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As of 2021, MetaMask had 21 million active monthly users which is an increase of a staggering 38x compared to 2020.
Needless to say, MetaMask has skyrocketed in popularity.
With so many new users on the platform, however, many people wonder about fees with MetaMask.
Does MetaMask have fees, and if so, how much are they. Is it possible to reduce the fees associated with MetaMask?
In the following post, I uncover the answers to these and several other MetaMask fee-related questions.
In This Post:
- Does MetaMask Have Fees?
- Why Are MetaMask Fees So High?
- Does MetaMask Have Gas Fees?
- Why Are Gas Fees So High on MetaMask?
- How Are Gas Fees Calculated on MetaMask?
- How to Reduce Gas Fees on MetaMask (Step by Step)
- How Can I See What My Fees Will Be On MetaMask?
- Wrapping Up
Does MetaMask Have Fees?
The official site for MetaMask says that it has no fees. However, this is only true if your ETH balance is below a certain threshold. If you have more ETH than that amount, there are fees associated with maintaining your account on MetaMask. This fee is paid to the Ethereum network through gas, which is included in the transaction cost of deploying a contract. The fees range from 0.3%-0.875% of your total transactions and are paid in ETH.
Therefore, these fees don’t mean you have to pay extra. It is a necessary fee to be paid for you to use Ethereum and MetaMask.
Why Are MetaMask Fees So High?
MetaMask fees are higher because the Ethereum network currently pays miners who verify your transactions. It is called “gas,” and you may have noticed it in the transaction you sent.
The gas is almost always included in all valid transactions and is paid to miners by clients who use the Ethereum blockchain. Since MetaMask has high fees, the miners will likely include MetaMask’s transactions. Therefore you’ll pay more gas fees to miners to get your transaction through.
Metamask fees are high because, as previously stated, they pay miners who verify your transactions. It is called gas, and you may have noticed it in the transaction you sent. The gas is almost always included in all valid transactions and paid to miners by clients who use the Ethereum blockchain. Since MetaMask has high fees, the miners will likely include MetaMask’s transactions. Therefore you’ll pay more Gas fees to miners to get your transaction through.
In addition, the exchange rate for gas for a transaction is significantly higher when sending from an account with MetaMask. It means that besides paying higher gas fees to miners, you’re also paying a fee to the Ethereum network through Metamask.
Does MetaMask Have Gas Fees?
Yes. MetaMask has a fee paid to the Ethereum network through the gas. Every transaction will have a base Gas price and a higher amount of gas if the transaction includes “extra gas.” Extra gas is a fee paid to the Ethereum network for verifying and relaying your transaction. It means that MetaMask has higher fees than traditional clients.
How to set up gas fees in Metamask wallet?
To step up gas fees on MetaMask, click “Settings” and click “Submit to miners.” From there, you will see the gas fee that is currently set. You can also choose to pay an extra amount of MetaMask Gas. It will allow your transaction to be processed at a higher priority.
Why Are Gas Fees So High on MetaMask?
MetaMask has a higher Gas fee than most Ethereum clients because their parent company subsidizes them. MetaMask has high fees, and if you use MetaMask to create and send a transaction, your transaction may get ignored by miners. There is a higher gas fee to send the transaction, so instead of giving it to the miners (which you pay for), you give it to MetaMask.
Gas is a fee used to pay miners for processing your transaction. The higher the Gas fee, the faster you want your transaction to be processed. The MetaMask can subsidize this fee for you, but the fees would be higher for other clients who don’t subsidize it.
For instance, a default amount of gas (called the “base gas”) is required to produce such a transaction when you send a transaction to the Ethereum Network. The MetaMask pays part of that fee through their wallet, and their parent company pays the rest as part of their service.
If we’re not subsidizing MetaMask Gas Fees, then every other client paying with ETH would be subsidizing the MetaMask Gas Fees, too, since they have lower fees than MetaMask.
How Are Gas Fees Calculated on MetaMask?
Gas limits the amount of computation a transaction can take to process. A computation could be anything required to determine the transaction state (for example, the verification of a signature). Consequently, the fee is proportional to how much computation your transfer requires.
If you want your transaction sent immediately, you need to pay more gas fees. However, if you want it sent as fast as possible, you will be charged more for gas.
Every transaction has a gas limit, which is the minimum amount of computation required to be performed for your transaction to get executed. For example, if you’re sending 5 ether and have a gas limit of 1000000, the transaction will not go through unless the recipient account contains at least 5 ether.
The gas calculation depends on network fees and costs and the gas limit set by your client. The default gas limit for Ethereum users is set to zero.
For every transaction, an amount of gas is paid to the Ethereum miners to verify and relay your transaction. You can decide how much gas you want to pay for your transaction and how much you want the miners to charge you.
If you choose a lower gas limit, it will take longer for your transaction to process. However, if you choose a higher gas limit, it will be faster for your transaction to process.
The MetaMask, for instance, set its minimum gas limit to 250000. As a result, if you have a transaction with a gas limit of 200000 and you execute the transaction with a Gas Limit of 250000, it will be immediately processed instead.
As you can see above, the Gas Limit only determines how much miners will charge you for your gas and doesn’t affect how fast they process your transaction.
Therefore to calculate gas fees, MetaMask considers the following factors;
- The maximum priority fee – The max priority fee is the maximum fee paid to miners at a given gas limit. The default gas limit on MetaMask is 1000000, and this is the max priority fee.
- The average Gas price – The average Gas price is calculated using a formula based on current gas prices from previous transactions of similar type and gas limits. The average Gas price then determines how much you will have to pay per unit of computation required for your transaction.
How can the user determine what the current gas price is? Using MetaMask, you can determine the gas price by going to “Settings” and clicking on “Gas Price.” It will show you the base Gas Price that you need to pay. Also, if your transaction requires a higher Gas Limit, it will go through a more expensive transaction.
- The maximum fee – The maximum fee is the highest fee paid to miners at a given gas limit. The default Gas Limit on MetaMask is 1000000, and this is the maximum fee. It is calculated as (unit of gas *base fee+ priority fee).
As a result, the Max fee depends on your gas limit and the base Gas Price.
If you want to use the “Priority Gas” option, you can set the Gas Limit to 250000 and the gas fee to 50 Gwei. It will give you a priority gas with a maximum fee of 25000 Gwei.
It is important to note that;
Gwei -This is a unit of measurement for the gas fees being paid. 1 Gwei = 10^8 Wei
The base Gas price is not considered in this calculation. It is calculated from the current network gas price and the new transaction you want to construct.
For example, you could have a transaction that requires 5000x more computation than another transaction with a base gas of 1000000 but for a much cheaper gas cost.
On the other hand, the Priority gas is only paid when several transactions are being processed simultaneously.
For example, if another 2000 pending transactions require more computation than the current one, it will use the priority gas and not this one.
- Payouts with Metamask – If you want to use MetaMask to receive ethers, you must pay a fee through them (a commission) to receive ethers from any source. It is because their parent company charges a fee for each transaction.
Base Fee: This is the fee paid by the MetaMask to the parent company to provide services. You can see it in their wallet, and it is visible when you send funds. It is also the gas minimum fee required for a transaction to complete.
Other Fees: There are a few other fees that you will incur if you use MetaMask for receiving ethers. If you need to use a smart contract, there is a fee; again, this must go through MetaMask and then to the Ethereum network.
Therefore, if you want your transaction processed as fast as possible, you have to pay higher fees. MetaMask subsidizes the extra Gas fee so that the fees are not so high for other clients who use the same gas limit.
How to Reduce Gas Fees on MetaMask (Step by Step)
To make your transaction go through quickly, you can opt for the following options and steps.
1. Speed up the transaction. To speed up the transaction;
- Step 1: Open MetaMask and click on Activity
- Step 2: Click on the transaction you want to speed up the process
- Step 3: Click on Gas Price; a drop-down list will appear, click on Market
- Step 4: Enter your Gas price and confirm by clicking “Post Transaction”
- Step 5: Go back to your MetaMask account and confirm that the transaction went through.
Though it depends on several factors such as;
- How much Ether do you have in your account? If you have 0.01 in your account, it will take 50 minutes for your transaction to be processed.
- How much Gwei is the gas limit for the particular gas limit you chose?
2. Lower the gas limit to do this;
- Step 1: Go to settings in MetaMask, and click on “Gas Price.” Click on the drop-down list and select a lower value (say Gas Limit). Confirm by clicking “Post Transaction.”
- Step 2: Confirm that the transaction was processed. It can take up to 40 minutes before you can see it in the blockchain. You can always check your transaction through Etherscan. We recommend that you monitor your account with others so that if there are any problems, you will be aware of them sooner.
Reducing gas fees on MetaMask is essential to make your transaction complete quickly. Once you have made your payment, you can check your transaction on the blockchain.
It is vital to note that if you are using Ethereum, you have to use ETH. Gas Watch and carefully consider time and day while choosing this option.
Why is Gas price important?
The higher the gas price, the faster your transaction will be processed as a priority transaction on the Ethereum network. On the other hand, lower gas prices will make your transaction process slower than others. To avoid paying a high fee when performing a large transaction, set a low “Gas Limit” and a high “Gas Price.” You can get information about how much your fees will be through Etherscan.
How Can I See What My Fees Will Be On MetaMask?
It is possible for you to view how your fees will be on MetaMask by following these steps;
- Open Metamask and click on its icon at the top right corner of your browser.
- Click on Send option. You will see a new window open up.
- Enter the address of the person you want to send Ethers and their amount. Then click on Send.
Here you will see three options, “faster, fast, or slow,” that will help you choose what type of transaction you want to send.
Note: Your gas prices will reflect here, and your transaction will be processed as per your chosen option.
Sometimes, when you send a small number of funds to someone else, the transaction fee is too expensive, and you can’t afford to pay.
If that is the case with you and you don’t want to pay because it will take a while until they receive your ethers, other options are available. You can also click on Advanced Options and then uncheck “Metamask Subsidizes Gas.”
By unchecking this, you will no longer pay transaction fees that are too expensive. You can also see the actual price of Ether and then estimate how much it will take to process your transaction.
Once you have estimated the amount, you can check how much gas limit is needed to process your transaction and pay accordingly. Following these steps will help you avoid paying more than you have to for gas fees.
Note that gas fees are an unavoidable part of the Ethereum network and should be prepared for. However, there are ways to reduce them so that you will not be paying more than necessary. MetaMask can also help you reduce gas fees and, in a way, could make you a millionaire.
Below are some things that you should do to minimize the gas fee on your transactions.
- Increase your gas limit and lower the gas price; this will help you use less Gwei for your transaction, which will help save money for Metamask by reducing its fees.
- When you send funds, read and understand the steps that Metamask is guiding you through and make sure that it is going smoothly. Please do not close this window, as it will help save time and reduce gas fees.
- Be mindful of the price of Ether and its impact on the price of Metamask.
- Never send funds to someone in haste, and always make sure that you have read properly the steps that Metamask is showing to you.
Therefore, Metamask is an efficient and reliable way to send or transfer Ether. MetaMask is also one of the most favored platforms for making transactions among online poker players.
We hope that you have understood the concept of gas and what you can do to reduce gas fees on your transaction.
It is important to note that gas fees are not a part of the Ethereum network but are an additional fee for using it. That is why it’s important to monitor the situation around this and be ready for what will happen.