MetaMask is software available as an application for iOS and Android and a browser extension. It is available free of cost and uses network fees just for sending and swapping assets and no charges for receiving any asset. This platform also supports a number of cryptocurrencies of Ethereum-based coins such as USD Coin (USDC), Ether (ETH), Tether (USDT), etc. But only ERC-20 and Ethereum tokens are supported on the platform. It also provides its users with some incentives such as airdrops and rewards for staking. But if we talk about its customer support then the support is not available 24/7 a user can raise a query through their page, email, or by raising a ticket. It is also compatible with some hardware devices such as Ledger and Trezor.
In this blog, we will discuss the gas fee charged while making a trade after the Metamask Login
What is meant by Gas Fee?
If you have just started trading and are unable to understand the meaning of this term then don’t worry we got you. For a better understanding think that Ethereum is a highway and all your transactions are supposed as cars. Now, here the gas fee paid by you is Toll Tax, as we all know we have to pay toll tax to go anywhere every single time. Hence, here are those destinations as Decentralized Applications. That gas fee is charged only when you execute a transaction from your account after MetaMask login.
Process of determining Gas Fees
Now if you are an intermediate or a professional trader of crypto you must be aware that this gas fee is not constant and is changing continuously depending upon the transaction. Even if you made the same transaction more than once still you could be charged very little for the first time and the next time the fee is too high. In this section, we will discuss why is that.
The gas fee is determined using the following formula:
Gas Fees = Gas Price x Gas Units.
Gas price is derived on the basis of transaction, whether there is more traffic or there is demand for the transaction. Whereas Gas Unit is just the minimum number of units that are needed to execute a transaction.
The more the traffic the higher the fees, remember that. You can try checking the gas fee of the same transaction by doing a MetaMask login at different times.
Conclusion
The standard unit for calculating gas fees is Gwei. And if you want to pay the lowest gas fee then you should make the transaction when it is not at peak. The most favorable time for you to pay a gas fee at its lowest is to just transaction on Sunday during the morning between 6:00 AM TO 8:00 AM. During this time the rates of Ethereum are the lowest. Still not believing us? Just do your MetaMask login on Sunday and execute the transaction at the time specified.
