Steps to Cancel a Transaction
1. Select the pending transaction and click "Cancel."
2. Enter your transaction password to complete the cancellation.
How Transaction Cancellation Works:
On Ethereum, two transactions with the same Nonce cannot exist for the same address. To cancel a transaction, a 0 ETH transaction with the same Nonce is sent to your address, but with a higher gas fee to ensure it gets mined first. Once the 0 ETH transaction is confirmed, the original transaction fails, effectively canceling it.
Key Points:
- Only "Pending" transactions can be canceled. Completed transactions cannot be reversed.
- In rare cases, if the original transaction is mined before the 0 ETH cancellation, the cancellation may fail.