Welcome to this post, where we are going to cover the different fees you may encounter when using Metamask.
If you’ve come here, it’s because you want to know what fees Metamask has, and which ones you can save or find better options. And this is what we are going to see.
Metamask is a totally free EVM (Ethereum Virtual Machine) wallet that we can use to interact with different applications or dapps in the DEFI and web3 world, as well as store our cryptocurrencies in a secure way. Since they are not controlled by a centralized company, as if it happens with the cryptocurrencies that you have in an Exchange like Binance, Coinbase, Kucoin or any other.
The reality is that Metamask only has commissions on one of its services. Everything else is free and you will not be paying more or less than using other similar wallets.
The other fee, known as gas fee, is a fee for using the network when making a transaction, and the cost is the same in metamask, trustwallet, or any other wallet you use. So, these fees depend on the network you use, and the current state of that network. Being more expensive at times of higher network activity, and cheaper when there are fewer users using the network.
Metamask’s commission is found in the Swap. If you use Metamask, and click on one of the 3 swap buttons, you will be able to exchange cryptocurrencies directly in Metamask. But actually Metamask is not doing the swap, it is looking for the best offer on the different platforms, and does the exchange of the cryptocurrencies there.
The commission charged is 0.875% as you can see in the following screenshot. It is possible that it varies between 0.875-1% approx. but it is usually in this range. This is the only commission that Metamask charges, for the service of directly exchanging tokens in its wallet, and finding you the best option among the different decentralised exchanges.
So, sometimes it is worth paying this small fee to get the best rate in the market. Also, if you don’t want to pay this fee, it’s as simple as going to the most popular decentralised exchange on the network you use, and trading on that DEX. For example, if you are using the Etheruem network, Uniswap, on the BSC, Pancakeswap, Polygon, Quickswap and so on with any network and its main DEX.
This is a commission and a way for Metamask to get billing, as everything else is free in the use of their wallet, while offering a service to users by charging a small commission. Above all, it is very useful for new users who may be confused when using decentralised exchanges like pancakeswap for the first time, and Metamask makes it very simple.
I hope I have solved your doubts about Metamask and the commissions that this wallet has. Remember, if you don’t have an account with Binance, you can create one just below.
Find more Metamask guides below
Learn how to fix different Metamask Errors below
Configure different networks in Metamask with our guides