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I want to move a small amount of OMG tokens to a different address. I have no ether at this address, so I guess I have to transfer some to this address in order to pay the transaction fee. If I want to send ~0.6 OMG, how do I calculate the transaction costs in ether?

user1981275
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1 Answers1

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To send ERC20 tokens, you must sign a transaction. A transaction will use a certain amount of gas. Gas is sold at a per unit price.

The formula is

TransactionCost = gasUsed * gasPrice;

The gasUsed generally does not change regardless of how many tokens you send. To send 1 token is the same price as to send 100 tokens. The transaction will cost as much gasUsed as the ERC20 contract dictates; the gasPrice will be dictated by the load of the entire ethereum network.

You will have control over the gasPrice. However, a standard ERC20 token transfer's gasUsed will be "fixed" (or at least out of your control).

Higher gasPrice will mean faster transfers. Use https://ethgasstation.info/ to estimate transaction confirmation time.

If you are not in a hurry, choose a very low gasPrice.

Any unused gas is always refunded as per the Ethereum specification.

Pang
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Victory
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    Got it now, thanks, this article also helped: https://steemit.com/ethereum/@tomshwom/ethereum-gas-how-it-works – user1981275 Dec 15 '17 at 00:23