I am completely lost!
I received about $20 of XYO from the Coin app. I want to send it to my Coinbase account. The problem is how?
I can’t swap XYO for ETH to pay the gas fees but even if I had the ETH it wants more than $20 to send it.
Hi oldtec,
The price of gas on for anything on the ethereum mainnet fluctuates heavily, daily. When I say heavy, I mean you can see swings of hundreds of dollars in a day, depending on what’s going on in the network and what you want to do.
There is no way to transfer tokens on eth network without paying gas.
You’ll have to pay attention to what gas prices are for what you want to do day to day. This article covers where you can see that (blue hyperlink in article to Etherscan’s gas tool).
Good luck! I hope low gas prices hit your eyes soon so you can send. Also, just to throw it out there be sure you’re sending to the right address when you send to Coinbase. They make it fairly clear but if you’re new just move slow and read it all.
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I understand that prices fluctuate but I have never seen a quote for less than the amount I’m trying to transfer. That’s just insane!
The lowest gas fee I’ve seen to transfer $20 of XYO or to swap for Eth is $25. That makes no sense.
Totally understand it’s a lot. You’re going to have a challenge with having to keep an eye on swap or transfer prices for it to be beneficial for you to do. Transactions on Ethereum can be pricey to do. A couple months ago, we were lucky to see transactions under $80 usd (approx) for a bit there. I think keeping an eye out on transfer prices may be your best bet for this. In my own experience if you find something at around $5-$6 usd or less, that’s a take.
There is no way to do transactions on blockchain without paying gas. Layer 2’s are coming up with good solutions for high fees on eth, but with your amount being so low it’s not going to help in this situation.
I hope you’re able to find a low transfer fee day. Checking multiple times a day will probably get you there. Good luck!
Thanks. But then there’s getting Eth into the account to do the swap to deal with.
It’s strange that Coinbase can swap coins for pennies while it costs so much on Meta.
So does it cost a gas fee on Meta to receive Eth? If so all I can do is wait years for my coin to reach a serious gain to be worth it.
Hey,
Good question! Coinbase is an exchange and they charge flat fees for transactions.
MetaMask is a self-custodial wallet. They are not an exchange and do not keep any of the gas fee that you’re charged. Gas fees get charged directly to you and go to the miners processing the transactions. The miners are not part of MetaMask.
You do not pay to receive anything. Only time you pay gas is when you’re initiating a transaction. It can definitely be a lot and is something many big brains are out there working to improve.
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