Exchanging currencies, whether crypto to crypto, fiat to cryptocurrencies or vice-versa, is now easy as never before. When selecting the exchange to be used in the crypto space, the options are endless. However, there are some certain characteristics needed to be considered before going ahead with the selection. One of those very important features is the Trading fees.
Bitcoin's price isn't the only thing soaring to big levels. According to data by BitInfoCharts, some traders are currently paying $28 on average to make transactions using the digital currency. Users of cryptocurrency exchanges like Coinbase incur siuch transaction fees when transferring money to an external bitcoin address.
While the increasing Bitcoin transaction fees are proving to be profitable for miners as a reward for solving the complex cryptographic puzzles in adding transactions to the blockchain, traders have been finding it difficult to cope with the unbearable steady increase in transaction fees
Navigating the fees issue is not simple and doing the comparison takes time. That is why we’ve compiled this list to contain carefully selected Crypto-exchanges with the most affordable fees.
Binance is a popular Chinese cryptocurrency exchange, which is popular for its crypto to crypto exchange services. While the company is still fairly new on the market, it has managed to gain a lot of popularity, thanks to its impressive low trading fees. Currently, Binance has a 0.1% trade fee. Ultimately, the Binance tokens (BNB) can be used to reduce fees for trade costs and commissions and 50% of the trading fees can be reduced when trading fees are paid in terms of Binance tokens.
In addition to charging fees for executing cryptocurrency trades, Binance also charges a fee for making withdrawals out of their exchange, and there's a minimum amount needed to be met or exceeded before Binance allows that transfer. Both the minimum amount and fees vary from coin to coin. As an example, here's the minimum withdrawal amounts and fees for the four major cryptocurrencies that you can transfer to Coinbase:
- Bitcoin: 0.002 BTC minimum withdrawal, a transaction fee of 0.0005 BTC
- Bitcoin Cash: 0.002 BCC minimum withdrawal, a transaction fee of 0.001 BCC
- Ethereum: 0.1 ETCH minimum withdrawal, a transaction fee of 0.01 ETH
- Litecoin: 0.02 minimum withdrawal, a transaction fee of 0.01 LTC
It's worth noting that the network fees associated with blockchain transfers are included in Binance's withdrawal fees, regardless of digital currency. Withdrawal fees are subject to change due to blockchain conditions. It is recommended to check out Binance's full list of available cryptocurrencies and their fees to stay up to date, as they can suddenly change due to network congestion or downtime.
Click here to start trading on Binance
Bitfinex charges a bit more than Binance. The exchange charges a constant 0.25% for both taker and maker trades.
Bitfinex has no deposit fee, but there’s a withdrawal fee that varies from coin to coin. Bitfinex has a tiered fee structure. Trading fees range from 0% to 0.2% depending on your trade volume over the previous 30 days, and whether you’re paying maker fees or taker fees. All deposits are free, except bank wires which are charged at the greater of either 0.1% of the deposit amount or US$20.
Withdrawals are also subject to a fee depending on the currency being withdrawn, or the transfer type.
The below table summarizes the trading fee structure:
|30-day trade volume (in USD equivalent)||Maker Fees||Taker Fees|
|$0 or more||0.1%||0.2%|
|$500,000 or more||0.08%||0.2%|
|$2.5 million or more||0.06%||0.2%|
|$5 million or more||0.04%||0.2%|
|$7.5 million or more||0.02%||0.2%|
|$10 million or more||0%||0.18%|
|$15 million or more||0%||0.16%|
|$20 million or more||0%||0.14%|
|$25 million or more||0%||0.12%|
|$30 million or more||0%||0.1%|
Maker fees: These are charged for placing a buy limit order under the ticker price, or a sell limit order above the ticker price. Orders placed which hit a hidden order will always be charged the maker fee.
Taker fees: These are charged for placing an order that is executed against a listing in the order book. Hidden orders are always charged the taker fee.
The full list of Bitfinex withdrawal fees can be found below:
|Bitcoin Cash||0.0005 BCH|
|Ethereum Classic||0.01 ETC|
|Bank wire||The greater of 0.1% or US$20|
|Express bank wire||The greater of 1% or US$20|
KuCoin is another exchange with considerable liquidity on its platform for many cryptocurrencies. Kucoin aims to always offer very low fees, both for trading and withdrawals, making it affordable to use this exchange. There is no fee to make a deposit, apart from this benefit, their fee structure of trading is rather cheap with only 0.1% as the trading fees, based on the asset you purchase. The fees for a withdrawal depend on the cryptocurrency in question, but some are free from fees, including GAS and NEO. Others have incredibly low fees, such as BTC at just 0.0005, LTC at just 0.001, and ETH at just 0.01.
It is important to note that almost ninety percent of the total trading fees are returned to users in one way or another, with Kucoin retaining only 10 percent of trading service fees. KCS holders are rewarded for holding KCS tokens and get 50% of the trading fees of KuCoin exchange daily in reward as KuCoin bonus, and they also have additional 40% share via the Invitation Bonus.
GDAX is one of the cheapest and easiest options if you’re looking to purchase crypto directly with fiat.
While GDAX only focuses on the big 3 (Bitcoin, Ethereum, Litecoin), the fees are a standard 0.25% taker & 0% maker type structure. One very important advantage of GDAX is that it is connected to Coinbase which gives a great experience in the transfer of funds to an exchange account with no fee at all. GDAX does not charge for deposits or withdrawals.
With an existing Coinbase account, traders can automatically link it with GDAX. The exchange charges 0% for maker trades, 0.25% for Bitcoin taker trades, and 0.30% for Litecoin and Ethereum taker trades.
|PRICING TIER||TAKER FEE||MAKER FEE|
|$0m – $10m||0.30 %||0 %|
|$10m – $100m||0.20 %||0 %|
|$100m+||0.10 %||0 %|
CEX.io allows you to buy Bitcoins using your credit card, a wire transfer or a SEPA transfer (if you live in the EU). However, CEX.io transactions work a bit different than other Bitcoin exchanges, they are based on Fill-or-Kill orders (also known as FOK).
One of the biggest complaints users have about CEX.io is the number of fees and “hidden charges” they take. CEX.io takes a 7% fee for the service which is charged from the fiat currency you pay. So, if you buy $1000 worth of Bitcoins you’ll get only $930 worth. This means that the high want to do a direct purchase with CEX.io. The exchange also supplies trading services in which different fees will apply. In order to trade you’ll need to fund your CEX.io account with either a bank account (no commission on CEX.io’s part) exchange rate you see on CEX.io already includes the service fee within it, and no other fees will apply. However,
To keep the connection between the trading volume and the charges imposed on the users. Cex.io introduces a system that makes sure the more you trade over 30 days, the smaller fees you pay for the completed orders.
For this reason, as at December 13, 2017, there has been a change in the fee structure of the exchange. The summary of the fee structure is as given below:
|Trade Volume (30 days), BTC||Taker fee||Maker fee|
Kraken is one of the prominent Bitcoin exchange accepting fiat currencies like Euro. On January 2nd, 2018, the exchange announced reductions in their trading fees, by introducing the “Maker-taker” model. According to the post, the ‘maker-taker model’ feature will ensure a reduced fee for the market-makers who offer liquidity to the market-makers. The model will give the clients a simpler and reduced fee structure.
For the bitcoin-fiat pairs, the maker fee goes as low as 0% and up to 0.16% depending on the amount you trade. The taker fee goes as low as 0.10% and up to 0.26% depending on the amount you trade.
The maker fee is applicable to situations where the trader provides liquidity to the order book by ordering a buying limit below the market price or a selling limit above market price. The fee will only be paid to the maker (maker fee) when such orders are taken by new incoming orders. Accordingly, the taker fee is applicable to situations where the trader confiscates liquidity from the book by ordering a market/buying limit that is carried straightaway out in response to a previously placed limit order on the book. The analysis of the fee structure can be found at https://www.kraken.com/help/fees.
Poloniex, also known also a well-known cryptocurrency exchange in the industry. It consistently boasts the highest trading volumes for altcoins. Usually, users who want an unparalleled selection of altcoin trading pairs prefer using Poloniex. The exchange has a 0.25% taker & 0.15% maker fee.
Considering the fee structure, Poloniex provides some of the lowest fees around, with the highest taker fee set at 0.25% when trading under 600 BTC. The maker fee starts at 0.15%, which is particularly low for trading exchanges.
As at March 2016, in order to encourage robust liquidity and tighter spreads of the exchange’s market, Poloniex employs a volume-tiered, maker-taker fee schedule. The last 30 days of trading volume of each user’s account is calculated every 24 hours, and the fees are dynamically adjusted according to the following schedule:
|Maker||Taker||Trade Volume (trailing 30-day avg)|
|0.15%||0.25%||< 600 BTC|
|0.14%||0.24%||≥ 600 BTC|
|0.12%||0.22%||≥ 1,200 BTC|
|0.10%||0.20%||≥ 2,400 BTC|
|0.08%||0.16%||≥ 6,000 BTC|
|0.05%||0.14%||≥ 12,000 BTC|
|0.02%||0.12%||≥ 18,000 BTC|
|0.00%||0.10%||≥ 24,000 BTC|
|0.00%||0.08%||≥ 60,000 BTC|
|0.00%||0.05%||≥ 120,000 BTC|
Claimed to be the most advanced Bitcoin exchange today, HitBTC is another trading platform popularly known for its low trading fees. HitBTC only charges a 0.1% fee on buy/sell orders. Ultimately, the exchange does not charge a fee for deposits, but rates for withdrawals vary by coin and depending on the condition of the blockchain network used by that particular coin.
Here is the full list of withdrawal fees is available on the exchange:
COBINHOOD is a cryptocurrency service platform that provides cryptocurrency trading and ICO underwriting. It is the world’s first zero fees cryptocurrency trading exchange that solves existing problems with most exchanges. Using COBINHOOD, users can be guaranteed of 100% fund reserve.