How to know ETH Ethereum transaction fee?

[Scorpion Ghost]

So I'm thinking of withdrawing about $1,500 of Ethereum from an exchange to a wallet - Exodus.

The fee the exchange lists is 0.004 ETH, which is like $5 bucks.

But I think this is just their fee, not the actual transaction fee.

And I'm worried that I'll withdraw $1,500 and only get like $1,000 or $500 or less in my Exodus wallet, and then it will be like "oh well yeah Ethereum fees super high right now sorry"

How to know what the transaction fee will be, roughly?

 

[RoyalOffshore]

The fee that may not be listed is ‘gas’ - the gas pays to miners. Depending how much you send from wallet to wallet, there is the fee.
For each transaction - minimum 21000 gas is needed. Which to sum to this case will end up with a total $20 - $25 fee.

 

[USA282]

I use ethgasstation.info (not affiliated - wish I was)

 

[Scorpion Ghost]

The fee that may not be listed is ‘gas’ - the gas pays to miners. Depending how much you send from wallet to wallet, there is the fee.
For each transaction - minimum 21000 gas is needed. Which to sum to this case will end up with a total $20 - $25 fee.

ethgasstation.info

Okay guys, I see, thank you.

The amount is actually about $1,750, so I guess I'm looking at $25+ fee at least.

One more question, is Ethereum like Bitcoin in that the higher the value of ETH the higher the fee? I assume it is, but just to confirm.

So for example (and pay no attention to the numbers):

If ETH is $1,000, the fee would be $10. But if ETH is $2,000, the fee would be $20.

Right?

 

[Deleted member 1333509]

Okay guys, I see, thank you.

The amount is actually about $1,750, so I guess I'm looking at $25+ fee at least.

One more question, is Ethereum like Bitcoin in that the higher the value of ETH the higher the fee? I assume it is, but just to confirm.

So for example (and pay no attention to the numbers):

If ETH is $1,000, the fee would be $10. But if ETH is $2,000, the fee would be $20.

Right?

Nope, the demand for transactions is the only thing that impacts gas fees mate.

The reason they're higher now is because of increased activity on the Ethereum blockchain, many defi projects, more trading.. there's only so many tx that can move through the blockchain and when demand massively outstrips supply then miners only take tx's with higher fees.. because they can.

Then as more people still can't get their tx's through, they bid higher. This pushes up required gas fees for anyone else.

You won't be charged $500 for a tx.. in fact whatever the exchange quotes you for the cost of tx is the total tx and they pay the gas fees out of that.

 

[Scorpion Ghost]

Nope, the demand for transactions is the only thing that impacts gas fees mate.

The reason they're higher now is because of increased activity on the Ethereum blockchain, many defi projects, more trading.. there's only so many tx that can move through the blockchain and when demand massively outstrips supply then miners only take tx's with higher fees.. because they can.

Then as more people still can't get their tx's through, they bid higher. This pushes up required gas fees for anyone else.

You won't be charged $500 for a tx.. in fact whatever the exchange quotes you for the cost of tx is the total tx and they pay the gas fees out of that.

I see, thanks.

The exchange in question is coinpayments, and the fee they're showing me is 0.004 ETH, which is like $5-6 bucks. But they show this same fee whether I withdraw $100 or $1,500 or $15,000.

I have a feeling that's just the fee they take for the withdrawal, and I'll be surprised with an extra - transaction - fee once I receive the ETH in my wallet.

So you think $5-6 is all I'll lose?

 

[USA282]

The gas fees keep fluctuating anywhere between $1-100 (sometimes more or less)
This gas price depends upon the network load (number of transactions), which are high atm. That's the main reason behind rising Eth fees these days.

But anyways, screw ETH. Its the most over-rated blockchain ever.

 

[Scorpion Ghost]

Nope, the demand for transactions is the only thing that impacts gas fees mate.

The reason they're higher now is because of increased activity on the Ethereum blockchain, many defi projects, more trading.. there's only so many tx that can move through the blockchain and when demand massively outstrips supply then miners only take tx's with higher fees.. because they can.

Then as more people still can't get their tx's through, they bid higher. This pushes up required gas fees for anyone else.

You won't be charged $500 for a tx.. in fact whatever the exchange quotes you for the cost of tx is the total tx and they pay the gas fees out of that.

So I just checked, here is coinpayments fees page - https://www.coinpayments.net/help-fees

The fine print says:

2 This list doesn't include gas fees needed for coin types that need another coin for gas such as ERC20 tokens needing ETH or Omni Layer tokens needing BTC.

 

[Deleted member 1333509]

I see, thanks.

The exchange in question is coinpayments, and the fee they're showing me is 0.004 ETH, which is like $5-6 bucks. But they show this same fee whether I withdraw $100 or $1,500 or $15,000.

I have a feeling that's just the fee they take for the withdrawal, and I'll be surprised with an extra - transaction - fee once I receive the ETH in my wallet.

So you think $5-6 is all I'll lose?

Yep, they don't take a % bro.. no exchanges do. Right now for example, it's $20 to withdraw ETH from Binance whether you withdraw $21 (and receive $1) or withdraw $1,000,000.

2 This list doesn't include gas fees needed for coin types that need another coin for gas such as ERC20 tokens needing ETH or Omni Layer tokens needing BTC.

Yikes, that's pretty shifty. Will still only be $20 max though, surely. I don't like using platforms like Coinpayments tbh and avoid them at all costs. Still you shouldn't be charged a % mate.

 

[Scorpion Ghost]

Yep, they don't take a % bro.. no exchanges do. Right now for example, it's $20 to withdraw ETH from Binance whether you withdraw $21 (and receive $1) or withdraw $1,000,000.

I don't worry about the exchange, I worry about the magic-miners-intermediary situation.

Exchange takes $5 -> miners processing black magic takes $? -> Arrives in wallet

It's the middle part there that fucks with me

 

[Deleted member 1333509]

I don't worry about the exchange, I worry about the magic-miners-intermediary situation.

Exchange takes $5 -> miners processing black magic takes $? -> Arrives in wallet

It's the middle part there that fucks with me

Well like I said, Binance is charging $20 total right now for ETH txs. That means that mining fees can't be more than $20 rn, so you shouldn't get charged more. If they do then just never use the thieving cunts again.

 

[Scorpion Ghost]

Well like I said, Binance is charging $20 total right now for ETH txs. That means that mining fees can't be more than $20 rn, so you shouldn't get charged more. If they do then just never use the thieving cunts again.

The reason I wanna move my ETH off of coinpayments is because I want to stake it when staking becomes available, and I can't do that on Coinpayments. Plus a very worrying thread popped up on BHW about coinpayments earlier today, so it may be wise to slowly but surely... you know... not your keys not your crypto bitch

I mean, I only have 1.20 ETH, so it's not a big deal.

But on the one hand it sits in coinpayments and collects dust and on the other hand it sits in wallet and collects interest, even a tiny one.

I think the other hand wins

Plus ETH dropped now, so I thought I can get away with a lower transfer fee. Didn't know it goes by amount of transactions, not by value of coin.

 

[Deleted member 1333509]

The reason I wanna move my ETH off of coinpayments is because I want to stake it when staking becomes available, and I can't do that on Coinpayments. Plus a very worrying thread popped up on BHW about coinpayments earlier today, so it may be wise to slowly but surely... you know... not your keys not your crypto bitch

I mean, I only have 1.20 ETH, so it's not a big deal.

But on the one hand it sits in coinpayments and collects dust and on the other hand it sits in wallet and collects interest, even a tiny one.

I think the other hand wins

Plus ETH dropped now, so I thought I can get away with a lower transfer fee. Didn't know it goes by amount of transactions, not by value of coin.

Well there's farms where you can safely get up to 125% APY for ETH, much better than holding. Also Binance has staking, APY is much less though.

I'm farming at a rate of 750% APY right now

Go through some of the defi platforms and you'll find a few where you can get killer yield farm rates atm.

 

[Scorpion Ghost]

Well there's farms where you can safely get up to 125% APY for ETH, much better than holding. Also Binance has staking, APY is much less though.

I'm farming at a rate of 750% APY right now

Go through some of the defi platforms and you'll find a few where you can get killer yield farm rates atm.

I don't know all the things that you know

I just learned about Staking 3 days ago. Then literally today I saw I can earn interest on Blockchain.com.

In fact:



And now Farming?

I don't even know the lingo. What's APY? Like ROI?

---

The screenshot above. I have like 200 XLM in Blockchain.com. Think I should put it to earn interest?

 

[Deleted member 1333509]

I don't know all the things that you know

I just learned about Staking 3 days ago. Then literally today I saw I can earn interest on Blockchain.com.

In fact:

View attachment 164773

And now Farming?

I don't even know the lingo. What's APY? Like ROI?

---

The screenshot above. I have like 200 XLM in Blockchain.com. Think I should put it to earn interest?

Yeah farming is the same as staking mate.. locking up your tokens and getting paid in other tokens. APY is indeed the same as ROI, but its standardized to earnings over a year and takes compounding into the equation.

Yep, Blockchain.com, Binance, Crypto.com are all relatively mainstream ways to get involved with farming mate. You can also look at defi platforms like Curve.fi, Uniswap etc and they are the places that all the tokens getting staked on Blockchain.com are ending up.. they basically give you 8% but get like 12% and keep the change or smth.

 

[virtualpurity]

NEVER, ever use Exodus...

 

[Scorpion Ghost]

NEVER, ever use Exodus...

Oh my god, why? Give me reason, but something of substance, not just wind.

 

[Deleted member 1333509]

Oh my god, why? Give me reason, but something of substance, not just wind.

There's rumours that it's owned by the lizard people.

 

[Scorpion Ghost]

There's rumours that it's owned by the lizard people.

I continue... Oh my God!

Please, some substance please?

 

[Scorpion Ghost]

Well whatever, I started using Exodus a few days ago, and I really like it actually.

So unless there are good reasons why I shouldn't use it, I don't see a reason for not using it. Saying to never use it or saying it's owned by lizard people are not good reasons.

Okay, I am dead tired. Good night forum...