like
#17

For me hardware is a potential threat for my safety. It’s too predictable that I have crypto, because I have a hardware. And of course traveling with it is out of consideration.
Basically Nash wallet is my choice :wink:

#18

I agree. I need also both. I need the most secure hot wallet available which is nash for sure! But I also need the most secure cold wallet available for my long term holdings. A wallet where my seed phrase was generated on a internet connected device is no solution for me to use it as a cold wallet.

1 Like