In this article:
Learn about gas fees, how they work, and why you need native tokens like Ethereum (ETH), Polygon (POL), and BNB (BNB) to successfully send, swap, and sell your crypto in Best Wallet.
What are gas fees?
Gas fees are a catch-all term for transaction fees paid to crypto networks to process transactions. For example, if you're swapping two tokens on the Ethereum network, you will have to pay a gas fee to process and validate your swap.
Gas fees are set and received by the crypto networks, and are an inevitable part of transacting cryptocurrencies. When you pay gas fees, you’re essentially paying for your crypto transaction to be processed, validated, and secured on a blockchain.
You have to pay gas fees in the crypto networks' respective native tokens.
So for example, you will have to pay gas fees on the Ethereum network with Ethereum (ETH), on the BNB Smart Chain with BNB (BNB), and on the Polygon network with Polygon (POL).
Gas fees might also be called transaction fees or network fees depending on the crypto network.
Note: Gas fees are never set by Best Wallet — if gas fees are high, it normally is because the crypto network you're using is very busy or you're executing a large transaction.
Paying gas fees in Best Wallet
You will need to pay gas fees every time you transact in Best Wallet. So if you're sending, swapping, and selling your crypto, you will need ETH, BNB, or POL to pay the gas fees.
You will also need gas fees when you're interacting with dApps and presales, including when you're claiming presale tokens.
For example, if you're swapping USDT (ERC-20) for Shiba Inu (ERC-20) in Best Wallet, you will have to pay the gas fee to process that transaction in ETH tokens.
This means that if you don't have ETH tokens, or enough ETH to pay the gas fees, you won't be able to execute your swap.
This is why it's important to own some native tokens of blockchain networks in your Best Wallet. It is good practice to own the native tokens of any crypto network you want to transact on, especially ETH as Ethereum is one of the most popular blockchain networks.
You can buy, receive, and swap all the native tokens of Ethereum, Polygon, and BNB Smart Chain in Best Wallet. Read our guide on how to buy crypto in Best Wallet.
Who receives gas fees?
Blockchains require computing power to process and record transactions. This power doesn't come from a central source but from a network of computers called nodes.
The people who run these nodes are called validators, and they play a crucial role in keeping the blockchain secure and operational.
When you pay a gas fee, you're essentially compensating these validators for their work.
This compensation helps maintain the blockchain's decentralised nature, keeping it secure and free from central control. Gas fees are essentially a democratic means of rewarding those who maintain crypto networks.
When swapping, sending, selling, or claiming presale tokens, you will see an estimated gas fee. This estimated amount can fluctuate slightly, so it's always good to have a healthy amount of ETH, BNB, and POL in your Best Wallet.
Remember, Best Wallet doesn't set or receive any gas fees.
How are gas fees calculated?
Gas fees are often calculated using a formula set by the crypto network, and can vary depending on several different factors. These include:
The Crypto Network: Different blockchains have their own gas fee structures. Ethereum’s network is known for having high gas fees compared to other networks.
Network Traffic: The busier the network, the higher the fees. It's like rush hour traffic; more cars on the road mean longer wait times and higher gas consumption.
Network Capacity: Each network can handle only so much activity at once. The closer it is to its limit, the higher the fees. The higher a network’s capacity, the lower the average gas fee will be.
Size of Transaction: Each gas fee is calculated roughly as a percentage of your transaction – the higher the value you transact, the higher the fee.
How to keep your gas fees low
There are a few things you can do to try to keep your gas fees lower:
Transact at quiet periods. Gas fees are often lower when crypto networks are less busy, meaning you can get cheaper transactions during the down periods.
Swap in Best Wallet. Swapping your crypto, especially cross-chain, often incurs higher gas fees and additional protocol fees. By using Best Wallet, you ensure you get the best rate finder and lowest fees for your swaps. Read our guide on how to swap your crypto.
Use cheaper crypto networks. By using Polygon or BNB Smart Chain, you will pay substantially lower gas fees than if you were using Ethereum. So if you were to buy a crypto presale, choosing to buy via BNB Smart Chain might save you a fair amount in gas fees over buying, claiming, and trading your presale token.
Struggling to transact due to gas fees?
If you're struggling to send or swap your crypto due to gas fees, please refer to the wider Best Wallet knowledge base, especially on how to buy or receive gas fee tokens like ETH, BNB, and POL.
If you're still struggling or something doesn't make sense, please email [email protected] and the support team will help you troubleshoot and resolve your issue.