MetaMask is a non-custodial wallet that provides a secure platform for storing Ethereum blockchain cryptocurrencies in a software wallet.
With its safety and security features, it has earned more than 20 million monthly active users and has been trying to set a strong foot in the world of cryptocurrencies.
However, MetaMask Wallet fees might be a major drawback, this would limit its reach to the masses.
You might be still wondering what MetaMask wallet fees are when it is free. Well, it is free to use but not free for placing transactions.
Let us dive-in into what MetaMask fees, how can we avoid them, and what are deposits and withdrawal fees and especially.
We will learn at the end of this article why a Metmask charge is so high. Not to forget, we have a few words and tips on how you reduce the gas price.
MetaMask Wallet Fees
MetaMask imposes a fee for the swapping of tokens which differs from 0.4% to almost 0.9%
MetaMask uses Transak and Wayre for buying Ethereum coins. Both Trnsak and Wayre charge a high fee network as well as a transaction fee. On transaction fees, they charge more than 2%.
As per the data, you have to spend over 400 USD weekly for every transaction if you are an active user in the world of cryptocurrencies.
In short, MetaMask charge a small amount of fee for every feature. let it be
- Ethereum blockchain database
- Buying, Selling and Swapping of Ethereum coins and tokens
- An additional fee to pay the miners and validators.
MetaMask has made indifferent changes and has put together a way to easy, secure internet life when it comes to managing keys, transactions broadcasting, and built-in a bridge to connect with other decentralised apps. A crucial thing about MetaMask is its ‘wallet fees’.
To initiate transactions using MetaMask for the first time, there is an initial fee that you need to pay in the form of Ethereum.
Ethereum is used for safe and secure movement and implementation of contracts and decentralized apps in the absence of any intervention or malpractice from a third party.
Also Read: Can MetaMask Wallet be Hacked?
MetaMask Wallet Gas Fees
‘To pay gas fees’ are a few of the words that terrify people in the whole cryptocurrency exchange and token swapping. Why is it so? When it comes to Ethereum, the Gas fee is quite high.
Before taking a profound look at MetaMask’s wallet gas fees, let us understand what it implies.
- Gas is a unit of measurement here. It is termed ‘Gwei’.
- Gwei is an acronym for ‘Giga-wei’, and it is the smallest unit of Ethereum.
Gas fees in MetaMask are solely determined by its services. In other words, the gas price depends on the various factors, such as
- Price of ETH at the time of purchase
- Sending ERC-20 token
- ‘Swapping’
- Complications of the transaction.
Some essential recent changes that have been made by EIPs(Ethereum Improvement Proposals) – 1559 in MetaMask gas fees are :
- Gas price estimations where the previous terms such as Low, Medium and High have been replaced by ‘Low’, ‘Market’ and ‘Aggressive.’
Low is denoted with an emoji 🐢 , Market with a 🦊 and Aggressive with 🦍.
- The other option that appears on the fixing the gas price medium is ‘Advanced options, which is denoted with an emoji of the settings logo.
- “EIP-1559 have ‘not’ made the price determination of gas low, they just made changes to make it an easy and simplified process for the users” without the need of doing math or peeping to other oracles to check the gas price and getting irritated with a high price for gas in MetaMask.
Also Read: MetaMask Supported Coins
How To Avoid Gas Fees On MetaMask?
Unfortunately, you cannot avoid gas fees on MetaMask as it is a type of transaction fee. Moreover, it acts as a substitute for transaction fees.
Here are a few of the steps on how you can reduce and avoid high gas prices on MetaMask. They are:-
Step 1: Make A Rough Estimate Of The Gas Fee You Have To Pay
Understand the anatomy of gas fees on MetaMask
Check out the gas station for current gas prices, or visit the Ethereum gas tool.
Negotiate your contract by interacting with them about the gas limit.
Step 2: You Can Delay For A While If You Want To Pay A Lower Price
Open MetaMask and Click on Activity and then tab on the transaction on top, then Select Speed on the available speed box, next Open the window and Adjust the gas price that you want later Tab on Save.
Higher prices are paid, or a tip is given to the miner/validator to speed up the process of your transaction.
As a result, you pay a hefty amount, set a low price, and you would need to wait for a miner/validator to take up your transaction process.
Step 3: The Formulae For Max Fee Price (Base Fee + Priority Fee) × Units Of Gas Used
The Formulae For Max Fee Price is: (Base Fee + Priority Fee) × Units Of Gas Used
The base fee depends on the demand for computing any transaction. Opt for the transacting time when the network traffic is low.
A priority fee is paid to the miner or validator to carry out your transaction first in comparison to others who are waiting in line, be patient in case you are not running late.
It takes 21000 gallons of gas for ETH transactions(each) and 65000 gallons of gas for transacting every ERC-20 token, thereby lowering your number of transactions for a lower gas fee.
Step 4: Sort Your Transaction Types And Make Use Of Available Gas Tokens
Sorting your transactions will help you to identify which transactions are of urgent need, and you will be able to prioritise them accordingly.
The enhanced features of EIP-1559 would help you to understand and fix the gas fee. You can manually fix the pricing by tabbing on Advanced options on the gas fee page on MetaMask.
Also Read: Does Metamask Report To IRS?
MetaMask Wallet Deposit Fees
MetaMask does not charge any fees for deposits for the reason that it is free to use. The fees that you charge are for transactions and blockchain network fees for access.
MetaMask deals with transactions of Ethereum based coins and tokens. Make sure you are well aware of EIP’s 1559 changes and prices of ETH and ERC-20 tokens.
Always opt for a late-night transaction. At that time, usually, the demand is low, and you can get your transaction processed at lower gas fees.
Therefore, MetaMask has no deposit fees. Maximum wallet apps do not charge any fee for deposits. Visit the website for a better-cognized look at the deposit fees on different cryptocurrencies.
MetaMask Wallet Withdrawal Fees
MetaMask does not permit its users to trade money or withdraw money directly from the MetaMask wallet. You need to transfer the crypto coin to a major exchange platform which can be Binance, Coinbase, etc.
For every withdrawal from either of the exchange platforms, a fee is charged. Generally, the majority of the MetaMask users prefer Binance for its low transaction fees.
A very basic thing you need to follow is, firstly withdraw the cryptocurrency of your wish from your wallet. Secondly, exchange it for fiat currency with the aid of a crypto exchange platform.
Withdrawal fees on any wallet application are determined by the blockchain database network. The withdrawal fee is not a fixed rate as network traffic and congestion affect the fee(for crypto).
In case you are dealing with fiat currencies, the withdrawal fee totally depends on the type of currency you want to trade.
MetaMask Wallet Transfer Fees
MetaMask Wallet transfer fees are levied on several types of transactions. For the most part, it is charged on connections or transactions taking place via blockchain.
These transfer fees are based on the type of chain you use and often differ. Ethereum chain has a different fee structure whereas if you use the Binance Smart chain the transfer fee or network fee is different.
The transfer is a collective term which involves account fees, spot fees, fees given to miners and validators and tiered transaction fees.
Predominantly people question why the MetaMask transfer fee is so high? It is because it’s only one fee you are being charged. It includes other factors too.
Also Read: How To Add Solana To MetaMask Wallet?
Is MetaMask Wallet Free?
Yes. MetaMask is a free and open wallet to use.
However, you will have to pay certain fees to carry out transactions on the Ethereum blockchain. This includes:
- MetaMask is a wallet app which needs to earn ‘revenue’. They generate this revenue from swaps which is termed as ‘swap fee.’
- It has gas fees for transactions. Theoretically, gas plays the role of fuel to carry out your transaction computation.
- The network fee for the type of blockchain network you would be opting for.
MetaMask is a free to use and store wallet app that makes it one of the leading wallets for Ethereum.
Why Is The MetaMask Fee So High?
The widely asked question is, why is the MetaMask fee so high? It is mostly due to the flexible fee charged for gas. The gas fee is necessary to complete a transaction on the blockchain.
Below are some of the reasons why MetaMask is charging a high fee. They are:-
- You have traded at a time when the network is extremely busy. Many people are in a virtual war to get their computation done.
- You have not set your priority fee by making appropriate changes.
- Your base fee(charged by the network) is high for the demand of the crypto you are trading in/for.
- Inadequate knowledge of blockchain network fee structure, your understanding of the network chain plays a vital role as there are many who have paid more than the actual value for a coin or token.
- For the layers you are using, Layer 1 needs a high fee, whereas layer 2 fee charges are comparatively minimal.
Also Read: Fix: “Metamask Insufficient Funds” or “Confirm Button Gray Out” Error
What Is The Max Priority Fee MetaMask?
Max priority fee is the miner’s tip. Max priority fee to a minor acts as an incentive and stimulates the miner or validator to prioritise your computation for the transaction over other prospective users who are waiting for the same(computation).
This fee is charged for your increased chances of being within the ‘block’. Your set priority would determine your transaction pace and miners’ choice.
Winding Up
MetaMask wallet is widely used for storage purposes of digital coins and makes one of the best platforms for Ethereum(ETH and ERC-20) crypto coin transactions.
It allows you to buy, send and swap Ethereum based coins and tokens. It acts as a gateway to a decentralised finance ecosystem.
Initially, around 5000 gas could be used per block. Considering the vast demand and supply via the blockchain network, now 12.5 million gas can be used per block, making the block constant and transaction fee and related prices a fluctuating unit.
MetaMask is a user-friendly and easy to use app, especially for beginners who might have an issue with the high gas fee. Not to forget, this is a digital era, and numerous ways and solutions are available for a common problem.
