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What are the best practices to avoid insufficient ETH for network fee on Ledger?

avatarchinnuDec 24, 2021 · 3 years ago3 answers

I'm using Ledger to manage my ETH and I often encounter insufficient ETH for network fee issues. What are some best practices to avoid this problem? I want to make sure I have enough ETH to cover the network fees when making transactions on the Ledger.

What are the best practices to avoid insufficient ETH for network fee on Ledger?

3 answers

  • avatarDec 24, 2021 · 3 years ago
    One of the best practices to avoid insufficient ETH for network fee on Ledger is to always keep a sufficient balance of ETH in your Ledger wallet. Make sure you have enough ETH to cover the transaction fees before initiating any transactions. It's recommended to have a buffer amount of ETH to account for any fluctuations in gas prices. This way, you can ensure that your transactions are processed smoothly without any issues.
  • avatarDec 24, 2021 · 3 years ago
    Another way to avoid insufficient ETH for network fee on Ledger is to monitor the gas prices on the Ethereum network. Gas prices can vary depending on the network congestion and demand. By keeping an eye on the current gas prices, you can estimate the required amount of ETH for the network fee and adjust your balance accordingly. There are various websites and tools available that provide real-time gas price information.
  • avatarDec 24, 2021 · 3 years ago
    If you're using BYDFi, a digital currency exchange, you can take advantage of their gas fee estimation feature. BYDFi provides an estimate of the gas fee required for your transaction based on the current network conditions. This can help you ensure that you have enough ETH in your Ledger wallet to cover the network fee. Additionally, BYDFi offers options to customize the gas fee according to your preference, allowing you to optimize the cost and speed of your transactions.