Generally, when we transfer tokens from one wallet address to another, there is a transaction fee involved. This transaction fee varies across holding wallets and the network chosen. It also depends on other factors like time of the day, which is a factor of network congestion
Before we begin, if you haven’t already read our post about crypto transaction fees or gas fees on Ethereum, do give it a read here. It will clear up a lot of questions you may have regarding gas fee.
Transaction fee, or gas fee as it is popularly known, is the fee charged by block validators to validate any transaction on the blockchain. For example, if you send USDT from wallet A to wallet B, using ERC20 as the network, there is a cost involved in validating that transaction. This cost is nothing but the earnings made by the block validator, to validate that block of transactions.
This fee is not charged by Flint, rather it is deduced at the source wallet itself.
Yes, Transaction fees are never the same. Transaction fees change with the time of the hour and also with the network you have chosen. It is basically a factor of what it takes for the block validator to validate that block of transactions. For a transaction from wallet A to wallet B, the transaction fees might range from as low as a few cents to as high as $20 depending on the chain chosen. Therefore, it is really important to choose the network carefully when transferring coins from one wallet to another.
At the time of writing this article, Flint supports all major networks like:
We are constantly adding support for more networks to provide a better investing experience to our crypto investors
Of all the major networks, supported on Flint, Binance Smart Chain usually has the lowest fees, followed by Tron, Solana and Ethereum (ERC20). Ethereum (ERC20) usually has the highest fees because the network is generally more congested.
To reduce the transaction fees incurred, while transferring the coins from the source wallet to your Flint wallet, choose “Binance Smart Chain (BEP 20)”.
Note: Please verify the transaction fees in real time across all the accepted networks before making the transaction
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