|
Title: You want to make USDT transaction, check transaction fee across chains Post by: tranthidung on January 01, 2024, 02:16:55 AM
You want to withdraw/ make a transaction with Tether USDT, what are fess now?
Quote Everyone knows ERC20 transfers are expensive, but how exactly expensive, and what is the best alternative? This page was built so I don't need to jump over Metamask Networks to estimate gas fees in different networks for a simple USDT transfer. Quote What about BUSD and USDC? Other stablecoins gas fees are very similar across the same blockchains, so you can safely assume that BUSD(BEP20) transfer on BSC blockchain will cost the same as USDT(BEP20) transfer on the same BSC blockchain. Quick observations As of Aug 2022, all blockchains except native ETH (Ethereum) are pretty stable in terms of fees during the day. But Ethereum USDT transfer gas fee is very volatile: it fluctuates from 0.5 USD to 7 USD! And Polygon is the cheapest network to transfer USDT. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: libert19 on January 01, 2024, 03:57:12 AM BSC, Polygon are cheapest, I'd also add Optimism to the list. Honestly, no need to use any site for this, just choose these networks and make your transaction.
I have stopped using Ethereum for making transactions long ago, even when it's gas fees are low, you still pay around 1 USD, which is still expensive compared to aforementioned networks. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Despairo on January 01, 2024, 04:39:37 AM Key to notes to users:
1. It's the cost when you transfer your token (USDT) through non custodial wallet, if you use custodial wallet/exchange, the cost will be higher since they charge more. 2. If you currently have USDT ERC20 or USDT TRC20 which has expensive fees to USDT BEP20 or USDT Matic which cheaper, you can swap your token through swap exchange e.g. fixedfloat or bridge your token through non custodial wallet e.g. Safepal. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Huppercase on January 01, 2024, 11:02:34 AM BSC, Polygon are cheapest, I'd also add Optimism to the list. Honestly, no need to use any site for this, just choose these networks and make your transaction. I have stopped using Ethereum for making transactions long ago, even when it's gas fees are low, you still pay around 1 USD, which is still expensive compared to aforementioned networks. 3 days ago, I wanted making USDT transaction on my Tron wallet and I had $2 worth of TRX on my wallet to be used as fees, if it was some months back, I can make more than 3 transaction and have some TRX remaining but it seems that the crazy fees is now accross all the chain but they are preferable to some than will asked for more than half of your funds, I think I will go with matic as an option than the BSC you mention because matic is even more cheaper tha Binance smart chain right now. I stopped using Ethereum long time ago since Abitrum literally do anything you want in Ethereum chain, just bridge your funds to Abitrum and make sure you finish all your transactions before bridging back to Ethereum, it safe fees and also safe you from transaction failure which will cost you extra. One of my biggest fear of using Ethereum chain is when you make a transaction on Ethereum and it failed, it will be dropped but the fees will be taken which is like stealing, no work was done but they took the fees, for what exactly. It's better to avoid any chain that asked for large fees. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: RapTarX on January 01, 2024, 04:46:41 PM if you use custodial wallet/exchange, the cost will be higher since they charge more. Binance charges a $1 fee for withdrawal of USDT through TRC20; and $8 for ERC20. I guess the on-chain fee for sending both ERC20 & TRC20 tokens is higher, isn't it? That's an advantage LOL although I recommend avoiding CEX.It's better to avoid any chain that asked for large fees. Bitcoin on-chain fee has been outrageous for the last few weeks. The fee was quite high. I had to pay more than a $50 fee on a TX; I had many inputs. Nevertheless, would you stop using the Bitcoin chain for that? I believe you wouldn't do that.Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: BIT-BENDER on January 01, 2024, 06:08:45 PM I have stopped using Ethereum for making transactions long ago, even when it's gas fees are low, you still pay around 1 USD, which is still expensive compared to aforementioned networks. I just recently tried out USDT polygon network and I think it's quite better than USDT Tron network, also it's better if you are the type that sends out a good amount to several wallet you can use USDT polygon to cut your cost.But my question is USDT polygon does it work only on binance if no what other exchanges accepts the use of USDT polygon. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: dkbit98 on January 01, 2024, 09:08:07 PM ... This website can be useful but just look at that Tron piece of shit blockhain... it has higher transaction fees than ethereum now and it's so complicated to use for any newbies, with stupid staking, energy, bandwidth, etc.I wouldn't recommend keeping USDT long term on any chain, but I think people should consider using L-USDT and L-BTC on Liquid network. Transaction fees are much lower, they can be confidential, and there is 36,561,000.00 L-USDT and over 3,749 L-BTC at the moment: https://liquid.network/ Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: libert19 on January 02, 2024, 04:20:48 AM But my question is USDT polygon does it work only on binance if no what other exchanges accepts the use of USDT polygon. Polygon is established chain, most exchanges should support it, if I were to list you all these exchanges list will too long, better just check yourself on deposit page of exchanges you use. You can also use instant exchanges. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: hugeblack on January 02, 2024, 09:34:36 AM ... This website can be useful but just look at that Tron piece of shit blockhain... it has higher transaction fees than ethereum now and it's so complicated to use for any newbies, with stupid staking, energy, bandwidth, etc.I wouldn't recommend keeping USDT long term on any chain, but I think people should consider using L-USDT and L-BTC on Liquid network. Transaction fees are much lower, they can be confidential, and there is 36,561,000.00 L-USDT and over 3,749 L-BTC at the moment: https://liquid.network/ Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: BitcoinGirl.Club on January 02, 2024, 11:27:33 AM It's better to avoid any chain that asked for large fees. Bitcoin on-chain fee has been outrageous for the last few weeks. The fee was quite high. I had to pay more than a $50 fee on a TX; I had many inputs. Nevertheless, would you stop using the Bitcoin chain for that? I believe you wouldn't do that.I preferred DAI as it is a little decentralized and more linked to USDC, which seems less likely to collapse than USDT since Coinbase has better reserves and a safety factor than USDT. Isn't USDT is some kind of centralized chain. They can lock an address whenever they want.Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: sujonali1819 on January 02, 2024, 11:30:44 AM I don't remember when I used the ETH network last time for my usage. I normally use the TRON chain for USDT transactions. The website showing TRON fees is bigger than ETH, lol. I thought ETH fees are normally now around 3 USD. :)
The polygon network is super cheap based on other networks. But its usage is not bigger like TRON. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: tranthidung on January 02, 2024, 12:22:48 PM Isn't USDT is some kind of centralized chain. They can lock an address whenever they want. Yes, not only USDT but other centralized stable coins. Altcoins are centralized and stable coins are something like centralized, more sensitive with regulations and law enforcement requests.
I don't remember when I used the ETH network last time for my usage. I normally use the TRON chain for USDT transactions. The website showing TRON fees is bigger than ETH, lol. I thought ETH fees are normally now around 3 USD. :) Also, another site for your need and for comparison.
Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Text on January 02, 2024, 12:57:15 PM Thank you very much for sharing these helpful resources! The gas fee comparison website is a gem, it's convenient to have alternatives for a more comprehensive view. It's just surprising that TRON fees are higher than ETH, which made me chuckle because I've always known ETH USDT transfers to be the most well-known and expensive. It's interesting how fee dynamics can vary across chains.
Stablecoins are often mistaken for fiat money because they are pegged to the US dollar, hence referred to as digital fiat money. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: libert19 on January 02, 2024, 01:17:47 PM I don't remember when I used the ETH network last time for my usage. I normally use the TRON chain for USDT transactions. The website showing TRON fees is bigger than ETH, lol. I thought ETH fees are normally now around 3 USD. :) Tron is expensive than Ethereum these days, unless you are having Tron staked to make free transactions but it requires hefty amount of Tron staked, unfeasible for normal user. Quote The polygon network is super cheap based on other networks. But its usage is not bigger like TRON. Probably because almost half circulating Tron is staked, and since Tron transactions are free if you have TRX already staked, it can be of use. Most exchanges supporting TRC20 USDT with low withdrawal fees also plays role in it's popularity. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Eternad on January 02, 2024, 01:27:55 PM The polygon network is super cheap based on other networks. But its usage is not bigger like TRON. This is true because polygon is just a L2 project same with Optimism, Arbitrum and many more that is just side chain while Tron is an L1 project which means there’s a lot of dapps that contribute to transaction volume. L2 project is now gaining popularity due to its cheap and fast processing of transactions. I believe they will become more popular on this upcoming bull run since they are starting to have their own popular dapps that is identical to the L1 projects. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: jrrsparkles on January 02, 2024, 02:40:45 PM Is the gas fee on ETH less than the Tron network? Last time I checked it was around $2 for the ERC20 transfer but now it decreased which means the ETH2.0 is succeeding. ::)
USDT on other networks has negligible fees but the liquidity is high on Ethereum and Tron compared to other chains so I would better keep USDT in either one of these chains so that when I need to convert I may not face problems. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: dzungmobile on January 02, 2024, 03:28:49 PM Stablecoins are often mistaken for fiat money because they are pegged to the US dollar, hence referred to as digital fiat money. They are different enough to not consider as the same.Fiat currencies created (printed) by central banks whilst stable coins created (minted) by stable coin companies. Stable coins must have their stable pegs to fiat currencies and they are more risky than fiat currencies. If peg is lost (depeg), $100 in a stable coin like Terra $UST will become just $0.01 or smaller if you want to cash it out to US dollar. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: tjtonmoy on January 02, 2024, 05:11:25 PM I think it is much easier to just hop into your wallet and try to make a transaction to see what the actual gas fee is. You are checking the gas fee because you want to make a transaction. For that you need to go into your wallet anyway, so why not see the gas fee right then and there? And the gas fee frequently changes. No offense but I don't see the need for going to some other website to see the fee.
Maybe it's just me but doing transactions and watching the fee from the wallet is much easier. I could be wrong and people could have different opinion about this. But that's how I like it. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: tranthidung on January 03, 2024, 01:56:39 AM I think it is much easier to just hop into your wallet and try to make a transaction to see what the actual gas fee is. You are checking the gas fee because you want to make a transaction. For that you need to go into your wallet anyway, so why not see the gas fee right then and there? And the gas fee frequently changes. This is true that when you make your transaction, you must to open your device, access your wallet and make a transaction.The point is, before you do this, you can use those websites to check network status, transaction fee and see that do you actually want to make a transaction at that moment. If transaction fee is too expensive, it's unnecessary to do later steps. Quote No offense but I don't see the need for going to some other website to see the fee. You are missing a point. The more exposure your wallet has with Internet, the more risk so if you can reduce it, why don't do this?Maybe it's just me but doing transactions and watching the fee from the wallet is much easier. I could be wrong and people could have different opinion about this. But that's how I like it. Prevention is better than cure even you can not have an airgap computer for your wallets. Binance charges a $1 fee for withdrawal of USDT through TRC20; and $8 for ERC20. I guess the on-chain fee for sending both ERC20 & TRC20 tokens is higher, isn't it? That's an advantage LOL although I recommend avoiding CEX. Centralized exchanges proceed user withdrawals in batch transaction and they get benefit from processing withdrawals for users. They charge $1 USDT per a USDT withdrawal but if it is a batch transaction, they actually charge like $10 or $20 or even more and you see, who get benefits here.It will be clearer with withdrawals via big blockchains like Bitcoin.
Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: JariKriting on January 03, 2024, 02:35:09 AM if look at the transaction fees above, everything is cheap. but if withdraw from the exchanger, the eth fee is really big very expensive. if use the tron network which is also used by many people, the fee on the exchanger is also only 1 dollar. but if eth is really expensive, I can't think of it. even though from the website data above, all fees are cheap.
Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Publictalk792 on January 03, 2024, 03:28:42 AM If you will transact it from non custodial wallet so these will not cut the fee in USDT. These will collect fee according to chain. Means if you will transfer USDT in Binance chain so these will collect fee in BNB which will be a chain fee. Or if you will transfer USDT Trc20 so you will pay in Tron(TRX).
If you use the exchange or custodial wallet so the fee will be different and higher. Different exchanges have different fee structure. The exchanges are collecting $5 to $20 fee in USDT ERC20. And in TRC20 they are collecting $1. So the TRC20 is less expensive as compare to ERC20. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Bureau on January 03, 2024, 04:52:27 AM If you will transact it from non custodial wallet so these will not cut the fee in USDT. These will collect fee according to chain. Means if you will transfer USDT in Binance chain so these will collect fee in BNB which will be a chain fee. Or if you will transfer USDT Trc20 so you will pay in Tron(TRX). If you use the exchange or custodial wallet so the fee will be different and higher. Different exchanges have different fee structure. The exchanges are collecting $5 to $20 fee in USDT ERC20. And in TRC20 they are collecting $1. So the TRC20 is less expensive as compare to ERC20. What you are saying does make sense, recently I was checking the transaction fee for transferring USDT on the TRC20 chain. I came across a post on another forum and found that if you use a tronlink pro wallet then the USDT transaction is free. You would only need to freeze some TRX to get energy. When you transfer from an exchange like Binance the BNB smart chain is way cheaper than any other network. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: tjtonmoy on January 03, 2024, 05:05:30 PM I think it is much easier to just hop into your wallet and try to make a transaction to see what the actual gas fee is. You are checking the gas fee because you want to make a transaction. For that you need to go into your wallet anyway, so why not see the gas fee right then and there? And the gas fee frequently changes. This is true that when you make your transaction, you must to open your device, access your wallet and make a transaction.The point is, before you do this, you can use those websites to check network status, transaction fee and see that do you actually want to make a transaction at that moment. If transaction fee is too expensive, it's unnecessary to do later steps. Quote No offense but I don't see the need for going to some other website to see the fee. You are missing a point. The more exposure your wallet has with Internet, the more risk so if you can reduce it, why don't do this?Maybe it's just me but doing transactions and watching the fee from the wallet is much easier. I could be wrong and people could have different opinion about this. But that's how I like it. Prevention is better than cure even you can not have an airgap computer for your wallets. Then again, I don't think Binance chain and Matic as well as Solana will ever have high fees for transactions. If I own tokens in those block chains, I don't think it is necessary to watch the fees first. How much higher could the fee be ? If I'm making it big transaction, those small fee own matter that much. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: batang_bitcoin on January 03, 2024, 09:13:50 PM Be careful in choosing it, because with the stories that I've heard then it's not about the fee but the wrong network of choice when you've withdrawn your USDT from exchanges like Binance. Whilst mostly will say that matic is the cheaper one together with bsc.
It doesn't matter but please always check the address you'll receive your USDT if it's the right format for that network but usually, if you have the same most of them, it's possible that they have the same addresses if it's with the other exchange. Still, you need to pay attention to that detail. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: albon on January 03, 2024, 10:41:19 PM Truly, it is a helpful website with a simple interface. I will bookmark it in my browser. It's good that it gathers the fees of the top four networks in one place, making it easier for people who may not have enough time to check the fees of each network individually when sending transactions related to the USDT currency. This way, they can choose the least congested network and verify the fees of each network to select the appropriate one to complete the transaction.
Thank you, OP, for your efforts. :) Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: GreatArkansas on January 03, 2024, 10:47:22 PM Another platform I can share about gas which is related to OP - https://fees.wtf
But this is only for Ethereum, it will show you historical gas transactions like how much you already spent on gas only, and it will also show the number of transactions, and how much in Ethereum you already spent and converted into USD. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: libert19 on January 04, 2024, 05:17:50 AM Is the gas fee on ETH less than the Tron network? Last time I checked it was around $2 for the ERC20 transfer but now it decreased which means the ETH2.0 is succeeding. ::) It's Tron which has gotten worse lately. Regarding ETH 2.0, It seems to be a prominent misconception that it has 'already' scaled Ethereum which is not the case, what we call ETH 2.0 is term used to signify improvement phases Ethereum is to go through in upcoming years, the first step was transition from PoW to PoS, which has happened. Scaling is to happen down the road as sharding is implemented. Quote USDT on other networks has negligible fees but the liquidity is high on Ethereum and Tron compared to other chains so I would better keep USDT in either one of these chains so that when I need to convert I may not face problems. I don't think liquidity matters unless you are converting millions worth crypto. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: riantolie on January 04, 2024, 05:38:17 AM TRX was way cheaper before, it's kinda disappointing, I was really used to it.
Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Bushdark on January 04, 2024, 06:47:01 AM If you will transact it from non custodial wallet so these will not cut the fee in USDT. These will collect fee according to chain. Means if you will transfer USDT in Binance chain so these will collect fee in BNB which will be a chain fee. Or if you will transfer USDT Trc20 so you will pay in Tron(TRX). If you use the exchange or custodial wallet so the fee will be different and higher. Different exchanges have different fee structure. The exchanges are collecting $5 to $20 fee in USDT ERC20. And in TRC20 they are collecting $1. So the TRC20 is less expensive as compare to ERC20. What you are saying does make sense, recently I was checking the transaction fee for transferring USDT on the TRC20 chain. I came across a post on another forum and found that if you use a tronlink pro wallet then the USDT transaction is free. You would only need to freeze some TRX to get energy. When you transfer from an exchange like Binance the BNB smart chain is way cheaper than any other network. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: justdimin on January 05, 2024, 02:30:41 PM If you will transact it from non custodial wallet so these will not cut the fee in USDT. These will collect fee according to chain. Means if you will transfer USDT in Binance chain so these will collect fee in BNB which will be a chain fee. Or if you will transfer USDT Trc20 so you will pay in Tron(TRX). I tried a couple of custodial wallets before, and some still gives you an option for a low, mid, and high-priority transactions. But I still think that non-custodial wallets fees are much cheaper because like you said, they totally based their fees on the chain and I think they don't charge us any extra/hidden fees for using their wallets. This is one of the good things about them. Exchanges fees are of course higher than the wallets.If you use the exchange or custodial wallet so the fee will be different and higher. Different exchanges have different fee structure. The exchanges are collecting $5 to $20 fee in USDT ERC20. And in TRC20 they are collecting $1. So the TRC20 is less expensive as compare to ERC20. This is because they are also paying for their operations. But as usual, the fees in ETH and heavier chains are still expensive the lighter ones like Tron. Good thing they created alternative coins like this for us small-time users. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: tsaroz on January 05, 2024, 05:37:42 PM If you will transact it from non custodial wallet so these will not cut the fee in USDT. These will collect fee according to chain. Means if you will transfer USDT in Binance chain so these will collect fee in BNB which will be a chain fee. Or if you will transfer USDT Trc20 so you will pay in Tron(TRX). I tried a couple of custodial wallets before, and some still gives you an option for a low, mid, and high-priority transactions. But I still think that non-custodial wallets fees are much cheaper because like you said, they totally based their fees on the chain and I think they don't charge us any extra/hidden fees for using their wallets. This is one of the good things about them. Exchanges fees are of course higher than the wallets.If you use the exchange or custodial wallet so the fee will be different and higher. Different exchanges have different fee structure. The exchanges are collecting $5 to $20 fee in USDT ERC20. And in TRC20 they are collecting $1. So the TRC20 is less expensive as compare to ERC20. This is because they are also paying for their operations. But as usual, the fees in ETH and heavier chains are still expensive the lighter ones like Tron. Good thing they created alternative coins like this for us small-time users. If you are looking for cheap fees, Matic should be your choice. The second best is BSC network. They do charge on the gas token than on USDT. Tron chain is a bit complicated and that too complicates the withdrawal fees for some custodial wallets. They depend on how much energy and bandwidth you have. Sometimes it can be as low as free but if you are doing faster and more transactions, you'd pay much larger than on BSC. Except it, the custodial wallet's fee would be always higher than non-custodial ones even if they send in large batches. Title: Re: You want to make USDT transaction, check transaction fee across chains Post by: Sophokles on January 05, 2024, 07:16:29 PM I think the OP should check solana blockchain as well. I think they have the lowest fees among all the blockchains right now. Polygon is also cheap but when you made deposit, it takes almost 800 confirmations before you can withdraw that fund once again. If you need to use any centralized exchanges in a short time like in any arbitrage trade where time is money you can fall behind. On the other hand any deposit from solana has been credited a lot faster than all of ETH's layer 2.
|
