Intro
My name is Ryan and welcome to my Blog “Crypto Earnings 101” where I help you make extra crypto online. So if you are interested in earning extra crypto then please take 1 second to like this post and follow my Blog so you don’t miss out on any future content I post.
In this post I am going to go over how to reduce your gas fees on Binance Smart Chain when you are using a Decentralised Exchange (DEX) via Metamask. So for example if you wanted to swap a token on Pancakeswap, such as BUSD to BNB, this will usually cost you around $0.30 - $0.50 per transaction. Luckily I will show you a small trick to reduce those fees down to $0.05 - $0.10 per transaction. This doesn’t seem like a massive saving at first, but if you are doing a lot of transactions on BSC, all of these little savings will start to add up over time and it will save you a lot of money in gas fees.
How to Add a Network
The first thing you will have to do is to add a new BSC network to your Metamask. When you do this you won’t lose any of your coins/tokens, your address will stay the same and all of your coins from your old network will also be available on the new network you create. Just to note, your old BSC will not be deleted and you can go back to using this at any time. I will now show you how to add your new network.
To do this, click on your Metamask extension to open Metamask. Click on this button at the top (see pic below) and then click on “Add a Network”.
Another page will open up in your browser, all you have to do is click on “Add a network manually” and this is where you will input all the details for your new Binance Smart Chain Network. Because I have already added mine, I will go to my network and show you the details you need to put into each box (see pic below).
I have also put the details in the description below so you can easily copy and paste the correct details.
Here are the details: (Copy & Paste)
NETWORK NAME: BSC (ANKR)
RPC URL: https://rpc.ankr.com/bsc
CHAIN ID: 56
CURRENCY SYMBOL: BNB
BLOCK EXPLORER: https://bscscan.com
You can name the network anything you want, I just named mine BSC, also the block explorer is optional but if you wanted to add this, I will also include this in the details above. After you have typed or pasted all the details into each box, click on save and the network will be added to your Metamask account.
Now that you have successfully added your new BSC network, I will show you how to get cheaper gas fees.
How to Get Cheap Gas Fees
For the purpose of this post, I am going to use the platform DRIP Network. This method works exactly the same on any other platform or DEX when it comes to paying with gas fees. If you don’t know what DRIP Network is and want to find out more about this platform, I have included the link to my Tutorial video below so feel free to check that out.
The DRIP Network allows you to earn 1% in daily returns, up to 365%
Sign Up To DRIP Network
Buddy Address: 0x79B394076A89DAbE96061A3E166156398f9e2d8A
When you swap/claim on any DeFi platform you will receive a notification in your metamask extension, this will tell you how much you are going to pay in gas fees and if you want to reject or confirm the transaction. You don’t want to confirm quite yet, instead, click on “Edit” (see pic below)
This takes you to this screen, click on “Edit Suggested Gas Fee”
Under the “Gas Price” box, type in 1. If the transaction fails after 2 or 3 attempts, then try again with a gas price of 2. 90% of the time it works with a gas price of 1. After you have done that, click on “Save” and it will take you back to the confirm page. You will now see that the gas fee has dropped under $0.10, so now you can click on confirm and wait for the transaction to complete.
It takes slightly longer than usual, but just keep an eye on it in activity on Metamask or on bscscan, if it takes over 24 hours, speed up the transaction with a gas fee of 2. The Blockchain can become congested at times and this can cause delays.
You can see that the transaction was successful and it went through without any problems, this saved over $0.20 for this one transaction. So if you do use BSC for claiming or swapping on DEX’s or DeFi platforms this will save you a lot of money long term.
Summary
Hopefully this post has helped you understand how to get cheaper gas fees when it comes to using BSC on Metamask. If you have any questions then please comment below and I will reply back to you as quickly as I can. Thanks for reading and please don’t forget to like this post and follow my Blog. I appreciate all the support I receive and look forward to seeing you in my next post. I have also left a link to my YouTube Channel and video for this post, feel free to like and subscribe there too, thank you.
YouTube Channel: Click Here to Visit
BSC Gas Fees Tutorial: Watch Now
