If you are looking to buy or sell any cryptocurrency, exchanges are invaluable platforms that provide key crypto statistics, trading pairs, storage options, and much more. While you can buy or sell cryptocurrencies via a software wallet, having an account on a reputable exchange can open a lot of doors in terms of building your wallet. But using the exchange can be expensive, so finding the most affordable and yet reputable options is critical. So, which cryptocurrency exchanges offer the lowest buying and selling fees?
Founded in 2014 by Tristan D’Agosta, Poloniex is an American exchange that has risen among more than twenty crypto exchanges worldwide with a daily trading volume of over $160 million. Located in San Francisco, California, Poloniex isn’t actually available to those based in the US but can be used in a variety of other locations, including the UK, France, Japan, and Canada.
There are a lot of great things about Poloniex. A variety of supported currencies, storage options, and a reward center accompanies one of the best features of the platform: its low fees. Currently, Poloniex only charges a maker or taker fee of 0.125% and does not charge a fee for deposits. This means that you can buy and sell cryptocurrencies on the platform without losing a large part of your profits or paying large fees for purchases.
Kraken ranked fourth in terms of trading volume worldwide, and started as a US Bitcoin and Litecoin exchange (as well as a platform for Euro trading). Today, it supports a huge list of different cryptocurrencies, from Ethereum to Aave. There are plenty of trading pairs, stack currencies, and financing options available on Kraken and its buying and selling fees make it one of the best exchanges.
At the moment, Kraken only charges a 0.16% maker fee and a 0.26% takeaway fee. Taker fees are often higher than the manufacturer fees, since the taker will remove liquidity from the exchange, which is the opposite of what the exchange wants to take profits. However, this beneficiary fee is still reasonable compared to other exchange platforms.
As the world’s most popular exchange, the Binance platform is a favorite with thousands of cryptocurrency buyers and sellers, and for good reason. Not only is Binance available in more than 180 countries around the world, but their fees are more than friendly.
With a maker and taker fee of just 0.1%, the Binance platform makes buying and selling cryptocurrency accessible to anyone who desires it. Furthermore, Binance does not charge staking fees and does not charge fees for deposits or withdrawals! Overall, it’s a solid choice for all things crypto and won’t leave you dealing with frustrating fees on your winnings or rewards.
Pionex is a relatively recent cryptocurrency exchange that was established in 2019. However, its inception in the market in no way hindered its growth as an international exchange. One of the most unique features of Pionex is the suite of useful trading bots, which allow users to automatically trade assets, invest in tokens, and more. But Pionex bots aren’t the only attractive feature it boasts of.
Another great thing about Pionex is its incredibly low take on maker fees. At the moment, both fees come in at just 0.05%, which is much lower than many other cryptocurrency exchanges out there. Furthermore, Pionex does not charge a fee for deposits, although there are fixed fees for withdrawals which vary by coin.
Founded in 2007, eToro is an Israeli broker that offers, among other things, a diversified and reliable crypto exchange to residents of 44 US states (residents of New York, Delaware, Hawaii, Minnesota, Nevada and Tennessee are currently unable to use the service). eToro allows users to buy and sell a range of cryptocurrencies, including Bitcoin, Ethereum, and Stellar. It also has some great staking options for those who want to earn some passive income with their cryptocurrency.
So what does eToro look like in terms of fees? In terms of manufacturer and operator fees, eToro does not charge any fees. However, this does not mean that trading on eToro is completely free. The platform charges a spread fee of 0.75%, which is another way that exchanges can charge transaction fees. In addition, eToro does not charge any deposit or withdrawal fees, which makes transferring your funds to or from the platform much more enjoyable.
Founded in March 2018 by Ben Zhou, Bybit is a Singaporean cryptocurrency exchange that has become one of the world’s fastest growing markets. In just four years, Bybit has become a very popular platform, with huge amounts of cryptocurrency being traded daily. So, what makes Bybit a great choice in terms of fees?
Well, Bybit’s overall fee is great. With no maker fees and a takeout fee of just 0.075%, Bybit ensures that you avoid all kinds of bad fees regardless of whether you are buying or selling cryptocurrencies. Moreover, withdrawals and deposits can be made for free on Bybit. So, if you are looking for a crypto exchange with very low fees across the board, Bybit is the right choice for you.
CEX.io is another widely used cryptocurrency exchange platform with a host of great features including margin trading, staking, and its own official debit card. This exchange can be accessed by users in most countries around the world and currently has more than four million users. But is the exchange fee commensurate with its accessibility and other useful features?
Fortunately, yes! CEX.io charges a 0.16% maker fee and a 0.25% take-up fee. In addition, the platform charges a fee of 2.99% for deposits from VISA or Mastercard accounts and charges a variable fee for withdrawals depending on where the funds are going.
KuCoin currently ranks as the 5th most popular cryptocurrency exchange in the world, with a daily trading volume of over $4.2 billion and a list of over 500 backed coins. In addition, KuCoin offers several features that you can use to build your crypto wallet, such as staking, margin trading, lending, and more. On top of all this, KuCoin fees are also very low.
Currently, the fees for the maker and taker of KuCoin are the same, standing at 0.1%, respectively. Besides, KuCoin does not charge fees for deposits of any kind but does charge fees for withdrawals. The fees you will incur for withdrawing funds vary depending on the type of crypto you are transferring. For example, withdrawing Bitcoin will cost you 0.0005 BTC, while withdrawing Polkadot will cost you 0.1 DOT. It is best to check the KuCoin fees in advance so that you know what kind of fees you will incur.
FTX, formerly known as Blockfolio, is one of the largest cryptocurrency exchanges in the world, right behind Coinbase in the global rankings. FTX is a great exchange for several reasons, including 300 supported currencies, an NFT marketplace, and an advanced trading feature. And along with these great features come some great low fees.
FTX charges a maker fee of only 0.02%, which is significantly lower than other exchanges’ offerings. Furthermore, the receiver fee is very low, currently only 0.07%. The platform also does not charge fees for withdrawals or deposits, so, in general, using FTX ensures that fees remain low regardless of individual trading volume.
Although BlockFi is not as big as some of the other platforms listed here, that doesn’t make it an unreliable option for cryptocurrency trading. BlockFi offers a range of great products to its users, including its own interest accounts, lending and credit card options. And when it comes to fees, BlockFi outperforms many other platforms.
This is because BlockFi does not charge any kind of maker or retainer fees or spreads. You can also deposit the amount you want into your BlockFi wallet without having to pay a fee. Furthermore, you can make one free withdrawal per month on the platform, with varying fees incurred for any additional withdrawals, which depends on the type of crypto you are transferring. It really is a great option across the board for low cost trading.
What is the cheapest crypto exchange?
When buying, selling, transferring or performing any other type of action on cryptocurrency exchanges, unexpected fees can sometimes make the whole process cumbersome and frustrating. So, if you want to keep your fees to a minimum when using a cryptocurrency exchange, try one of the above-mentioned platforms to keep these nasty fees at bay.
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