- 1 How To Cancel Pending Transaction On Metamask In 2024
- 2 FAQs On How To Cancel Pending Transaction On Metamask
How To Cancel Pending Transaction On Metamask In 2024
Metamask is known as a browser extension and mobile app that allows users to interact with the Ethereum blockchain.
It primarily serves as a digital wallet that enables users to manage their Ethereum-based assets, including Ether (ETH) and ERC-20 tokens. Metamask provides an easy to use interface for accessing decentralized applications (dApps) and decentralized finance (DeFi) platforms, making it easier for individuals to engage with the Ethereum ecosystem.
In this article, we’re going to be looking into how to cancel pending transaction on metamask in 2024 but before that, let’s see the various things metamask can be used for:
What is Metamask used for?
Metamask is primarily used for the following purposes:
Wallet Management: Metamask allows users to create and manage multiple Ethereum wallets within a single interface.
Users can import existing wallets or create new ones, providing them with control over their private keys and funds.
Secure Transactions: With Metamask, users can securely send and receive Ether and other ERC-20 tokens.
It simplifies the process of interacting with smart contracts by automatically populating transaction details and providing gas fee estimations.
Access to dApps: Metamask acts as a bridge between web browsers and the Ethereum blockchain, enabling users to interact with various dApps.
It injects the necessary code into websites, allowing seamless integration with Ethereum-based applications.
Participation in DeFi: Metamask plays a crucial role in accessing decentralized finance protocols.
It enables users to connect their wallets to DeFi platforms, such as decentralized exchanges (DEXs), lending platforms, yield farming protocols, and more.
Token Management: Users can view their token balances, add custom tokens, and track their portfolio directly within the Metamask interface.
This feature simplifies asset management and provides a comprehensive overview of holdings.
Identity Management: Metamask supports various identity standards, such as Ethereum Name Service (ENS) and decentralized identifiers (DIDs).
These features allow users to associate human-readable names or unique identifiers with their wallet addresses.
How To Cancel Pending Transaction On Metamask In 2024
If you find yourself stuck with a pending transaction on MetaMask, fret not, why? Because there are ways to resolve the issue. Here’s a complete guide to help you speed up or cancel a pending transaction.
Speeding up a Transaction
If your transaction is taking longer than expected, consider these options:
Patience can be a virtue. Sometimes, waiting for network congestion to ease is all you need to do. However, it can be annoying if it’s taking too long. In such a case, you can speed it up.
If no you’re determined to speed up the process, Click the ‘Speed up’ button to resubmit the same transaction with a higher gas fee. Be aware that this will increase the transaction cost.
If however, you have lost interest in continuing with the transaction, below is a guide on how to cancel pending transaction on metamask easily:
Canceling a Pending Transaction On Metamask
Below are the essential methods you can use:
Method 1: In-App Cancellation
If your transaction is still pending, follow these steps:
Simply select ‘Cancel’ within the MetaMask interface.
Note: Once a transaction is confirmed, it cannot be reversed.
Method 2: Custom Nonce
This method involves sending a new transaction with the same nonce. Here’s how to do that:
Turn on ‘Customize transaction nonce’ in advanced settings.
This enables you to send a replacement transaction using the same nonce.
Send a new transaction to your own MetaMask address with 0 ETH.
Fill in ‘Custom Nonce’ with the same nonce as the pending transaction.
Adjust gas settings:
Set a gas limit comparable to or slightly higher than the original transaction.
Set a priority fee at least 10% higher than the original transaction’s gas fee.
Ensure max fee is at least 30% higher than the original transaction’s max fee.
Check a gas tracker for guidance on recommended max fees.
If you follow these guidelines, the two provided methods especially, you should be able to cancel your metamask pending transaction easily.
FAQs On How To Cancel Pending Transaction On Metamask
The following are some frequently asked questions on how to cancel pending transaction on metamask with answers:
Can I make money with MetaMask?
While MetaMask itself is not designed to generate profits, it can facilitate various activities that may potentially lead to financial gains.
Users can connect their MetaMask wallet to decentralized finance (DeFi) platforms and participate in yield farming, liquidity provision, or lending/borrowing protocols.
These activities involve staking or lending digital assets in exchange for interest or additional tokens. Also, users can trade cryptocurrencies on decentralized exchanges using MetaMask as their wallet.
How do I transfer money to MetaMask?
To transfer funds to your MetaMask wallet, you need to follow these steps:
Install the MetaMask extension in your web browser and set up a new wallet or import an existing one.
Once your wallet is set up, you will be provided with a unique Ethereum address.
Obtain the address of the sender’s wallet or exchange account where you currently hold the funds.
Access the sender’s platform or wallet and initiate a transfer.
Paste your MetaMask wallet’s address as the recipient of the transfer.
Specify the amount of cryptocurrency you wish to send and confirm the transaction.
Wait for the transaction to be confirmed on the blockchain (this may take some time depending on network congestion).
Once confirmed, the funds will appear in your MetaMask wallet balance.
Can MetaMask be trusted?
MetaMask has established itself as one of the most widely used and reputable Ethereum wallets in the crypto industry.
It is an open-source project developed by ConsenSys, a prominent blockchain technology company.
The codebase is publicly available, allowing for community scrutiny and contributions.
MetaMask also follows best security practices, such as encrypting user data locally and storing private keys locally on users’ devices.
However, like any software or online service, there are potential risks associated with using MetaMask, such as phishing attacks or malware targeting the browser extension.
It is crucial to ensure you are downloading MetaMask from official sources and regularly update both the extension and your web browser for enhanced security.
How do I withdraw from MetaMask?
To withdraw funds from your MetaMask wallet, follow these steps:
- Open your MetaMask extension or mobile app and unlock your wallet using your password or biometric authentication.
- Go to the “Assets” or “Wallet” section where you can view your balances.
- Choose the cryptocurrency you want to withdraw.
- Click on the “Transfer” button.
- Enter the recipient’s wallet address (ensure its accuracy) and specify the amount you wish to withdraw.
- Review the transaction details and confirm the withdrawal.
- Wait for the transaction to be confirmed on the blockchain.
- Once confirmed, the funds will be transferred to the specified recipient address.
Ensure you have sufficient gas fees (transaction fees) in your MetaMask wallet to cover the withdrawal transaction.
Is MetaMask safer than Binance?
Comparing MetaMask and Binance in terms of safety is not straightforward since they serve different purposes.
MetaMask is primarily a wallet for interacting with the Ethereum blockchain and decentralized applications, while Binance is a centralized cryptocurrency exchange.
MetaMask provides users with greater control over their private keys as they are stored locally on their devices.
However, this also means users bear the responsibility of securing their devices and backups properly.
On the other hand, Binance manages user wallets centrally, which can be convenient but also poses a higher risk if the exchange experiences security breaches.