Why is my ETH transaction fee on Trust Wallet so high? (2024)

FAQs

Why is my ETH transaction fee on Trust Wallet so high? ›

Your ETH gas fee is high because of several factors, including network congestion, high block rewards, and Ethereum's TPS being 14 compared to BTC, which has 40 TPS. These factors contribute to Ethereum's slowness, and many projects built on it contribute to the high gas fees.

As more users attempt to transact on the network, the competition for limited block space intensifies. This heightened demand for faster transaction processing translates to higher fees. Conversely, during periods of lower trading activity, the network experiences less congestion.

To reduce Ethereum gas fees, choose off-peak hours for transactions, batch similar transactions, use gas tokens and estimation tools, and explore Layer 2 solutions like Optimism. Whether you're an avid DeFi user, a DApp developer, or simply a casual Ethereum enthusiast, high gas fees are equally frustrating for us all.

When the network is busy, such as during peak usage times, gas fees can increase due to heightened competition for block space. Transactions involving complex smart contracts typically incur higher fees because they require more computational resources to execute.

Trust Wallet doesn't charge withdrawal fees itself. However, when making transactions on the blockchain, such as sending coins to another wallet, network fees apply.

You can use Blocktrade as a cheap, secure, and global exchange to buy ETH. You don't need to pay any trading fee while using Blocktrade exchange. Sign up for free, create an account, and purchase ETH with a few clicks.

Ethereum Network Transaction Fees Per Day is at a current level of 495.47, up from 440.21 yesterday and down from 531.09 one year ago. This is a change of 12.55% from yesterday and -6.71% from one year ago.

Ethereum Average Transaction Fee is at a current level of 0.6671, down from 0.9471 yesterday and down from 0.9878 one year ago. This is a change of -29.56% from yesterday and -32.47% from one year ago.

What do Ethereum transaction fees depend on? ›

Ethereum's transaction fees are the result of network traffic and validator availability. When there is more traffic, fees are higher.

The best times to do Ethereum transactions are early in the morning, between 1:00 and 2:00 UTC, or late at night, between 9:00 and 11:00 UTC. You should keep in mind that the majority of transactions take place in the United States, Europe, and Asia.

Your ETH gas fee is high because of several factors, including network congestion, high block rewards, and Ethereum's TPS being 14 compared to BTC, which has 40 TPS.

Consider using the Ethereum network during low-traffic times when fewer transactions are being processed. You can check when activity is low by using a blockchain explorer like EtherScan. This can help you take advantage of lower gas fees.

Setting a max fee for gas is a way of telling the Ethereum blockchain that X gwei is the most you are willing to spend by sending X gwei as your total gas fee. Once the transaction is completed, the Ethereum network will refund the remainder of the max fee that wasn't used as part of your total gas fee.

Cost & Fees

Like most software wallets, Trust Wallet is free to use and does not require any subscription. For in-app transactions or swaps, the wallet does not charge any fees, although users need to pay the network fee.

Trust Wallet doesn't charge withdrawal fees itself. However, when making transactions on the blockchain, such as sending coins to another wallet, network fees apply.

Each transaction is made up of data, which is measured in bytes. More complicated transactions involve more data and so are more expensive. Generally speaking, this means higher value transactions (involving more bitcoin) consume more data, and so require higher transaction fees. However, it's not exactly that simple.

How is the price of Trust Wallet (TWT) calculated? The price of Trust Wallet (TWT) is calculated in real-time by aggregating the latest data across 63 exchanges and 84 markets, using a global volume-weighted average formula. Learn more about how crypto prices are calculated on CoinGecko.