This article will describe how to manually change fee parameters for your Ethereum transactions in Ledger Live. Custom transactions can be used to send ETH or ERC20 tokens on the Ethereum network.
A few things to keep in mind before we start
- Transaction fees on Ethereum are paid to Ethereum miners, not to Ledger. As a result, we are not able to refund transaction fees.
- The Ethereum fee market is very competitive and obeys free market mechanics. In other words, the higher the gas price and gas limit, the higher the chance that the transaction will succeed and be processed quickly.
- More information about gas price and gas limit can be found here.
Creating a custom Ethereum transaction
- Open Ledger Live and navigate to the Send tab
- Select your Ethereum account, paste the recipient address and click Continue
- In the next screen, select the Amount then navigate to the Fees section
- Toggle Advanced to open the custom transaction panel.
Gas price and Gas limit selectors appear
- Use the slider to select your preferred gas price, type in your desired gas limit then press Continue.
- Review your transaction, select Continue and confirm your transaction on your Ledger device.
What gas price and gas limit should I select?
- Gas prices can heavily vary depending on network congestion. When Ethereum is under lots of usage, gas prices can rise steeply.
- Gas limit is dependent on the type of transaction you are sending. ERC20 transactions might require higher amounts of gas than a simple ETH transfer and this value can also change with time.
- We recommend the Rapid or Fast gas price suggested by ETH Gas Station.
- To ensure success for any ERC20 transaction, we recommend a minimum gas limit of 400,000.
- Please note that the gas limit represents the maximum amount of gas you're willing to spend for your transaction but not necessarily the final amount you will pay once the transaction has cleared.