Last updated on March 13th, 2022
If you’re looking to transfer ETH to your Metamask wallet, you may have noticed that the ERC20 transaction fees are really high!
Here are some of the methods you can consider to reduce the transaction fees when transferring ETH.
What are the cheapest ways to send ETH to Metamask?
The cheapest ways to send ETH to your Metamask wallet would be either via Gemini or the FTX App. This is because both of these platforms do not charge any withdrawal fees for ERC20 withdrawals.
Here are the fees being charged by the different exchange platforms to withdraw ETH using the ERC20 network:
You can view my guide on how to transfer ETH from Huobi to Metamask.
From this table, there are 2 methods that you can use to send ETH without incurring any transaction fees: Gemini and the FTX App.
For Coinbase and FTX Pro, the withdrawal fee is dependent on the network congestion, which may result in rather high fees.
Here are the 2 ‘free’ methods explained more in-depth:
Gemini is the cheapest method (free 10 withdrawals every month)
Gemini allows you to make 10 cryptocurrency withdrawals for free each month, which is especially useful if you are intending to withdraw ERC20 tokens like ETH.
This is because the withdrawal fees on the ERC20 network are usually very high.
Once you have exceeded the 10 free withdrawals, the fee that you’ll need to pay is 0.001 ETH, which is still cheaper than most platforms!
I would recommend using the Gemini Active Trader platform to buy cryptocurrencies, as the fees are much lower (up to 0.35%) compared to buying them on the Gemini Exchange.
Moreover, you can purchase ETH using a fiat currency or any other cryptocurrency on the platform.
After purchasing ETH, you can withdraw it to your Metamask wallet at no fees.
FTX App has free withdrawals too
The FTX App (formerly Blockfolio) is another platform that does not charge any fees for withdrawing ETH via the ERC20 network.
It is another great platform for you to reduce the fees that you incur when withdrawing ETH.
However, you may want to note that the FTX App is different from the FTX Pro trading platform!
If you purchase your cryptocurrencies directly from the FTX App, the spreads can be rather high. Instead, what I prefer to do is to buy ETH on the FTX Pro platform first (e.g. buying ETH from USD).
FTX has one of the cheapest trading fees, up to 0.07%.
After that, I will withdraw ETH from the FTX Pro platform to the FTX App via the Solana network (SPL).
This is because FTX Pro does not charge any withdrawal fees, except for ERC20 withdrawals.
Once I have received ETH on the FTX App, I can then withdraw it to my Metamask wallet via the ERC20 network at no fees!
Purchasing ETH directly from Metamask is quite costly
If you are worried about the ERC20 withdrawal fees when you are withdrawing ETH to Metamask, you may consider buying ETH directly from Metamask.
You are able to buy ETH using either Wyre or Transak.
However, you will be using a credit / debit card to purchase these cryptocurrencies, which can make your purchases rather costly!
To reduce the fees, it would be best to purchase ETH on an exchange, before sending it to Metamask via the ERC20 network.
You can consider using other networks apart from ERC20
If you find that the gas fees on the ERC20 network are too high, you may want to consider using another network instead.
There are quite a few different blockchain networks, each with its own collection of decentralised apps (dApps), including:
- Binance Smart Chain
- Polygon Network
- Fantom Network
- Avalanche Network
The ERC20 and BEP20 deposit addresses are actually the same, and here is an explanation as to why this is so.
Some of these networks have much cheaper transaction fees compared to ERC20, hence it will help to greatly reduce some of your costs!
If you are looking to transfer ETH to your Metamask wallet, the 2 best ways to do so would be either via Gemini or the FTX App.
This is similar to how you would transfer ETH to your Trust Wallet.
For the other methods, the fees can be rather costly, so it’s best not to use them unless you’re transferring a large sum of ETH!
Maybe you are interested: How to transfer from Coinbase to Metamask wallet | Cryptopolitan
It is also possible for you to send ETH using other networks to your Metamask wallet, such as via the BEP20 network .
You will need to add the BEP20 version of ETH on your Metamask wallet, and you can view this guide to find out more.
However, you may want to note that you can’t use the BEP20 version of ETH to pay for gas fees on the ERC20 network!
After adding and receiving your tokens to your Metamask wallet, you can consider using decentralised exchange (DEX) aggregators, including:
Since both platforms are DeFi aggregators, they will ensure that you will get the best rates for any swaps that you make!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Gemini Referral (Earn $10 USD in BTC)
If you are interested in signing up for a Gemini account, you can use my referral link.
You will be able to receive $10 USD in BTC!
Here’s what you need to do:
- Register for a Gemini account
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FTX App Referral (Get a free coin)
If you are interested in creating an account with the FTX App, you can use my referral link.
You will be able to earn a free coin after trading $10 worth of crypto!
Furthermore, this is different from the FTX Exchange, which is a separate platform from the FTX App.
Here’s what you’ll need to do:
- Sign up for an account on the FTX App
- Trade $10 worth of crypto
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You can view more about this referral program on FTX’s website.
FTX Referral (5% trading fee discount)
If you are interested in signing up for an FTX account, you can use my referral link.
You will receive a 5% trading fee discount for any trades that you make.
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