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Author Topic: Please suggest on saving fees on Trustwallet  (Read 152 times)
alicetheman (OP)
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November 13, 2021, 04:54:39 AM
 #1

On Trustwallet I transferred BNB from MEXC through Smart Chain.

Now, I have BNB Smart Chain in my TW ( Trustwallet )

I was feeling difficult in calculating price while swaping. So I first converted BNB to USDT so that it becomes easy for me to understand at what price I was swaping.

BUT, now while swaping I see ROUTE as......... USDT -> BNB -> My token which I want to purchase.

So,
1. Does this means I am paying extra fees.......first I paid for converting BNB to USDT, then while swaping I again paid fees to ROUTE USDT - BNB - My TOken

If yes,
1. Should I stop this converting BNB to USDT.
2. Is there any way to calculate and to know , while swaping BNB to My TOken what USDT price I am paying for that token?
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November 13, 2021, 12:45:57 PM
 #2

1. Does this means I am paying extra fees.......first I paid for converting BNB to USDT, then while swaping I again paid fees to ROUTE USDT - BNB - My TOken

Yes, I think so. Every swap is charged by fees if I'm not wrong.


If yes,
1. Should I stop this converting BNB to USDT.
2. Is there any way to calculate and to know , while swaping BNB to My TOken what USDT price I am paying for that token?

1. It depends on how much are you willing to pay for the service of calculating the value for you.
2. You should check the price of the BNB in dollars and then divide this value between the number of My TOkens you get. I guess that the number of My TOkens you'll get is displayed before the transaction; otherwise, it could only be calculated a posteriori.

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November 13, 2021, 02:28:01 PM
Last edit: November 13, 2021, 02:39:34 PM by bL4nkcode
 #3

1. Does this means I am paying extra fees.......first I paid for converting BNB to USDT, then while swaping I again paid fees to ROUTE USDT - BNB - My TOken
Yes, you can see it on the confirm page that there is a fee before you confirm the swap, if nothing shows then there's no fee for the swap of the particular token/coin on BSC.

1. Should I stop this converting BNB to USDT.
If your purpose is just to check the usd price of the swap, and if it matters to you the cents for fee, then better stop.

2. Is there any way to calculate and to know , while swaping BNB to My TOken what USDT price I am paying for that token?
AFAIK there's an automatic computation in the swap page every time you change the number in the "You Pay", the "You Get" will give you a hint on how much you will get and check the conversion of the token to usd in coinmarketcap (their converter is in the lower left side in desktop mode) website as trustwallet uses cmc for their pricing conversion.
Where Does Trust Wallet Get Coin Pricing Data From?
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November 13, 2021, 02:55:48 PM
 #4

1. Does this means I am paying extra fees.......first I paid for converting BNB to USDT, then while swaping I again paid fees to ROUTE USDT - BNB - My TOken
Yes, you can see it on the confirm page that there is a fee before you confirm the swap, if nothing shows then there's no fee for the swap of the particular token/coin on BSC.

1. Should I stop this converting BNB to USDT.
If your purpose is just to check the usd price of the swap, and if it matters to you the cents for fee, then better stop.

2. Is there any way to calculate and to know , while swaping BNB to My TOken what USDT price I am paying for that token?
AFAIK there's an automatic computation in the swap page every time you change the number in the "You Pay", the "You Get" will give you a hint on how much you will get and check the conversion of the token to usd in coinmarketcap (their converter is in the lower left side in desktop mode) website as trustwallet uses cmc for their pricing conversion.
Where Does Trust Wallet Get Coin Pricing Data From?

Can you please share link of CMC converter page link, as I was not able to locate it on my PC or screenshots.

I just want to know, for EG.. while swaping BNB with CAKE what price I am paying for CAKE in USDT
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November 13, 2021, 02:58:14 PM
 #5

Can you please share link of CMC converter page link, as I was not able to locate it on my PC or screenshots.

I just want to know, for EG.. while swaping BNB with CAKE what price I am paying for CAKE in USDT
Check https://coinmarketcap.com/currencies/pancakeswap/, there's CAKE to USD converter there or vice versa. CTRL+ F and paste "Converter", you can find it.

USDT or USD doesn't matter, stable coins are based on USD anyway.
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November 13, 2021, 03:11:10 PM
 #6

What blockchain is your token on? If it's BSC, there's no need to actually convert those BNB to USDT and you should be paying several bucks just to swap + some slippage.

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November 13, 2021, 03:54:01 PM
Last edit: November 13, 2021, 04:38:53 PM by alicetheman
 #7

Thank you everybody for the reply.

From all reply, I got 1 confusion......

1. While swaping on pancake BNB with any other crypto.....we pay the same price which is being shown in CoinMarketCap?
2. While swaping they show 0.01% fees. Is this the only fees we are paying? I don't think so, because I think more than 0.01% is being deducted. For eg.as I am new, I did my first transaction by swaping BNB with PKR for approx $3.3 but from my account, more than $4 was deducted. I had balance (total value of all crypos ) of $15 in my Trustwallet, but after swapping it came down to $13.5 ( total value of all cryptos in my account) . There was no big price change in BNB or PKR during this period.
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November 13, 2021, 03:59:51 PM
 #8


1. While swaping on pancake BNB with any other crypto.....we pay the same price which is being shown in CoinMarketCap?

Not really. Both use their own algorithms to determine the pricing. Here's an article on CMC explaining how prices are calculated on the platform.

https://support.coinmarketcap.com/hc/en-us/articles/360015968632-How-are-prices-calculated-on-CoinMarketCap-#:~:text=A%20coin's%20price%20is%20calculated,For%20example%2C%20Bitcoin's%20markets.

Quote
How do you calculate a cryptoasset's price on CoinMarketCap? Why is a weighted average used to calculate the price?

A coin’s price is calculated by taking the volume weighted average of all market pair prices reported for the cryptoasset.

Sources for the prices can be found on the markets section on each cryptocurrency page. For example, Bitcoin’s markets.

The higher percentage of volume contributed from the pair, the more influence it has on the average price.

The rationale for using a weighted average is because in general, markets with higher volume have higher liquidity and are less prone to price fluctuations.

Some prices are manually excluded from the average, denoted by an asterisk (*) on the markets tab if the price does not seem indicative of a free market price; for example, when an exchange disables withdrawals or deposits, or regulatory conditions make it impossible for anyone else outside of a certain geographical region to buy coins.

Some prices are also automatically excluded when our algorithms detect that the reported price is a significant outlier when compared to other market pairs for the same cryptoasset, denoted by three asterisks (***) on the markets tab.

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November 13, 2021, 05:58:45 PM
 #9

On Trustwallet I transferred BNB from MEXC through Smart Chain.

Now, I have BNB Smart Chain in my TW ( Trustwallet )

I was feeling difficult in calculating price while swaping. So I first converted BNB to USDT so that it becomes easy for me to understand at what price I was swaping.

BUT, now while swaping I see ROUTE as......... USDT -> BNB -> My token which I want to purchase.

So,
1. Does this means I am paying extra fees.......first I paid for converting BNB to USDT, then while swaping I again paid fees to ROUTE USDT - BNB - My TOken

If yes,
1. Should I stop this converting BNB to USDT.
2. Is there any way to calculate and to know , while swaping BNB to My TOken what USDT price I am paying for that token?
I think you only pay what is needed on the transaction. I have tried selling my dehero tokens where you can see in the transaction that it goes like this Dehero token - BUSD - BNB and I only pay the fee on the transaction and to confirm it. About the 4 instead of three, my guess is it is the amount you have to pay and the rest is the fee.
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November 13, 2021, 06:41:47 PM
 #10

Thank you everybody for the reply.

From all reply, I got 1 confusion......

1. While swaping on pancake BNB with any other crypto.....we pay the same price which is being shown in CoinMarketCap?
2. While swaping they show 0.01% fees. Is this the only fees we are paying? I don't think so, because I think more than 0.01% is being deducted. For eg.as I am new, I did my first transaction by swaping BNB with PKR for approx $3.3 but from my account, more than $4 was deducted. I had balance (total value of all crypos ) of $15 in my Trustwallet, but after swapping it came down to $13.5 ( total value of all cryptos in my account) . There was no big price change in BNB or PKR during this period.
Don't rely too much on Coinmarketcap prices when you use pancakeswap to exchange your coins. Because Realtime prices on pancakes sometimes won't be the same on coinmarketcap, there will be some delays that occur.

some exchanges will be charged according to your selected slippage 0.1%, 0.5% etc. The slippage will also be adjusted according to the exchange rules of each coin, some even use 12% slippage.

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November 16, 2021, 01:00:34 PM
 #11

1. While swaping on pancake BNB with any other crypto.....we pay the same price which is being shown in CoinMarketCap?
2. While swaping they show 0.01% fees. Is this the only fees we are paying? I don't think so, because I think more than 0.01% is being deducted. For eg.as I am new, I did my first transaction by swaping BNB with PKR for approx $3.3 but from my account, more than $4 was deducted. I had balance (total value of all crypos ) of $15 in my Trustwallet, but after swapping it came down to $13.5 ( total value of all cryptos in my account) . There was no big price change in BNB or PKR during this period.

1. CMC will fetch price records for a few minutes from multiple sources before updating and that will result in a possible discrepancy with the current price. You can use dex chart sites to track live prices like dextool or poocoin.

2. Slippage is not a swap fee, it is a token price tolerance that you will incur to reduce swap failures. During the swap process, however, prices still fluctuate.
 More about Slippage

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November 16, 2021, 01:24:59 PM
 #12

1. While swaping on pancake BNB with any other crypto.....we pay the same price which is being shown in CoinMarketCap?
2. While swaping they show 0.01% fees. Is this the only fees we are paying? I don't think so, because I think more than 0.01% is being deducted. For eg.as I am new, I did my first transaction by swaping BNB with PKR for approx $3.3 but from my account, more than $4 was deducted. I had balance (total value of all crypos ) of $15 in my Trustwallet, but after swapping it came down to $13.5 ( total value of all cryptos in my account) . There was no big price change in BNB or PKR during this period.

1. CMC will fetch price records for a few minutes from multiple sources before updating and that will result in a possible discrepancy with the current price. You can use dex chart sites to track live prices like dextool or poocoin.

2. Slippage is not a swap fee, it is a token price tolerance that you will incur to reduce swap failures. During the swap process, however, prices still fluctuate.
 More about Slippage

if i swap on poocoin app rather than on pancake swap, does it make any difference in transaction fees? I am newbie and currently my each transaction is of only $5, so fees does matter me Smiley
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November 16, 2021, 01:40:49 PM
 #13

if i swap on poocoin app rather than on pancake swap, does it make any difference in transaction fees?
I haven't ever used the service you are talking about and I just made a search to find it.
In the case this is the service you are talking about, it seems that they are also using pancakeswap service. Therefore, the fee you pay for your trades there should be same as pancakeswap.



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November 16, 2021, 01:55:42 PM
 #14

I don't really understand why you limit yourself to pancakeswap when you can use an aggregator service like 1inch to find the best price in a number of swaps. Trustwallet already has 1inch integrated into its swap system so you don't even need to connect your wallet to 1inch manually. I use BSC and I find the swap fees more than fair. Perhaps a little bit more expensive than on CEXs but only barely. I always check to see if my recieved coins will be worth the swap. They usually are. But always check, because if the liquidity is low, you will pay more for coins than they are worth.

Fees are much higher on USDT because its on the ethereum chain and therefor the gas price is also included. So swaps are much more expensive. I recommend staying on BSC and using BUSD or some other chain with lower transaction fees instead.

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November 16, 2021, 02:01:04 PM
 #15

if i swap on poocoin app rather than on pancake swap, does it make any difference in transaction fees?
I haven't ever used the service you are talking about and I just made a search to find it.
In the case this is the service you are talking about, it seems that they are also using pancakeswap service. Therefore, the fee you pay for your trades there should be same as pancakeswap.



poocoin is indeed only a chart view service that is integrated with pancakeswap, so you can directly place orders on poocoin just like on pancakeswap.
There are several websites and similar applications that perform the same function as Poocoin.
I have used it several times and to save costs, 0.1% - 0.5% slippage is highly recommended. But there are some that require high slippage.

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