Transferred .4 ETH from Jaxx to Gatehub. Wanted to buy XRP. It arrived at the other end worth .01ETH

[robster]

Hi all,

I'm very new to this and totally lost. I'm too worried to try again now and am chasing some advice.

I have some ETH in my Jaxx wallet.  I wanted to purchase some XRP.

I transferred 0.4 ETH from the Jaxx wallet to the Gatehub ETH wallet.  When it arrived though, Gatehub says the balance is 0.01 ETH.

What has happened here?  How can it have devalued so hugely in one transfer from one wallet to another?  Can anyone help?

[Guest]

Maybe the transaction fee was so high...

I think it's not worth it to trade/buy cryptos with such a low budget, because the fees will destroy all your profit. Maybe I am wrong..

[robster]

Thanks for the response. I wasn't aware that moving money from one wallet to another attracted a fee?

[Professor Hantzen]

It's correct that transfers will usually incur a fee (depending on the coin and/or exchange), but the amount of that fee seems way too high... @enej ?

[pucksterpete]

I know that in Jaxx, you have an option right before sending to select a preset amount for the fee, slow, normal or high.  This is true for BTC, not sure about the few other coins Jaxx supports.

[enej]

6 hours ago, robster said:

Hi all,

I'm very new to this and totally lost. I'm too worried to try again now and am chasing some advice.

I have some ETH in my Jaxx wallet.  I wanted to purchase some XRP.

I transferred 0.4 ETH from the Jaxx wallet to the Gatehub ETH wallet.  When it arrived though, Gatehub says the balance is 0.01 ETH.

What has happened here?  How can it have devalued so hugely in one transfer from one wallet to another?  Can anyone help?

GateHub Fifth does not charge deposit fee for ETH transactions (ethereum to ripple). Amount we received is the same amount we deposited to your ripple wallet.

I suggest you review Jaxx wallet fee settings for ethereum transactions.

 

 

[JoelKatz]

If you give us the Ripple address or the transaction ID, we can at least tell you what was sent and what was received. If the transfer was the same asset between two Ripple accounts, fees should have been miniscule to non-existent. (You can PM me the information if you don't want it public.)

[Mercury]

Etherum fees according to a help doc:

Fees applied to transaction go to support the networks that run the coin/token - so, for instance, every standard (non-contract) ETH transaction currently applies a fee of .000441 ETH. This fee does not go to us; it goes to reward miners (thereby ensuring that the transaction is logged into the blockchain in a timely fashion) and support the Ethereum network itself. Note that transactions that interact with a contract address will be more costly.

[robster]

Thank you all for your help.  It turns out a day later I checked and there was the full .4 ETH in my new wallet.

I can't say why or how but it's resolved itself.

 

Thanks for the great info though, it's much appreciated.  It's been worthwhile learning what you've shared either way.