Bitcoin Forum

I am about to buy some erc20 tokens, but the purchase would be a couple of hundreds USD each

I'd like to check the transaction costs, amount of gas needed to see if it makes sense for me

i have read that metamask provide you an estimation, but I am not using it, using MEW instead

tks

Through MEW you can also check Gas costs directly because MEW is directly connected to Etherscan to check the amount of fees in one transaction, so don't be shy to ask questions in this forum if there are problems or things that you don't know for now, I'm sure everyone here will definitely help you to solve every problem you experience in the crypto space, Except (don't ask for money) ;D

What do you mean by buying erc20 tokens from people with transactions from the seller's MEW wallet to your MEW wallet?
to be honest it's risky if you don't use escrow.
it will be safer you buy it in exchange only.
but if you want to know and manage your gas fee you can actually see it on ethgasstation. I usually use it before making transactions from wallet to exchange.

The easiest way to estimate the cost of transactions
https://etherscan.io/gastracker
If you are gonna buy tokens on uniswap, then there is no point in making a purchase for several hundred dollars.
If you have a desire to invest $ 500-1000, then it is better to buy tokens on centralized exchanges, or wait for the launch of a Level 2 solution for uniswap in May 2021.

You can import your MEW into Metamask and thus gain access to decentralized exchanges. But in any case, you need to remember that the price of commissions when buying through DEX is calculated in the tens or hundreds of dollars, so you can only trade on such exchanges if you are trading for a large amount.

If you are looking for the gas tracker https://ethgasstation.info/

You can also try to create a calculation about that too through the gas calculator that already provided by ethgas station. I guess you can try to take some latest txs on etherscan to give you an example about which is recommended fees that you can get it.
Any service was using different formula but i think it's better to use mycrypto instead mew because it can give you automatic calculation about gas fees.

Do buy somewhere else, if the ERC20 you're looking for is already on the exchange better to buy there directly beside you can buy ERC20 token on MEW Wallet or if you're talking about SWAP then just try to input any token and the gas fees will appear on your monitor.

I 've recently transfer tokens from my ERC20 wallet and it cost me $20 for a hundred dollar worth of token, the fees will always varies depends on the traffic in the market better to timing the market as well before you transfer.

If you are not using metamask you can look up the current ETH gas price on different websites too. Coinmarketcap shows it only in gwei which is not very user friendly for crypto newbies like you are.
https://etherscan.io/gastracker also show you the transaction costs in $ and i personally also like gasnow.org because it also shows you the gas hourly gas prices in the last 7 days.
So you can estimate on which time of the day the fees are the lowest and you can therefore plan your purchase or transaction.

There are easy ways to buy ERC20, buying on DEX, uniswap, and other decentralised application can let you buy ethereum based token with less fee. The best way to exchange it rather buy ERC20 based token is by connecting your private key into kyberswap decentralized exchange, they have high volatility tokens for easy swapping.

Uniswap will require you paying large amount of fee for purchasing erc20 based coins unlike other decentralised exchange.

To minimize gas costs, which will become a burden, plus the advantages of buying ERC20 coins that you can still find on the stock exchange, then you better buy them there. because you have to be able to calculate the amount of profitable that is proportional rather than insisting on having a fee with several different ERC20 coin transactions. because if I were you, the alternative was to only hold the ERC20 coin, then I would think twice.

reconsider.

Just check websites like CMC, coingecko, etherscan, ethgasstation. They're showing how much is the current gwei that you should pay.
But most of the time when I transfer, I use ethgasstation.info to check how much should I pay and if it's standard or a quick fee for the transfer.

The transaction fee on the ethereum network are constantly changing, and you only need to pay attention to them before making a transaction. As I write, the transaction fee are probably already much lower than the fee you see in the picture, click the picture to see the current fee. My advice to you is, if you have $100, then don't make a transaction because it will eat up 20% of your asset value. But just do it if you don't mind.

https://i.ibb.co/hsvqwxm/gas.png (https://etherscan.io/gastracker)

Use MetaMask it will make the job easier, it will auto-adjust gas price no matter what type of transaction you will execute from sending Eth or interacting with smart contracts. For actual monitoring of gas fees use  https://ethgasstation.info/ (https://ethgasstation.info/) and it will give you estimate cost per transaction.

If you use decentralised exchanges then there is no way to reduce the fees bellow the normal which is also a big amount. Better to find the token on other centralised  exchange if you find then buy from there instead of using any dex.

Meta musk- it will detect the auto the average fees. Also you can lower/higher the fees manually. But during uniswap exchange using lower fees is a headache. Because when it will comfirm there is now idea.

MEW- You should use gas station which is already suggested to select the correct fees amount so that you can faster the tnx as you need and you can lower the fees by seeing there.

thank you all guys, so if i am buying the erc20 from binance i am not paying the gas fees?

i pay it only if i move it within a dex?

You don't pay the gas fee if you just keep your erc20 within binance exchange platform or wallet but if you want to withdraw it to your own personal address then you need to pay the gas fee and usually platform like binance charges gas fee higher than average. the way it works is that using cex you dont interact with the blockchain (interact centralized exchange's system) but with dex you interact with the blockchain.

Buying is free of charge to anyone unless the exchange applies a little taker for users, but every transfer or transfer or delivery to another place will always have a fee even though it is different, this is what you should generally understand well. Good luck.

I would stick to using metamask estimation and just divide it by half, or use gas station to compare with it too.

MEW I never tried because I already got stuck to Meta. I see fees now are around $30 for a good speed but you can try and do something like $15 (count it always as about 30% of max estimate).

You no need to download any wallet or app to know the required gas fee at the moment which can be easily tracked using etherscan.

But don't forget that some exchanges have their own withdrawal fee along with network fee which can be double the amount than actual required fee.

with uses on customs as managing tasks of exchange, different trader might have with distinct of estimation focusing with different speed on expectation, that trader might still work with less fee on network as accepting to take advantage on longer times on transmission.

Right, so you've got the right choice, haven't you?
You just have to choose from each option so you don't pay a penny. because you have to have a consideration, especially at times like now many avoid the cost of GAS if the profit cannot cover the results obtained. do not make you lose more than anything.

Try using metamask, It's give you total Estimated fee and gas price and it's more safer and easy to use, If you want less fee try to check total Gas used on token transaction and you can see how much gas used for that entire txn. Well it's more simple to use metamask, better use that since some dApps was connected using Metamask, Good luck!

Erc20 token could cost you very high gas fees, if you only buy $100 the gas fees it self could be $20 and please consider the fees for selling it back. It could cost you $20 or more. But if you think that erc20 token could give you at least 50x of the price you buy, then buy it. Especially if the token only listed on uniswap. Uniswap vould cost twice the gas fees to send token.