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Ethereum: How do I set the transaction fee in Multibit?

Published by Terlumun Aondover on February 11th, 2025.

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Here is a step-by-step guide on how to set up transaction fees on Multibit:

Setting up Transaction Fees on Multibit

Multibit is a popular cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies. One of its key features is the ability to set custom transaction fees for transactions.

Step 1. Open your account

First, make sure you have an active Multibit account. Log in to your account using the credentials provided on the website or mobile app.

Go to Settings

Once you are logged in, go to the “Settings” option. You can find it under the “Account” tab of your profile.

Step 2. Find the Transaction Fee option

In the Settings menu, you will see a variety of options covering different aspects of your account and trading experience. Look for the “Custom Fees” or “Fee Calculator” section when it comes to setting up transaction fees.

Setting Custom Transaction Fees

In this section, you can calculate custom rates based on various factors, such as:

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Base Currency: Set the base currency for your transactions.

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Currency Pair: Specify which cryptocurrency pair you want to use to calculate transaction fees.

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Amount: Set how much you want to spend or receive in a transaction.

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Min/Max: Specify whether the value should be a minimum, maximum, or any value.

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Unit: Choose whether the rate should be set per unit (e.g., per coin) or in fiat currency units.

Step 3. Enter your transaction details

In the “Fee Calculator” section, enter the desired transaction details:

Amount: The amount you want to trade in the specified base and pair currencies.

Base Currency: The base currency of your transactions (e.g. ETH, BTC).

Currency Pair: Select the cryptocurrency pair you want to use (e.g. ETH/BTC).

Step 4: Calculate Custom Rates

After entering the required data, click “Calculate” or press Enter to see the calculated custom rates.

Viewing Transaction Fee Options

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Transaction Fee: You should be able to view the transaction fee options in your Multibit settings. This will show you a rate calculation based on the parameters you provided.

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Change Fee: You may need to click the Change Fee (or similar) option in the fee calculator to adjust other aspects such as the change fee or any additional fees.

Step 5: Save Transaction Fees

Make sure you can save your custom transaction fees. If they do not appear in your settings as expected, check for typos or misconfigurations in the Multibit system provided.

Troubleshooting

If none of these steps work, the problem may be related to your account setup or settings. You can contact Multibit support directly for assistance, or as a last resort, seek help in online forums and communities.