I have an Exodus Wallet with some USDC in it. When I try to exchange them or send them to another wallet, it says that I need to add some ETH to make it possible (0.0043 ETH). I check on Binance and the gas fee for the transaction is 15$ which seems too big. I was wondering if you have any tips on how to deposit a lower amount, without paying too much for the transfer fee?. Thank you and sorry for the bad English!
1 Answer
The transfer fee depends on the used gas price. You are free to set any gas price you want, for your transaction, but if you want your transaction processed in a reasonable timeframe you have to set a reasonable gas price for it.
The current gas prices and their respective costs can be seen for example at https://etherscan.io/gastracker . An average ERC20 token transfer costs currently $8.
Centralized exchanges, such as Binance, will include extra fees in the transfers. But you don't really have options if you want to use them - you have to pay their fees.
answered May 2, 2021 at 17:23
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Do you know any other exchange where you can buy ETH and they don't charge that much for the gas price?– Dodo239Commented May 2, 2021 at 18:15
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That's not possible. Eth transactions cost what they cost - there's no simple way around it for any transaction in the mainnet. Commented May 2, 2021 at 18:56