Before knowing what Metamask is, let’s first understand decentralized applications or dApp. These are the newest way of building mobile applications but unlike conventional mobile apps, they are run on a peer-to-peer network like the Blockchain.
That means there is no entity that controls it; the app is completely open-source, the data and records must be public. The concept and entry to dApp might seem overwhelming for people not very comfortable with crypto.
This is where Metamask comes in. It lowers the barrier of entry to new people to access dApps. Basically, the Metamask is an extension that is installed on your browser, and in that, you can store ERC-20 and Ether tokens.
This is connected to Ethereum based dApps, where you can use the tokens on games, gambling applications or even trade them on decentralized exchanges. So, it serves as a gateway to the beautiful world of decentralized applications.
What Does “Metamask Insufficient Funds” Mean?
Metamask primarily functions as a cryptocurrency wallet. If you are making transactions on any platform that requires you to pay funds from your Metamask wallet, you will also have to pay the gas fee associated with Ethereum or the native token that will be deducted alongside the transaction amount in your Metamask wallet.
Note that the network gas fees of Ethereum or the native token may be quite high and it varies with the traffic on the network.
In fact, if your transaction is any of the following, you will need to pay the gas fee in ETH or the native token:
- Transfer of tokens from one wallet to the other
- Redeeming of tokens
- Staking tokens and other associated transactions
Therefore, this error occurs if you do not have enough ETH or the native token balance in your Metamask wallet to cover the gas fee.
Reasons Of Metamask Insufficient Funds Error
There are several reasons why this error might show up. They could be either or combined of the following:
- You may not have enough funds in ETH or the native currency in order to complete the transaction
- You may not have enough funds in ETH or native currency to pay the gas fees associated with the network implementing the transaction
- Or could be using another blockchain and you may not have enough native token to pay for the gas fees.
The only way to solve these issues is to identify and add the required amount of ETH or native tokens.
How To Fix “Metamask Insufficient Funds” Error?
Let us consider the case of insufficient ETH. The same steps will apply for another native token as well.
The way to fix the Metamask Insufficient Funds error is to add more ETH or native token to your Metamask wallet so as to pay the gas fee required.
Here are the steps to add ETH to your Metamask account:
Step 1: Log In To Your MetaMask Wallet Account
It is highly recommended to implement all security measures requested by Metamaskk to ensure your account stays safe from unauthorized usage and hacking.
Keep a strong password and also create your own security access phrase, when prompted. Do not share both with anyone.
Step 2: In The Home Screen, Click On ‘Buy’
On this screen, you will see the name of your account, as well as various activities you can do with the funds in your wallet (receive, buy, send and swap).
Also, you will see the current balance of ETH in your wallet.
Step 3: Select ‘Buy ETH With TRANSAK’
TRANSAK is the gateway that will convert your fiat currency (in your credit/debit card) to the ETH tokens.
The amount you will get for the fiat currency will depend on the conversion rate at the time of the transaction. Depending on the country you are accessing the app from, the payment gateways may vary.
Step 4: Enter The Amount In Your Fiat Currency That You Want To Convert To ETH
It is recommended to see the calculation (by clicking on the ‘See Calculation’ option), to know the different fees and breakdown of the amount that you are converting.
Also, note the average processing time that is displayed below the ETH value, this signifies to an extent the amount of traffic present at the time on the ETH network.
Step 5: Click On ‘Buy Now’
In the next step, you will be redirected to the summary of the transaction. Go through them once and also note the ETH Wallet address in your Metamask to which the funds will be transferred.
Step 6: Click On ‘Buy ETH’
Enter your financial details (UPI if it’s in India, credit/debit card details in most other countries) and once it’s successfully processed, you should see the balance appear on your Metamask wallet.
Also Read: Does Metamask Report To IRS?
Below is some Common Troubleshooting with the ‘MetaMask Insufficient Funds’ issue:
The ‘Confirm Button’ Is Greyed Out In The Confirmation Screen
This happens when you have insufficient ETH or native token funds in your MetaMask Wallet to complete the transaction. You will need to first add funds using the above steps.
Metamask Is Saying Insufficient Funds But There Are Enough Funds In The Wallet
One of the most common issues reported by users, before knowing how to solve the issue, it is essential to understand various terms associated with the gas fee on Metamask.
The gas limit: It is the maximum amount of gas fee that you are willing to spend for a transaction or an EVM operation.
Max Priority Fee: In other words, it is also known as the miner tip and this goes as an incentive to the miner to make your transaction a priority. The value you put here is the max of this fee that you are willing to pay.
The Max Fee: It is the entire amount you pay for the transaction, that is the base fee + the priority fee, and this sum is multiplied by the units of used gas. This amount is set initially, according to the history of the previous block transactions. But you can also set this amount in the settings.
At the final screen before processing your transaction, you will notice an ‘Estimated Gas Fee’. The amount would have appeared in blue. Click on that, and you will be taken to a screen, where you can set the Gas Fee, Max Priority Fee, and Max Fee.
The Max Fee that you set here must be the minimum balance in your ETH or native token wallet so as to not see the error of ‘insufficient funds.’
Conclusion
So, this is a comprehensive guide on Metamask Insufficient Funds. The bottom cause is not having enough ETH or native token in the wallet to cover the max possible gas fee for your transaction.
Credit that in your wallet and you will be good to go! If you have further queries with your transactions, you can reach out to Metamask Customer Support.
