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How do I replace or cancel my pending Ethereum transaction?

If you have used the Ethereum network before, you may have experienced a transaction that took longer than usual to confirm. This happens because of the way miners prioritize transactions – users who offer higher fees get priority.

How do I replace or cancel my pending Ethereum transaction? foxcbt.com
How do I replace or cancel my pending Ethereum transaction?

If your Ethereum transaction gets stuck because of low gas fees, you will need to wait until the fees drop and miners finally process your transaction. However, you also have the option to replace the pending transaction with a new one with a higher gas price. Sound complicated? It’s easier than you think. And it works with ether (ETH) as well as all ERC20 tokens.

Introduction

First of all, remember that you cannot replace, revert or cancel confirmed transactions. However, during times of network congestion, some cryptocurrency transactions may get stuck. When trading volume is too high, you may find yourself with pending transactions for hours or even days.

Sometimes, bottlenecks clear up on their own – either because of a failed pending transaction or because of reduced gas fees. While you can’t literally cancel an Ethereum transaction, there are some steps you can take to speed up the process. In effect, it consists of replacing a pending transaction with a new one that pays higher fees.

In this article, we will show you how to speed up transactions using Trust Wallet or MetaMask. You can also use other crypto wallets that support the Ethereum blockchain, but the process may be slightly different.

Requirements

  • Installed MetaMask or Trust Wallet.
  • Private key (seed phrase) to login to your Ethereum wallet.
  • Internet access.

Why is my Ethereum transaction stuck?

Ethereum works with the way the system bids your transaction fees. This fee will depend on the complexity of your transaction. In this context, there are three important terms you should know: gas cost, gas price, and gas cap.

The computational tasks of a transaction are measured by the cost of gas, while the price paid per unit of gas is what we call the gas price. You can think of the cost of gas as the amount of work required and the price of gas as the price paid per “hour worked”. Finally, the gas limit is the maximum amount you are willing to pay for a transaction.

While the cost of gas is determined by the complexity of your transaction, you are free to set your own gas prices and limits. The total fees paid will then act as an incentive for the miners. However, if your gas price is too low, you may be overpaid by other users, leaving your transaction pending. If a transaction gets stuck, Ethereum will not confirm any new transactions you make from the same wallet address until the miner confirms the first transaction.

How to speed up transactions on MetaMask

1.Login to your MetaMask wallet with pending transactions. If it’s an external wallet, you need to enter the address with the corresponding seed phrase or private key.

2. Find the pending transaction in the [Activity] tab and click [Speed ​​Up].

3. his process will allow you to replay your transaction. Make sure to use a higher gas price by clicking [Fast] and then [Save].

4. if the previous step didn’t work, you can also go to the [Advanced] tab to set the gas price manually. You can check current gas prices and average confirmation times on Etherscan or EthGasStation.

How to replace a Ethereum transaction on MetaMask

  1. Login to your MetaMask wallet with pending transactions. Again, if it’s an external wallet, you need to enter the address using the corresponding seed phrase or private key.
  2. Find the pending transaction in the [Activity] tab. Click it to check the details and write the [Nonce] value.Note: If you have multiple pending transactions, you need to start with the oldest transaction first (lowest nonce value).
  3. Next, go to MetaMask [Settings] and click [Advanced].
  4. Scroll down and enable [Customize transaction nonce].
  5. Go back and click on your wallet address to copy it to the clipboard.
  6. Click [Send] to create a new transaction and paste your wallet address in the [Add Recipient] field.
  7. You need to deposit 0 ETH into your own wallet using the time of the pending transaction (note in step 2). Click [Confirm] when ready. Note: If your gas price is too low, this transaction can also be difficult. Make sure you have set a reasonable gas price.
    1. Wait for the new transaction to be confirmed, so the pending transaction will be replaced.

    Note: To avoid crashes, make sure to switch the [Customize transaction nonce] option back to OFF.

How to cancel Ethereum transaction with Trust Wallet

  1. Click on a pending transaction in your Trust Wallet app and search for the [Nonce] field. Record the number you see.
  2. Create a new transaction, then add your wallet address in the [Recipient Address] field. Make sure it’s the same address as the pending transaction. Set [Amount ETH] to 0 and click [Next].
  3. In the top right corner, tap settings.
  4. Replace the [Nonce] field with the value you wrote down earlier. Make sure to set [Gas Price] competitively so your transaction won’t be difficult anymore.
  5. Wait for the new transaction to be confirmed, so the pending transaction will be replaced.

Closing thoughts

Sending an Ethereum transaction and finding yourself outbid in gas prices can be very frustrating. It gets even worse when you realize that you cannot use your Ethereum wallet until the pending transaction has failed or is confirmed.

Sometimes, stuck transactions will automatically delete as network fees drop. But unfortunately, this can take quite a while. Thankfully, you can abort a stuck transaction by pre-running it with a simple 0 token pass. Remember that you will need to pay the full gas fee to successfully execute the cancellation.

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