Other wallets or exchanges might charge you high amounts of COLX for sending or withdrawing, which can be up to a few USD. The default minimum fee in the COLX full wallet is 10 COLX/kb, but you can even get away with zero fees right now.
MyColxWallet is non-profit, there are no hidden fees and what you pay is used to pay the stakers automatically when the transaction is created and accepted in the blockchain, nothing ends up anywhere else.
Zero or Tiny fees
Anyway, you will only pay this super tiny fee or nothing at all as long as zero tx fee work in COLX. Worst case is about 2.26 COLX per tx, which is less than 1/50 of a cent right now (yes, that is up to 50 transactions per single cent). This fee does NOT depend on the amount you send, but it is not always the same and depends on how much data your transaction contains (multiple inputs if your wallet is fragmented drive the price up, see examples below).
Receiving COLX on any address you own is free for you, the transaction fee is always paid for by the sender. You also don't need to wait long as transactions are confirmed in a few seconds usually. If ShiftTX was used by the sender the COLX amount will be confirmed by the network in a second and should show up in a couple of seconds on MyColxWallet as well. The website will update amounts every 10 seconds, any COLX you receive is yours and usable right way.
- Tx cost is usually 2.26 COLX for one input and two outputs (minimum to get accepted by the COLX network, if this goes up or the network becomes full, this fee will be increased). This is currently just around 0.02 cents, NO MATTER how much COLX you actually send to someone!
If you have multiple inputs (basically when your COLX is fragmented in multiple chunks you have received and you send more than you have in your single inputs) the tx fee increases. Examples:
- Inputs: 150 COLX -> sending 100 COLX: 2.26 COLX fee (1 input), or zero fee if possible
- Inputs: 100 COLX, 100 COLX -> sending 100 COLX: 3.74 COLX fee (2 inputs: 0.78+1.48*2 COLX, need that second input to cover the fee, use zero fee to avoid this alltogether)
- Please ask for more features in the COLX Discord Chat. We need your support to keep this being funded and developed further!
Back to the general help.