How do I set the transaction fee of Keystone Pro?

To set the transaction fee on your Keystone Pro, navigate to 'Send', choose your fee level, and confirm the transaction details before entering your PIN to authorize it.

Apr 25, 2025 at 09:36 am

Setting the transaction fee on the Keystone Pro hardware wallet involves a few straightforward steps to ensure your transactions are processed efficiently and securely. The Keystone Pro, known for its robust security features, allows users to customize transaction fees to balance between speed and cost. Here, we will guide you through the process of setting the transaction fee, ensuring you understand each step thoroughly.

Understanding Transaction Fees

Before diving into the setup process, it's important to understand what transaction fees are and why they matter. Transaction fees are payments made to miners or validators on the blockchain network to process and confirm your transaction. These fees can vary based on network congestion and the urgency of your transaction. On the Keystone Pro, you have the flexibility to set these fees according to your needs.

Accessing the Transaction Settings

To begin setting your transaction fee, you first need to access the transaction settings on your Keystone Pro. Here's how you can do it:

• Turn on your Keystone Pro and navigate to the main menu.
• Select the 'Wallet' option from the menu.
• Choose the cryptocurrency for which you want to set the transaction fee.
• Go to the 'Send' option to initiate a transaction.

Setting the Transaction Fee

Once you are in the 'Send' section, you can proceed to set the transaction fee. Follow these steps carefully:

• Enter the recipient's address and the amount you wish to send.
• Scroll down to the 'Fee' section. Here, you will see options to set the fee.
• Choose between 'Low', 'Medium', and 'High' fee settings. These correspond to different levels of priority and cost.
• If you want more control, select 'Custom' to manually input a specific fee amount. This is useful if you have a particular fee in mind or if you want to optimize for a specific transaction time.

Confirming the Transaction

After setting the transaction fee, you need to confirm the transaction details before proceeding. This step ensures that you are satisfied with the fee and other transaction parameters:

• Review the transaction details, including the recipient's address, the amount, and the set fee.
• If everything looks correct, press 'Confirm' to proceed.
• You will be prompted to enter your PIN to authorize the transaction. Enter your PIN carefully.
• Once the PIN is verified, the transaction will be signed and broadcasted to the network.

Verifying the Transaction

After the transaction is broadcasted, it's crucial to verify that it has been processed correctly. Here's how you can do that:

• Go back to the main menu and select 'Transactions'.
• Find the transaction you just sent and check its status. It should show as 'Pending' initially.
• Wait for the transaction to be confirmed by the network. The time it takes can vary based on the fee you set and the current network conditions.
• Once confirmed, the transaction status will change to 'Confirmed', indicating that it has been successfully processed.

Adjusting Fees for Future Transactions

If you find that the fees you set are not optimal for your needs, you can adjust them for future transactions. Here's how:

• Return to the 'Send' section as described earlier.
• Set a different fee based on your experience with the previous transaction. You might choose a higher fee for faster confirmation or a lower fee if you are not in a hurry.
• Remember that network conditions can change, so what worked well once might not be ideal in the future.

Frequently Asked Questions

Q: Can I change the transaction fee after the transaction has been broadcasted?

A: No, once a transaction is broadcasted to the network, the fee cannot be changed. If you need to adjust the fee, you would need to cancel the transaction (if possible) and resend it with a new fee.

Q: What happens if I set the transaction fee too low?

A: If the transaction fee is set too low, your transaction might take longer to be confirmed or might not be confirmed at all. Miners prioritize transactions with higher fees, so a low fee could result in delays.

Q: Is there a way to estimate the optimal transaction fee on the Keystone Pro?

A: While the Keystone Pro does not have a built-in fee estimator, you can use external tools or websites that provide real-time data on network congestion and recommended fees. You can then manually input these suggested fees into the 'Custom' fee setting on your Keystone Pro.

Q: Can I set different transaction fees for different cryptocurrencies on the Keystone Pro?

A: Yes, the Keystone Pro allows you to set transaction fees independently for each supported cryptocurrency. You will need to navigate to the specific cryptocurrency's 'Send' section to adjust its fee settings.