Topic: You want to make USDT transaction, check transaction fee across chains (Read 307 times)
January 05, 2024, 02:16:29 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.
January 05, 2024, 12:37:42 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).
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.
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.
January 05, 2024, 09:30:41 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.
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.
January 04, 2024, 01:47:01 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.
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.
January 04, 2024, 12:38:17 AM
TRX was way cheaper before, it's kinda disappointing, I was really used to it.
January 04, 2024, 12:17:50 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.
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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.
January 03, 2024, 05:47:22 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.
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.
January 03, 2024, 05:41:19 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.
Thank you, OP, for your efforts.
January 03, 2024, 04:13:50 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.
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.
January 03, 2024, 12:05:30 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.
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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.
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.
January 02, 2024, 11:52:27 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).
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.
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.
January 02, 2024, 10:28:42 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).
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.
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.
January 02, 2024, 09:35:09 PM
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.
January 02, 2024, 08:56:39 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.
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.
January 02, 2024, 12:11:25 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.
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.
January 02, 2024, 10:28:49 AM
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.
January 02, 2024, 09:40:45 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.
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.
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.
January 02, 2024, 08:27:55 AM
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.
January 02, 2024, 08:17:47 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.
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.
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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.
January 02, 2024, 07:57:15 AM
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.
Stablecoins are often mistaken for fiat money because they are pegged to the US dollar, hence referred to as digital fiat money.
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