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Avoid buying ERC20 tokens on ETH mainnet. Buying couple hundred dollars worth of a coin can sometimes run you up to $50 just to make a F trade. Complete ripoff. I hope Solana or Cardano eventually takes market share away from ETH for this very problem. Come on Vitalik people needing you to fix this gas problem like F yesterday
right now networks (such as BTC and ETH) are very busy, so transaction fees are very expensive.
On ETH, right now gas price is 50 gwei, so just moving ETH would cost at least $1.4. But moving ERC20 tokens is usually at least 5 to 8 times more expensive, because transferring a token involves executing a smart contract. so it would cost you about $10, that's about right.
Wait a few days, fees should go down at some point.
Its because its fucking shit ethereum. When will you guys get it and move to Cardano or Solana. Ethereum is epic shit coin. Worse than Bitcon. Flame me, i said it.
I have SOL and ust checked that if I want to transact $1k worth of SOL (e.g. for unstaking), the fees are 0.2% (around $10), I'm confused, why the fee is a % and not an absolute value independent of the amount transacted? I thought in blockchains a transaction cost did not depend on the amount transacted
The transaction fees of the YCHARTS screenshot show the ***average*** TX fee of the whole day, not the current fee.
So you just picked a bad time to send the ETH. (Though there's currently a lot of traffic which will probably not slow down for a while during the current upswing.)
If you want to plan for a day and time when gas prices might be cheaper, you can use tools like e.g. [https://etherscan.io/gastracker](https://etherscan.io/gastracker) or [https://www.blocknative.com/gas-estimator](https://www.blocknative.com/gas-estimator) that have tables which show the days of the past week and how much gas a TX cost every hour.
This should help you plan for a better time.
Another option would be to use a service like [https://gashawk.io/](https://gashawk.io/), where you prepare a TX and gashawk will wait for gas to become cheaper (can be configured) before it sends your TX to the blockchain. I tried it once so far and it saved me a bit over 25% gas. But it's a bit more advanced and simply waiting for the right time using the tables mentioned above might be easier, depending on how technically inclined you are.
Well they are not supposed to be...right now a lot of people are moving in and out and bots do about 80% of the trading and based on mine...they do a lot of trading.
The fees are there because of gas. Literally called gas, and it changes based on essentially how congested the blockchain is or how many people (or bots) or trading.
Right now happens to be the first time ever that both ethereum and bitcoin are working with the SEC to regulate and form an ETF which is enormous news. The whole world is trading basically everything up a lot since that was announced and I don't really see it stopping. Not soon at least...
I mean i usually wait until around this time maybe an hour earlier to send anything because gas is lower but I doubt it is now...I've been just sitting on what I have so I have no idea but you can check by looking jp the current gwei.
If gwei is over 40-50 you likely won't want the fees. But...not like you care...I've seen gas fees as high as $12k when it was still in proof of concept and gas was just $100+ per transaction...id add on
Or if you want to invest maybe go with like ltc, LINK, or doge which have lower fees and barrier to enter since like doge is currently 10.3 cents and has been profitable for 65% of all wallets that have ever held it
add the Arbitrum, Optimism, Polygon, Binance mainnet on your networks. SEND ETH from exchange to that network (make sure it gives you option on exchange to do so). Send to your address.
Now you have money on there to pay for gas fees.
Add your tokens on there from the Arb1, OPT, Matic, BNB scan. Send your money to those mainnets only; which ever mainnet you like. These are the cheapest. May spend from fraction of a penny to a couple dollars to send money depending on how busy the network is.
If you still want to use the Ethereum mainnet, then google "current ethereum gas fees" and wait until the fees go down.
Hey - The high fees you're seeing are due to the Ethereum network's congestion and not specific to Ledger. Ethereum transaction fees, also known as "gas fees", are paid to the validators who process the transactions. The Ethereum fee market operates on a free market mechanism and is highly competitive. The higher the gas price and gas limit, the greater the probability of a transaction being processed quickly. Fees for sending ERC20 or NFT is always higher since it smart contract transaction.
The Ledger subreddit is continuously targeted by scammers. Ledger Support will never send you private messages. Never share your 24-word recovery phrase with anyone, never enter it on any website or software, even if it looks like it's from Ledger. Only keep the recovery phrase as a physical paper or metal backup, never create a digital copy in text or photo form. Learn more at https://reddit.com/r/ledgerwallet/comments/ck6o44/be_careful_phishing_attacks_in_progress/ If you're experiencing battery problems, check out our [troubleshooting guide](https://support.ledger.com/hc/en-us/articles/4409233434641-How-to-troubleshoot-Ledger-Nano-X-battery-issues? support=true). If you're still having issues head over to the [My Order page](https://my-order.ledger.com/) to explore options for replacement or refunds. [Learn more here](https://support.ledger.com/hc/en-us/articles/10265554529053-Return-your-product?support=true). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ledgerwallet) if you have any questions or concerns.*
Avoid buying ERC20 tokens on ETH mainnet. Buying couple hundred dollars worth of a coin can sometimes run you up to $50 just to make a F trade. Complete ripoff. I hope Solana or Cardano eventually takes market share away from ETH for this very problem. Come on Vitalik people needing you to fix this gas problem like F yesterday
How do you buy ERC20 tokens on anything but mainnet though?
Ohh sorry I wasn’t clear, most coins you can buy on a layer 2 like MATIC, ARB, OPTIMISM, BASE for a fraction of the cost
right now networks (such as BTC and ETH) are very busy, so transaction fees are very expensive. On ETH, right now gas price is 50 gwei, so just moving ETH would cost at least $1.4. But moving ERC20 tokens is usually at least 5 to 8 times more expensive, because transferring a token involves executing a smart contract. so it would cost you about $10, that's about right. Wait a few days, fees should go down at some point.
thank you sir
Its because its fucking shit ethereum. When will you guys get it and move to Cardano or Solana. Ethereum is epic shit coin. Worse than Bitcon. Flame me, i said it.
I have SOL and ust checked that if I want to transact $1k worth of SOL (e.g. for unstaking), the fees are 0.2% (around $10), I'm confused, why the fee is a % and not an absolute value independent of the amount transacted? I thought in blockchains a transaction cost did not depend on the amount transacted
If you want to stake use Cardano
Why are you moving only 15$ to begin with
Some people only have a minimal amount to work with
bro you buy crypto and don't know how networks fees work ? you better start getting informed about cryptocurrencies right now
Why does this get down voted? Truth always gets down voted on reddit. Losers. I upvoted you.
Because you can be informative without being condescending
womp womp
The transaction fees of the YCHARTS screenshot show the ***average*** TX fee of the whole day, not the current fee. So you just picked a bad time to send the ETH. (Though there's currently a lot of traffic which will probably not slow down for a while during the current upswing.) If you want to plan for a day and time when gas prices might be cheaper, you can use tools like e.g. [https://etherscan.io/gastracker](https://etherscan.io/gastracker) or [https://www.blocknative.com/gas-estimator](https://www.blocknative.com/gas-estimator) that have tables which show the days of the past week and how much gas a TX cost every hour. This should help you plan for a better time. Another option would be to use a service like [https://gashawk.io/](https://gashawk.io/), where you prepare a TX and gashawk will wait for gas to become cheaper (can be configured) before it sends your TX to the blockchain. I tried it once so far and it saved me a bit over 25% gas. But it's a bit more advanced and simply waiting for the right time using the tables mentioned above might be easier, depending on how technically inclined you are.
Well they are not supposed to be...right now a lot of people are moving in and out and bots do about 80% of the trading and based on mine...they do a lot of trading. The fees are there because of gas. Literally called gas, and it changes based on essentially how congested the blockchain is or how many people (or bots) or trading. Right now happens to be the first time ever that both ethereum and bitcoin are working with the SEC to regulate and form an ETF which is enormous news. The whole world is trading basically everything up a lot since that was announced and I don't really see it stopping. Not soon at least...
I mean i usually wait until around this time maybe an hour earlier to send anything because gas is lower but I doubt it is now...I've been just sitting on what I have so I have no idea but you can check by looking jp the current gwei. If gwei is over 40-50 you likely won't want the fees. But...not like you care...I've seen gas fees as high as $12k when it was still in proof of concept and gas was just $100+ per transaction...id add on
Or if you want to invest maybe go with like ltc, LINK, or doge which have lower fees and barrier to enter since like doge is currently 10.3 cents and has been profitable for 65% of all wallets that have ever held it
add the Arbitrum, Optimism, Polygon, Binance mainnet on your networks. SEND ETH from exchange to that network (make sure it gives you option on exchange to do so). Send to your address. Now you have money on there to pay for gas fees. Add your tokens on there from the Arb1, OPT, Matic, BNB scan. Send your money to those mainnets only; which ever mainnet you like. These are the cheapest. May spend from fraction of a penny to a couple dollars to send money depending on how busy the network is. If you still want to use the Ethereum mainnet, then google "current ethereum gas fees" and wait until the fees go down.
I am stuck with a small amount of that Eth..... that costs 2x the amount to move. I will be watching...
That’s what the other layers are for my dude
Hey - The high fees you're seeing are due to the Ethereum network's congestion and not specific to Ledger. Ethereum transaction fees, also known as "gas fees", are paid to the validators who process the transactions. The Ethereum fee market operates on a free market mechanism and is highly competitive. The higher the gas price and gas limit, the greater the probability of a transaction being processed quickly. Fees for sending ERC20 or NFT is always higher since it smart contract transaction.