This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.
Magic Eden Wallet is committed to providing a transparent and fee-less experience on its platform, it’s essential for users to be aware of network fees that come into play during blockchain transactions.
Does Magic Eden Wallet charge Transaction fees?
One of the most frequently asked questions is whether Magic Eden Wallet imposes any fees for its services. The answer is simple: Magic Eden Wallet does not charge its users any fees. However, this does not mean transactions are entirely free of cost.
Network fees (gas fees)
Every blockchain transaction, whether it’s sending or receiving crypto, involves a standard fee known as a “network transaction fee” or “gas.” This fee is not imposed by Magic Eden Wallet but is a required cost to process transactions on the blockchain.
For example, Bitcoin transaction fees are sent directly to miners who validate the transaction on the Bitcoin network.
Magic Eden Wallet does not retain any portion of these fees. It is essential to understand that network fees are a fundamental part of how blockchain networks operate and are vital to ensuring that transactions are confirmed in a timely manner.
Understanding network fees in Magic Eden Wallet
When transacting with Magic Eden Wallet, especially on networks like Ethereum, users will come across terms such as "Estimated Network Fee" and "Max Network Fee". Here's how they work:
Estimated network fee
This represents the best approximation of the transaction fee based on real-time market conditions. Due to the volatile nature of blockchain networks like Ethereum, the exact fee can fluctuate between the time the transaction is initiated and when it is confirmed. The Estimated Network Fee helps users anticipate the cost but is subject to change.
Real-time conditions: Reflects the current network demand and market conditions.
Potential fluctuations: The final fee may be slightly higher or lower than the estimated figure.
Max network fee
The Max Network Fee is the highest possible fee that may be charged for the transaction. It acts as a safety net, ensuring that users won’t be surprised by unexpected costs.
Safety net: It represents the upper limit of what you might pay.
Typically overestimated: In most cases, the actual fee will be lower than the max fee shown, and only the real fee will be deducted from your wallet.
Post-transaction insights
After a transaction is completed, users can delve into the exact fees paid by accessing the transaction details via the transaction ID. This provides transparency and allows for a more detailed understanding of the costs involved, such as the precise gas or network fee.
Customizing network fees in Magic Eden Wallet
Magic Eden Wallet offers users the ability to adjust their network fees directly within the wallet using a network fee slider. This feature is available for direct transactions, allowing users to control how much they’re willing to pay in fees for faster or slower confirmation times. However, it’s important to note that:
Wallet swaps: For swaps conducted within the wallet, network fees are determined by a third-party provider, and users do not have the ability to adjust or control these fees. The fee is automatically applied by the service provider handling the swap.
As always, Magic Eden's support team is ready to assist with any further questions or concerns.