Top 10 Bitcoin Exchanges’ Trading Fees All Cryptocurrency Investors Should Understand
Top 10 Crypto Exchanges Exchange Fees
Newcomers to crypto space often have difficulties understanding how exchange fees work in various exchanges. The crypto space itself is difficult to understand, and adding the difference in exchange fees can be quite overwhelming. This is why we have created a list of top exchanges, as well as the fees that they are charging for crypto trades.
Of course, choosing the right exchange goes far beyond only fees that they are charging. Still, fees should not be overlooked, since they can significantly affect users' gains.
Before we start listing exchanges and explaining their trading fees, we should first explain a couple of terms. For example, terms like “makers” and “takers” represent two kinds of trading participants, both of which have their own fees assigned to them.
Maker is a term that represents a market maker. This is a person who increases market liquidity by placing buy and sell orders. Due to the fact that these individuals literally “make the market”, their fees are always lower. Takers, on the other hand, have higher fees to pay, since they are taking away market liquidity.
For example, a Maker fee of 0.10% on $10,000 ends up in a $10 fee. As for Taker fee, it will be 0.20% on the same amount of $10,000, which will result in a $20 fee. Of course, this is just an example, and true fees will be listed for each individual exchange.
Exchanges and their Exchange Fees
Binance is a crypto exchange based in China, but it is popular around the world. It launched live trading only a little over a year ago, in July 2017. Recently, the exchange moved its HQ to Malta, due to regulatory issues in China.
Its trading fees are very low (both, taker and maker fees are 0.10%), which has made the exchange very popular, and equally as large. The exchange offers charts, tools, and even education for would-be traders. It has an advanced user interface, but also a basic one for newcomers. The advanced one has a deeper technical analysis of cryptocurrencies and their value though, so that should be taken into account.
The 0.10% Maker and Taker fee mentioned earlier is included for trading volumes that go up to 100 BTC within 30 days, and exclude the use of BNB. If users choose to also use BNB coins, additional discounts are applied.
OKEX is a trading platform for futures and was launched by Chinese crypto exchange OKCoin.com. Its focus is on LTC and BTC futures, but the exchange also provides hundreds of futures and tokens trading pairs. OKEX also has some strict standards regarding who can use the platform. Because of this, the platform is unavailable in multiple countries, including Bolivia, Cuba, Kyrgyzstan, Syria, Bangladesh, Hong Kong, Iran, Sudan, North Korea, Ecuador, the US, Sudan, Crimea, and Malaysia.
For those who plan to have trading volume only as high as 100 BTC per month, trading fees are 0.10% for Makers, and 0.15% for Takers.
Huobi is also a very popular exchange based in Singapore. It is mostly focused on the Asian market, but it also serves US customers thanks to its partnership with US-based HBUS. Huobi also claims that their customer service is the best in the world of crypto exchanges. They are available at all times and are offering pre-trade education programs for new users. With users that gain access for VIP level fee prices being the exception, fees are the same for Makers and Takers — 0.20%.
Bithumb is an exchange based in South Korea, and it is the largest exchange in this country. Their HQ is located in South Korea capital, Seoul. Bithumb has been operating ever since 2013, which makes it one of the oldest exchanges that are still around. However, the exchange did suffer a hacking attack in 2017, which is something that new users should definitely be aware of.
While the exchange's focus is on Korea itself, they do offer several other languages, including Spanish, English, Hindi, and Chinese. Additionally, they claim that their fees are the lowest on the market. However, this is only true for those who use Bithumb vouchers, or for those who are trading large volumes. For everyone else, Makers and Takers fees are also the same — 0.15%.
Bitfinex is an exchange that is even older than Bithumb, and it was founded in 2012 in Hong Kong. Its focus is on advanced traders and intermediates, but also on institutional traders. Recently, they stopped serving US-based customers in order to focus on the rest of their users. The exchange also experienced quite a number of hacking attacks, which led to an increased focus on security.
Makers fee is 0.10% for those who would have a trading volume up to $500,000 within a month, and 0.08% for those whose trading volume would go up to $1 million.
As for Takers fee, it is 0.20% for those with trading volume up to $10 million within a month.
Next, we have HitBTC, which claims to be the most advanced exchange for Bitcoin. It offers quite advanced order matching algorithms, so many believe that this claim is not false. The exchange has been in business since 2013 without any issues. However, some new reviews claim that there are issues with their customer service, which failed to respond on several occasions.
Signing up is simple, and there is no need for real registration. The fee structure that this exchange has is unique, since they offer a rebate to their Makers, instead of a real fee. That way, Makers end up with 0.01% rebate, while Takers are charged with a regular 0.10% fee.
ZB.com is a young exchange, only launched in 2017. It is a Hong Kong-based exchange that focuses on the Asian market, primarily China. Even so, everyone is allowed to create an account, and the exchange supports both Mandarin and English.
Additionally, ZB.com has two versions — one to suit professional traders and another one for beginners. Makers and Takers fee are the same — 0.20%, although they can be lower for VIP traders.
Bit-z is another Hong Kong-based exchange, but this one was launched in 2016. Its UI is well designed, and it offers price charts, charting tools, market data in real time, numerous reports, tech analysis indicators, as well as trade histories. It also uses SSL technology that is on a bank level, which ensures the security of all transactions.
Bit-z also offers services around the world, except for those users located in the State of New York, and those from the Federal Republic of Germany. There were some issues reported, like slow withdrawal time, although this is likely due to the fact that the company is checking each individual request manually. As for the Takers and Makers fees — they are the same once more, at 0.10%.
Nearing the end of the list, we have Bibox. This is a recent China-based exchange that was launched last year, and it uses AI algorithms for allowing users to make the best trades, and make the most of each of them. The platform supports several languages, including Mandarin, Russian, English, Vietnamese, and Korean.
The exchange also has two layouts, where one offers condense information, while the other one adds additional data. Another good thing about the exchange is that it offers a lot of less popular altcoins, for those who may have an interest in them. The fees are once again the same for Makers and Takers — 0.10%.
Finally, the last on the list is LBank. This is another Chinese exchange based in Hong Kong, and was launched in 2016. The exchange also focuses on Asian markets, but thanks to the fact that it supports Mandarin and English, its services are being used from all corners of the world. It should be noted that their English translation is mostly limited to only a few pages, while support in English is slow and not very efficient. As for the Makers and Takers fees, they are both 0.10%.