Cryptocurrency is no longer a niché interest, but a global financial phenomenon attracting millions of traders and investors worldwide. Growing digital asset popularity has created an ever-increasing necessity for reliable, low-cost cryptocurrency exchanges. When security, usability, and available assets become major consideration in choosing an exchange, fees on transactions often play a huge role in profitability. In the text below, we discuss some leading cryptocurrency exchanges and their low fees so you can rake in the most profit without bearing any hidden fees.
Fees on Cryptocurrency Exchange
Before I give you the low fee exchanges, it helps to understand types of fees that some of them might charge:
Trading Fee- Most will charge a trading fee, this is charged when you buy or sell cryptocurrency. Usually a percent of the trade, a little cheaper for high volume customers.
Deposit and Withdrawal Fees: Most of the exchanges impose some kind of fees for depositing or withdrawing the funds. Charges vary with the type of deposit/withdrawal preferred method by an investor such as bank transfer, credit card, or cryptocurrencies.
Maker and Taker Fees: The one that exists in some exchanges is called the “maker-taker”. Basically, the maker tends to receive lower fees or even rebates for adding liquidity to the market through limit orders. On the other hand, the taker who takes away the liquidity by filling an existing order usually gets higher fees.
Network Fees: A user will be charged by the blockchain network whenever he wants to transfer the cryptocurrencies from one wallet or exchange. However, the fees may fluctuate depending on the volume of transactions on the network.
Moving forward, here are the best cryptocurrency exchanges that can give you competitive fees for you to stay on top of that profit
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Binance
Review
One of the world’s largest and most popular cryptocurrency exchanges is Binance, offering a large variety of tradable assets as well as other high-end features at the lowest fees in the industry. Its user base transcends the entire global platform and accommodates all forms of trading options, including spot, futures, and margin trading.
Fee structure
Trading Fee: the base trading fee at Binance between the maker and the taker is 0.10%, however, the fee should decrease if a user has BNB and uses them to pay fee that reduces it to 0.075%
Deposit Fees: Binance does not charge on depositing cryptocurrencies, however, it’ll charge fiat deposit fees depending on the region and a payment method used.
Withdrawal Fees: The withdrawal fees from cryptocurrency depend on the asset you’re withdrawing and network congestion at present.
Why Do I Love Binance?
Binance is also incredibly cheap for trading fees, especially when you have some BNB. This has even a better VIP program in case you are one of the heavy traders as well, where they offer more discounts. Also, Binance has tons of trading options for both beginners and advanced users.
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Kraken
Review
Kraken is an exchange very famous for its strong security measures and regulatory compliance. They also have a very wide range of cryptocurrencies that are tradable, and also futures and margin trading. Amongst traders, Kraken is quite popular for a low-fee and solid liquidity platform.
Fee schedule
Trading Fees: Kraken operates using the maker-taker business model, and fees will fall between 0.16% for basic level makers and 0.26% for takers. There is an opportunity to drop it to 0% to the maker and to 0.10% to the taker if one is a high volume trader
Deposit fees: Kraken’s crypto deposits are free of charges. Fiat deposits may attract fees depending on the nature of the pay mode and on the currency.
Withdrawal Fees: Crypto withdrawal fees are normally very low, though not the same for every asset. Fiat withdrawal fees vary according to the method and country.
Why select Kraken?
The cost structure of Kraken is more than suitable for big-volume traders or limit orders added to increase liquidity. This platform sports an excellent reputation in security and regulatory compliance, which helps it attract all kinds of traders.
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KuCoin
Review
KuCoin gained popularity so quickly mainly because of low fees, a broad list of supported cryptocurrencies, and interface convenience. It is available for both amateur investors and professional traders, providing several kinds of trading pairs, stacking options, and lending services.
Fee structure
Trading Fee: The basic trading fee of KuCoin is 0.10% both for makers and taker. Similar to Binance, their trading fees are discounted through the usage of the native token of KuCoin, the KCS, bringing it down to 0.08%.
Deposit Fees: There are no fees applied to cryptto deposits to KuCoin, however, the options for fiat deposits are very limited. According to the network conditions, the crypto withdrawal fees might be applicable too.
Why use KuCoin?
Not to mention, there is a special feature of reduced costs on KuCoin: it is possible to further minimize trading fees by holding the necessary KCS tokens. The exchange is a good option for users who plan to trade more obscure cryptocurrencies because it lists new and innovative tokens regularly. Probably, the staking and lending options provided by KuCoin may be of interest for obtaining some passive income on the accounts.
Also Read: SaaS Startups: A Guide to Building and Scaling Your Business
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FTX (now owned by Binance)
Review
FTX was competitive in terms of fees, professional trading feature, and offered a wide range of markets which includes futures, options, and tokenized stocks. Being a company own by Binance, this platform is to inherit all the characteristics of Binance fee structure while retaining some other unique features.
Fee Structure (Binance Structure Post Acquisition)
Trading Fees: Follows the standard trading fee structure of Binance which is 0.10% with an exception when BNB tokens are used.
Deposit and withdrawal fees: Depositing cryptos is free. The withdrawal fee is dependent on the token and network.
Why FTX/Binance?
Since the FTX platform is integrat with Binance, this platform provides a seamless trading experience, increas liquidity, and lower fees for advanced traders.
