Gas fees are something that we as crypto users get used to. Of course, we enjoy free or low gas fees and fast transactions. So, what about Binance and the BNB gas fees? They are low and fast!
Ethereum is usually a nightmare, it’s slow and expensive. So, instead, let’s have a look at the BNB gas fees.
What Are BNB Gas Fees?
The BNB gas fees are the fees you pay for a transaction on the BNB chain. The BNB gas fees are low, and we measure them in Gwei. A Gwei is a small number of ETH. To clarify, 1 Gwei is the same as 0.000000001 (or 10-9) ETH. However, you pay the gas fees in the native token. In this case, with BNB.
Most importantly, and demonstrating the stability of the chain, gas fees on didn’t spike with the increase in transactions. Gas cost in BNB fluctuates closely within the 7d moving average.
The average block time remains steady at 3 seconds! (5/13) pic.twitter.com/nrY1WjsE2K
— BNB Chain (@BNBCHAIN) May 17, 2022
Gas indicates the pricing mechanism. It works out the cost for a transaction or the work a smart contract does to make a transaction. So, if it’s a complicated task, the ‘gas’ will be high. Simpler tasks will have a lower ‘gas’ cost.
On the other hand, the gas price is what a unit of gas costs. Now, if you combine both of them, and add a gas limit, you get the price for a transaction. You can track the gas.
Does BNB Have Gas Fees?
Yes, BNB does have gas fees. However, they are low. That’s one of the advantages of the BNB chain, it’s fast and cheap. As already mentioned, you pay gas fees in BNB, but it’s measured in Gwei.
You can track the gas price on a few scanners. For example, one is ‘Ycharts‘, with an average price between 5 and 8 Gwei per transaction. The other one is the BNB Smart Chain Gas Tracker. This tracker currently averages around 5 Gwei. See the picture below.
How Much BNB Do I Need for Fees?
If we look at gas fees, they are cheap on the BNB chain. Sometimes between 0.0007 to 0.0010 BNB. So, with 0.01 BNB you will go a long way. You will be able to handle quite a few transactions with that amount. Here’s a link to a Gas Price calculator. The current price for gas is $2.2976627.
You can also use BNB to get a discount on trading at the Binance CEX. If you pay the transaction fees with BNB, you receive a 25% discount. This is for Spot market trading. For Future trading, you still receive a 10% discount. Currently, Binance even offers free trading on 13 BTC pairs and 1 ETH pair. That’s zero fees!
Tough choice. Pick one. pic.twitter.com/2fQe5VrU8k
— Binance (@binance) September 4, 2022
When Are BNB Gas Fees Paid?
You need to pay gas fees to complete certain actions. For example, with NFTs:
- Buy, create, or cancel a fixed sale price.
- Creating or bidding on an auction.
- Creating a collection.
- Minting NFTs.
- Accept a bid after the auction ended.
The buyer is typically the person who pays the gas fees. Before you complete a transaction, your wallet asks you to confirm this. At that moment, you can also see the exact amount for the gas fees. On the other hand, it’s the seller who pays for the creator and marketplace fees.
How to Change BNB Gas Fee on Trust Wallet?
If you want to change the BNB gas fees on Trust Wallet, you need to have a transaction first. For instance, you can buy a token on PancakeSwap. Or send BNB to another wallet. So, if you use PancakeSwap:
- Connect your Trust Wallet.
- Pick a token that you want to buy.
- Fill in the amount of BNB you like to pay. You will see how much of the other token you can get for that amount.
- Click the swap button and confirm the swap.
- Now you’re on the page that shows you the network fee.
- By clicking on the ‘settings’ button in the top-right corner.
- You’re in the advanced settings now. Here you will see the current gas fee. For example, 5 Gwei.
- Change the gas fee to a lower price, for instance, to 3 or 4 Gwei.
- You can also change the gas limit in the box below. Set it to a lower number.
- It’s also possible to change the nounce, in a box on the same page. This you also set to a lower number. For example, from 89 to 70.
- Click save.
Voilà, you’re done. It works similarly when you send tokens to another wallet. Just be aware that lowering the gas fees may lead to failed transactions. On the other hand, you can also put higher values, to speed up the transaction. However, this is usually not needed on the BNB chain.
We answered 5 questions for you, related to BNB gas fees. We hope you now have a better insight into what they are and how they work.
The current price of the BNB coin is $284.93. Over the last 30 days, it’s up by 1.3%. Over 1 year, it’s down 22.6%. That’s good, considering that many tokens are down by 70-90%. The market cap is $46.5 billion. There’s a max supply of 165 million BNB and 163 million circulating.
Here is the second part.
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