In a diverse world of the cryptocurrency, beginner traders are facing the question of choosing an exchange to start trading their very first digital assets. Each of the platforms offers its benefits for users, however, there are significant criteria that should be considered. One of the main features of any crypto exchange that traders will pay attention to is the fee. Whether you want to convert your fiat in crypto or make a transaction, you will pay a commission and that is when everyone becomes very selective. In this article, you’ll find out about 5 best cryptocurrency exchanges with the lowest fees which will help you to make the right choice. No one wants to pay more if it’s possible to pay less, right?
Types of fees
Besides commissions for additional services, each exchange has 3 main types of fees. Trading Fee is paid for each trading operation made on the platform. It can vary from 0% to 0,25% approximately. Deposit Fee is charged when users want to deposit their account. Depending on whether you use digital currency or fiat, the fee can differ. Withdrawal Fee is paid when a user wants to take the money out of the platform and to transfer them to a card or a digital wallet.
The best crypto exchanges with low fees
We couldn’t have passed the most popular exchange in the market. Binance has been on the top of the list of the best exchanges on CoinMarketCap for quite a while now with over $1 billion of the daily trading volume. The exchange offers 0,1% trading fee, doesn’t charge anything for the deposit and divides withdrawal fees depending on the blockchain conditions. Besides, Binance allows users to access lower fees by using their own coin. It also offers a variety of cryptocurrencies to trade and doesn’t require verification to start trading.
This platform on the first place became popular for claiming itself the most advanced Bitcoin exchange in the market. It has also attracted its users with low fees. HitBTC charges 0,1% for trading, has no fee for deposit and also indicates withdrawal fees depending on the blockchain used by a certain coin. Storing cryptocurrencies is backed up with cold storage and 2FA the ensures the safety of the digital assets.
A relatively new exchange that was founded in 2014 but was relaunched in Summer 2018 and introduced users a new experience for buying, selling, and trading cryptocurrencies. In a quite short period of time, it has reached to the TOP-50 list of exchanges on CoinMarketCap. currently has over 50000 active traders, and grows by 15% monthly in a number of users. The exchange sets its trading fee to 0,2%, doesn’t charge for deposit, and has various fees to withdraw different currencies some of which has a zero fee like NEO and LINK. Another benefit is CoinCodes used by p2pb2b that allows users to make transactions between each other with no fee at all.
The exchange has a specific trading fee policy where the commission depends on the trading volume generated by a user within a 30-day period. For example, if a user has made transactions that worth 5 BTC for 30 days, the personal trading fee will be set to 0,25%. If the trading volume exceeds 6000 BTC, the fee will go down to 0,1%. There is no fee for deposit in crypto and the fees for withdrawal varies depending on the currency. The exchange is also popular for providing users with a variety of payment methods like Visa, MasterCard, and bank transfers.
Another trading platform that has taken low fees as an attracting point for its users. Kucoin offers 0,1% trading fee, there is no commission for the deposit, and the fees for a withdrawal depend on the cryptocurrency selected. The platform also has its own coin and rewards traders for holding exchange’s cryptocurrency. A user will be able to get a discount on the trading fee or bonus tokens.