I purchased some FunFair tokens today and sent them to MyEtherWallet. I now want to send those tokens back to an exchange and don't have any Ether in my account. I had no idea I needed 0.001 Ethereum to send a few bucks of tokens out of MyEtherWallet. The tokens aren't even worth 0.001 Ethereum.
Any help on what I can do would be really appreciated.
Thank you.
There's nothing to do here. That transaction fee sounds a little high but in the right order of magnitude.
If the tokens aren't worth the cost to transfer them, then I wouldn't bother. But there's no way to transfer them without paying the fee.
The total cost of a transaction (the "transaction fee") is the Gas Limit * Gas Price. Your wallet (e.g. MyEtherWallet or MyCrypto or Mist or whatever) will help you estimate the best gas price and gas limit to use. However, you can adjust the gas price to reduce the cost.
The gas limit is the amount of gas you need to include to ensure the transaction is successful.
The gas price affects how fast you want your transaction to be mined.
For sending a small amount of tokens like this, you could lower the gas price to be 1 GWEI to reduce the transaction fee.
The gas limit in this case it looks like it will be 44175.
That means you will pay 44175 * 1 GWEI = 44175 GWEI = 0.000044175 ETH = ~$0.03 USD
By the way....this applies anytime you send tokens or do anything on the Ethereum network. Ether (ETH) is the fuel for that network. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you must pay for that computation. That payment is calculated in Gas and gas is paid in ETH.
If you really want to dive deep, check out what is gas?
A word of caution in addition to what the other answers here provided. You mentioned transferring these tokens to a wallet, and now you want to transfer some back to an exchange but are concerned about fees. You may find a large fee to transfer coins/tokens off an exchange, by the exchange as well. I'd suggest trying to avoid unnecessary withdrawals and deposits. (remember its not recommended to leave your coins on an exchange)
Besides possible exchange fees, bottom line, there is a fee for computations involved by miners, though you have some say in how what you need done is prioritized on the network, based on how you set your gas settings. (pay more, faster service)
Pricing may also vary based on traffic on the network when you're trying to process whatever transaction. (supply and demand)
