UNISWAP - Very high swapping fees - is this normal?

Exchanges
#1

Hello everyone,

i am new to using Uniswap exchange and what i have quickly noticed are very high fees with swapping tokens. I mean VERY high!? Is this normal?

Just for example -> When i made a transfer of approximate amount of $100 of ETH from exchange to my Metamask wallet i paid like few dollars of transfer fee but when i wanted to swap approximate amount of $50 ETH to some other token the fee for doing that was like $35…? Is this normal? And if this is normal than i assume that investing small amount through Uniswap is not recommended due to high fees? I would understand if i would swap $1000 from one token to another and pay $35 of fees (and even this is not quite cheap) but paying $35 for swapping $50 of value is unbelievable.

I want to hear your thoughts about this and if there is any “trick” to lower this fees?

Oh and one more thing. From Metamask i transfered USDC to some other wallet and before i could made the transfer i needed to make " Approve USDC spend limit" which was also an expensive operation (about $20 of fee) and than paying extra fee for transfering.

What is this " Approve USDC spend limit"?

Thanks a lot for your replies and help :slight_smile:

Have a great day everyone.

Matic

#2

I came here to ask about the same question. I attempted to use Chi token on 1inch but it didn’t make much difference. I wondered if there was a layer two that let you connect direct with smart-contracts. I have coins I need liquidity mining going on with and more to move and buy. Immediately! If you find anything let me know.

1 Like
#3

I know it’s not normal but expected because of so much congestion on ETH network. This happened four years ago when I first got in and I remember it but it wasn’t this bad.

Ways around… Find a video on getting on to BSC Binance Smart Chain. There are other layer two solutions as well but I’m just learning. I haven’t done swaps on it yet but i’m about to when I get some time to dive in and triple check everything. I’ll come back when successful. I’m looking to use 1inch as I mentioned in the post which is now compatible with BSC also. This looks like a solution.

1 Like
#4

Hey there, thanks for the feedback.

In the meantime i have also found a lot of different solutions for swapping tokens and paying much less fees. I also suggest using Quickswap which is running on Polygon (former Matic) network which is a layer two for ethereum network. Very fast transactions and almost zero fees. Disadvantage is that id does not support all the ERC20 tokens (for now). But i guess now everyone are anticipating optimistic rollups where you will be able to use Uniswap on layer 2 (something like that) and pay almost nothing and fast transactions. Please don`t grab me for my words because i have lack of knowledge here. I just know that something big is happening with this optimistic rollups for ethereum and i suggest you search for more details in the web. The company who is behind is Optimism: https://optimism.io/

Have a great day!