Comparison of Fees on Crypto-Exchanges – Every financial transaction comes with a fee. You will pay a fee if you exchange or trade fiat currencies or cryptocurrencies. When exchanging cryptocurrency, one fee users pay is the transaction fee.
The amount you pay depends on the blockchain, the price of an asset, and other factors.
Another fee is the withdrawal fee within the exchange. And finally, if traders use a trading platform, they would also have to pay a fee.
When you pay so many fees, it’s only logical to seek a low fees crypto-exchanges.
In some cases, fees can accumulate, and the trade won’t be as beneficial.
WhiteBIT researched some of the most popular exchanges with the lowest fees. So, check out what these exchanges offer their users in this article.
WhiteBIT is one of the biggest European exchanges that aims to make cryptocurrency more accessible to users. The platform has some of the lowest transaction fees out there:
- up to 0.1% when trading cryptocurrency;
- a 0.098% fee when margin trading.
WhiteBIT also has different withdrawal fees for each type of currency (crypto or fiat). Note: different trading pairs have different fees but never exceed 0.1%. For instance, USDT to BTC has a 0.1% fee. If a user buys BTC for $10,000, they have to pay a fee of 10 USDT.
Changelly aims to provide fast crypto transactions so users can buy and sell cryptocurrency easily. Like any cryptocurrency exchange, Changelly has network fees. These depend on the blockchain. Changelly has two exchange rate types:
Typically, traders choose a floating rate when exchanging crypto for fiat on a rising market.
However, users might exchange at a different rate than they expected because of floating rates.
Additionally, Changelly offers the lowest 0.25% floating rate for crypto-to-crypto transactions.
Most people prefer to avoid this risk and choose to exchange at a fixed rate. Users exchange at a fixed rate and receive the amount they have calculated.
CEX.IO is one of the first platforms to offer fiat to crypto-exchanges options. Today, CEX still has some of the lowest fees out there.
CEX explains in detail how much they charge for various operations on their official website.
For example, depositing funds on your CEX account comes with a fee depending on the depositing method you use.
Some methods, like S.W.I.F.T. or Faster Payments, are fees free. However, other methods require small fees.
Moreover, the platform charges users when they withdraw cryptocurrency from their accounts.
Each cryptocurrency has a specific floating fee. For example, withdrawing AVAX comes with a 0.02 AVAX fee as of July 19th, 2022.
Gemini is a platform created by people who believe everyone should have a choice regarding their finances.
Gemini is a convenient platform where everyone can easily buy, sell, and trade crypto.
Gemini has a wide range of fee schedules for users depending on their services.
For example, when withdrawing crypto, users pay dynamic or flat fees.
Dynamic fees apply to Ethereum-based cryptos. Other cryptos come with a flat fee, and users can check how much they will pay by looking at a Gemini table of fees.
Kraken is one of the largest and oldest crypto-exchanges in the world.
It still has some of the lowest fees and the best conditions. Kraken charges the following fees:
- trading: 0% to 0.26%;
- credit card purchases (of crypto): 3.75% + €0.25 ;
- online banking processing: 1.7% + $0.10.
You can find more detailed explanations about all fees on Kraken’s official website.
So, now you know more about trading pairs and fees on some of the most reliable crypto-exchanges.
It’s always a good idea to check various exchanges to compare prices and fees.
Related CTN News: