Bitcoin Forum

I recently have a problem with Bancor lately. I got two tokens that I want to swap to Ethereum. The customer service said that I may need at least 0.02 ETH in my balance to cover gas fees and I did deposited the exact amount of it.

However, when I tried to convert one of them to Ethereum, it always says "Insufficient gas fees". I get back to the customer service about this issue, and he said that it may be either network congestion or I need to add a bit of an amount again.

How come that Ethereum is under network congestion when I had no problem waiting on transferring my tokens from exchange to Trust Wallet, and then Trust Wallet to Bancor?

Does it mean that Bancor's conversion fee is more than 0.02 ETH? Do enlighten me please! Thank you!

I have also used Bancor, indeed they need an initial balance to be able to make transactions. It used to require a balance of 0.01 ETH. I sell GES tokens.
But the development now I do not understand. But it does require a balance for the deposit.
We can withdraw the balance after selling the token. You can withdraw all balances from your Bancor account, and leave 0.002 for transaction fees if at any time your use it again.

But they use Ethereum network, of course ethereum standard transaction fees. Convert is also part of the transaction, so the fees will be the same as ordinary transactions. https://ethgasstation.info/

my suggestion,
just contact The customer service again my friend
maybe you will know the cause from your issue and they will give you some solution

https://i.imgur.com/DS7ht2y.png

Are you kidding me?

So I added another 0.023 ETH from the Trust Wallet to Bancor exchange on top of the 0.02 ETH I have already deposited last night. Looks like I'm right about gas fee being more than 0.02 ETH!

I just can't believe why the gas fees here on Bancor are quite expensive per conversion! Do they have a fixed flat fee in converting this on top of the gas fee?

As you can see in the image above, they claimed that Ethereum network is "stressed" which gas fees are higher. I don't wanna believe that because when transferring from wallet to the other or in exchanges, gas fees are usually way cheaper like in cents.

Should I convert now or I'll just wait until they claimed that Ethereum network is not "stressed" anymore?

Thank you!

EDIT: Just attempted a conversion to ETH, but the gas fee increased to $5.49. I just want to know how long will I wait for it to be converted to ETH within the Bancor platform.

Same problem before when I am using bancor. I have some tokens needed to have huge eth to cover conversion but I when I add the specific eth needed or the one he asked still not enough. Support says, its only base on the eth network gas rate but the truth is their platform asking more than from it. Maybe we could say that its fee but they have asked too much. They referring it as slippage amount. If you used other dex, they are not like this. So I stay away from Bancor and not using this anymore.

I am only using this because I have a couple of ERC20 tokens where they can be only exchanged through Bancor. After that, I won't be using them again unless some of my "come back from the dead" tokens are only listed in Bancor exchange.

Also, my issue with them is that my balances are not updated in real time. It would take a long while before it finally gets updated, especially converting ERC20 token to Ethereum. Until now, I am still waiting for my ETH balance to get updated before converting another one of my tokens before transferring them all to my Trust Wallet.

As what I have assessed, I might be losing more than $10 in transaction fees for converting them both to Ethereum within the Bancor platform.

If you can transfer them to other eth supported tokens its better. I think you can used forkdelta or any dex to sell it but of course Im not sure whether there is enough demand for that tokens. Also you can used I think Uniswap, nothing can be done with their platform needs a lot of improvement. What tokens are you trying to sell by the way?

From my experience, bancor is one of the exchange that requires exorbitant fee. In fact when you want to transfer or exchange a token to ETH you must be ready to deposit amount above the amount the network suggested for gas fee. In your own case, you said you only deposited the required amount for the gas fee not minding if that amount must have increased. My suggestion is that you deposit amount above suggested fee and re-try the transaction. Network congestion can happen at anytime so it doesn't matter if you didn't witnessed it when you make transaction from one wallet to the other

There is no lie about the recent congestion happening on ethereum blockchain, you have to give it time, for now have patience and try few days later, I was suppose to get rewards for holding ESH in ETH days ago but was postponed because of Ethereum network congestion

Yes because I don't think these tokens I've exchanged didn't convince me anymore about having a bright future. I have waited like 2 1/2 years for both of them to finally had a little breakthrough, but eventually it dumped slowly and never had any interests from new buyers anyway.

Both of these tokens are "dead" for 2 1/2 years before a little bull trap happened and it continues to dump slowly. I have no more reason to hold these tokens anymore, as I am going bullish on ETH.


For my next conversion, the gas fee got even higher to $6.07. But I decided to convert it anyway, because I'm more bullish on ETH than these "tokens" where it took me 2 1/2 years of waiting for them to be converted at a reasonable price. So $5.49 + $6.07 conversion fee =  $11.56 in conversion fees combined.

A small price to pay though, but not bad for some extra ETH so kind of a "win" for me, but $5 to $6 in conversion fees alone are kinda ridiculous. I could have earned a little more.

I dont think bancor still has many token or coin listed aside from the old list they have. This is because of IEO projects which prefer major exchanges offering on the market. Before Bancor is really famous when the time only ICOs are just thr method of crowdfunding sources. Bancor become a dead platform since then, and I dont think they can recover and even match up on smart contract projects such as eos or tron.

Sorry but the bancor I knew is long gone and now a simple platform with lots of issue like OP's complaining.

I haven't done a transaction on the Bancor exchange for a long time. Seeing from the OP's explanation, that means we really need Ethereum for gas costs. It seems like it makes me unhappy. Gas should be able to use trade costs, so when we make a transaction. Then the cost is deducted automatically to the tokens or coins we trade.

You are using bancor wallet right? You can fix this by importing your recovery seed into trust wallet or coinomi wallet and adjust sending fee yourself, presently the congestion is real and transaction fee are pretty high

Ethereum is bad planed and most important is way to much used for as it is bad planed. You should monitor how fees (gas) are moving and make your transaction at time when fees are low. I dont do any Ethereum transactions lately so I dont really know. For Bitcoin lowest transactions are on Sunday or Monday morning. Highest are on Friday.

Holy cow. This is not good, you spending almost above $10 for fees alone. It seems bancor needs a reboot for their transaction issues. Its not that we complained but if you used other dex like uniswap they dont much charge with simole conversion. Have you ever ask their support why the fees incredibly expensive Im sure they must have reason and explantion and I hope they will not said its on eth congestion.

How much are you really trying to send out to another address? The problem with bancor wallet is you can't manually low the gas fee yourself, something you can only find in coinomi or trust wallet, if you don't mind then import your seed into one of these two wallets

It's still the same as before, the problem is that the ETH network is in trouble and the gas cost is too high compared to before. It takes a fairly large amount of money to complete a transaction

0.02 Eth equals 4$ and how much are you trying to send if I may ask? Instead of using the inbuilt swap system in bancor wallet I suggest you send those tokens to exchange, I still send out hundreds of dollars worth of ethereum at 0.50$ to 1$, 4$ is just too much

Conversion of coins/tokens to ETH on Bancor network is a little bit challenging.  I had experience with them recently also when I wanted to convert my INVOX Finance token to ETH, it was saying insufficient fund, until I was told I need to have a minimum of $5 in the wallet before I can do any conversion.  I sought for that amount of dollar in ETH, the it was successful.  My experience was that, the exchange will not use all the $5 ETH for your transaction, you just have to have minimum of that amount in the wallet before you can initiate any conversion successfully.

When I used the infamous service you mentioned, I was faced with this kind of problem.  Although I did not deal with this event nervously, I think this problem will be solved only by sending money.  Of course, after this money transfer, this infamous service can bring you new problems and you may not get your money back in any way.  Personally, I strongly recommend not using Bancor.

This is the issue with most of these DEFI platform, their transaction fee is too high for small traders. Something need to be done about this if they want to make CEFI users to move to their platform because when the hype dies down, it is the the number of users they were able to retain that would count

I hate Bancor, they are a Cryptocurrency capitalist. Charging exorbitant rate for swap making one run into a big loss. They need to improve on their network.

Bancor needs 0.01 or 0.02 Ether just to strengthen the transaction network. I think there is no fake on the transaction.
If gas costs are insufficient, Bancor does not operate a transaction system. Fake occurs when the transaction is done with a small fee but the token does not enter the Bancor wallet. This did not happen to Bancor.

It's been a long time since I used the bancor platform but didn't they used to allow us to set our own gas fees? For swap usually, the gas fees are bit high I have noticed that on many platforms.

But Bancor can also set the cost of gas manually, even though it is not running optimally. I see an Advenced Setting on the Convert.
In the process of sending can also arrange transaction fees.

However, the Paraswap are still using the beta version. And in general Swap cannot regulate gas costs.