RANKINGS

August 6, 2024

27 min.

Posted by: alix

Comparing Fees: Finding the Low Fee Crypto Exchange

Man trading Bitcoin and Ethereum on multiple screens, surrounded by floating coins and a background of charts, highlighting the importance of low-fee crypto exchanges.

Most crypto exchanges have gained popularity due to their low-fee feature. Crypto traders place importance on this factor and consider it a significant selection criterion when choosing a crypto exchange. Here, we investigate these exchange fees in-depth while comparing the cheapest crypto exchanges..

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Understanding Crypto Exchange Fees

Cheapest Crypto exchanges comparison is crucial as these are charges on transactions that can impact your overall trading costs. By understanding how these fees work, you can maximize your trading profits. We discuss the types of exchange fees below.

Types of Crypto Exchange Fees

Many crypto exchanges charge different fees, but the major ones are:

Trading Fees

Crypto exchanges impose crypto trading fees for allowing you to buy or sell cryptocurrencies on their platform. These fees range between 0.1% and 0.5% of the transaction value, but can sometimes be lower.

Deposit Fees

Deposit fees are part of the overall crypto trading fees, imposed when traders fund their wallets on an exchange. However, not all exchanges apply this fee, as many offer free deposits.

Withdrawal Fees

When transferring money from the platform to an external wallet, you incur withdrawal fees, which are another component of the crypto trading fees on exchanges. The fees are usually different for each exchange and for the amount withdrawn as well as the withdrawal method.

Spread

Spread is a hidden fee. It is the difference between the buying price and the selling price of a crypto asset. The spread can significantly impact your total transaction costs, especially during periods of high market volatility.

Importance of Understanding Fee Structures

Understanding fee structures helps traders make informed decisions and empowers them to minimize trading expenses and optimize possible profits by conducting a thorough crypto exchange fees comparison. It allows you to compare exchanges and select the cost-effective one. By understanding fees structure, you can recognize hidden charges and avoid unexpected costs.

For more insights on how to navigate the crypto world, explore our detailed guides on:

Top Low Fee Crypto Exchanges in 2024

Traders prioritize crypto exchange fees comparison because it helps them identify the platforms that can save them money. However, only a few exchanges stand out when you perform a crypto exchange fees comparison. This is why you should do your research about a trading platform before adopting it. This responsible approach can help you avoid potential pitfalls and make the most of your trades. Here are the top low fee crypto exchanges you can consider:

MEXC

MEXC is a high-ranking crypto exchange with over 2 million average weekly visits per CoinGecko. The crypto exchange supports over 2,300 coins and around 2,800+ trading pairs. It supports spot trading, perpetual futures, copy, demo, and p2p trading. The crypto exchange has numerous security measures, including two-factor authentication, anti-phishing code, PoR data, and whitelisting withdrawal address. MEXC boasts over 10 million users in about 170+ countries.

Fees

MEXC is a low cost crypto exchange with a flat fee model. It charges 0.20% for market makers and takers, and its futures trading rates are tiered with about a 5-30% discount. MEXC charges no deposit fees, and its withdrawal charges depend on the asset and network demand.

Pros

Traders can earn a yield on holdings.
Support spot, margin, and ETF markets.
It boasts advanced charting and trading tool
Futures trading can have up to 125× leverage
It’s mobile and desktop-friendly

Cons

Buying crypto on MEXC with local fiat currencies is complex. Best for crypto to crypto purchase.
It has restricted services/features in certain regions
No DeFi services or any web3 features yet.

Unique Features

Robust security measures
Multiple payment methods
High liquidity
Native token for fee reduction and voting
Mining and staking liquidity.

KuCoin

KuCoin is another low fee crypto exchange that supports spot, futures, and margin markets. Expert traders favor it and has about 1.4 million average weekly visitors. The exchange supports 800+ coins and 1347 trading pairs. It allows users to earn passive income via staking, and its native token attracts a discount on trading fees.

Charges

KuCoin does not impose any deposit fees, and its withdrawal costs vary by asset. It applies 0.1% spot trading fees for both makers and takers, while futures makers incur a 0.02% and futures takers incur a 0.06%.

Pros

Low exchange fees
Supports 800+ coins and 1300+ pairs
It has a mobile app and web version
It has advanced trading features e.g. trading bots.

Cons

KuCoin isn’t regulated in most regions
Slow customer support
It is complex for beginners

Unique Features

Native token
Crypto lending and borrowing
Futures trading with 100× leverage
P2P trading
Available in over 200 countries.

Binance

Binance is the largest crypto exchange by trading volume, with over 190 million users in 180+ countries. Many believe Binance’s prominence won’t make it a low-fee crypto exchange, but that’s far from the truth. It’s a top choice for many traders due to its reasonable charges and great features. Binance ranks number 1 on CoinGecko, with about 14.3 million average weekly visits, 500 supported coins, and 1600+ trading pairs.

Fees

Binance charges a 0.10% trading cost for spot trading and 4.5% for debit card purchases. It offers free crypto deposits but may charge for fiat deposits depending on your payment method. The withdrawal fees also vary based on the crypto asset and network status.

Pros

Available in most countries
Low-fee crypto exchange platform
Possess advanced trading tools
Advanced security features
It supports numerous trading types.

Cons

No built-in digital wallet
Constant regulatory trouble in several countries
Limited information on futures trading charges
Card fees on purchases

Unique Features

Binance Visa card
Instant Buy/Sell option
Web3 features (NFT marketplace and Web3 wallet)
Availability of crypto loans
Multiple trading options

Crypto.com Exchange

Crypto.com is another exciting low fee crypto exchange with an average of 700k+ weekly visits. The exchange supports 350+ coins and 700+ trading pairs. Crypto.com is beginner-friendly and equally functions as a good NFTs marketplace.

Charges

Crypto.com applies a 0.075% fee on spot trading and up to 4% on card purchases. Depositing or withdrawing USD on Crypto.com is free, while the crypto withdrawal cost depends on the cryptocurrency. The exchange also imposes a monthly fee on inactive cards after a year.

Pros

Feature-rich exchange platform.
It’s a good option for a low-fee crypto exchange.
Availability of trading fee discounts.

Cons

Text/Chat support only
High fees on card transactions
History of security breach

Unique Features and Offerings

Crypto lending and borrowing
Trading bots
Discounts backed by native coin, CRO.
Crypto back rewards
Visa debit card.

Bybit

Bybit is a popular low fee crypto exchange with nearly 7 million average weekly visits. It supports over 600 coins and 900+ trading pairs. Bybit offers crypto traders a low charge on trades alongside a wide range of trading options like spot, derivatives, and instant crypto buy.

Fees

Bybit fees depend on the product and traders’ VIP status. Trading fees start at 0.1% for spot trading and 0.06% for contract trading. The platform offers a free deposit, and withdrawal charges depend on the transaction blockchain.

Pros

It is very safe and secure
It boasts advanced trading features
Multiple passive income opportunities

Cons

More suited for advanced traders.
It doesn’t fully support spot trading.
Unavailability in the U.S. and some other regions

Unique Features and Offerings

High-leverage derivative trading
P2P trading
Numerous passive earning products
Available crypto loans
It possesses AI trading tools and supports copy trading.

Comparing Fee Structures

Spot Trading Fees

Exchange	Maker Fee	Taker Fee
MEXC	0.20%	0.20%
KuCoin	0.10%	0.10%
Binance	0.10%	0.10%
Crypto.com	0.075%	0.075%
Bybit	0.10%	0.10%

Based on exchange fees for spot trading alone, Crypto.com is the ideal low fee crypto exchange to consider. MEXC has a relatively high fee, while Binance and Bybit charges are competitive.

Futures Trading Fees

Exchange	Maker Fee	Taker Fee
MEXC	0.02%	0.05%
KuCoin	0.02%	0.06%
Binance	0.02%	0.04%
Crypto.com	0.02%	0.05%
Bybit	0.03%	0.06%

Bybit and KuCoin rates are higher for future trading, while others will maintain a competitive rate. Based on fees alone, Binance would be the ideal low cost crypto exchange to consider for futures trading.

Other Fees

Exchange	Withdrawal Fees	Deposit Fees	Account Fees	Other Fees
MEXC	Depends on the cryptocurrency and network	Free deposit	No account fees	Nil
KuCoin	Depends on the cryptocurrency and network	Free deposit	No account fees	Nil
Binance	Depends on the cryptocurrency and network	Free deposit	No account fees	4.5% on Card purchase
Crypto.com	Depends on the cryptocurrency and network	Free deposit	No account fees	4% on Card Purchase. Monthly Card inactivity fees
Bybit	Depends on the cryptocurrency and blockchain	Free deposit	No account fees	Nil

How to Maximize Savings on Crypto Exchanges

You can reduce costs on crypto exchanges via numerous means. They include:

• Using native tokens

Crypto exchanges offer discounts when you trade with their native tokens. A case study is Binance, which offers 25% off when transacting with BNB. If trader A trades $10,000 BTC on the platform, his trading fee will be the standard 0.10%, which is $10.

However, if trader B purchases the same amount of BTC with the Binance Coin (BNB), they would have a 25% discount, paying only $7.50 as a trading fee. This will save Trader B $2.50. Now, imagine that on a larger transaction volume. MEXC, KuCoin, and Crypto.com are among the platforms that emerge favorably in a crypto exchange fees comparison, offering similar incentives.

• Choose Right Trading Time

Some exchanges offer lower fees during specific trading periods or when trading volume is below a particular threshold. An example is Bybit, which reduces the cost for under $10,000 trades by 50%.

• Leverage Fee Discount

Low fee crypto exchanges sometimes offer discounts to high-volume traders or holders of specific tokens. For example, when you hold KCS tokens on KuCoin, you get a 10-20% discount on the trading fee.

• Take Part in Loyalty Programs

Occasionally, crypto exchanges offer programs that attract discounts and waivers on trading fees. Sometimes, these programs are referral-based, and other times, they are to reward old users. Be on the lookout for such programs and take advantage.

Security and Trustworthiness of Low-fee Exchanges

Every low fee crypto exchange must ensure utmost security to ensure users’ funds and personal information are safe. Thus, implementing top-notch security features is essential. Here are some of the measures top crypto exchanges employ:

Two-factor authentication
Multi-tiered system architecture
Cold storage
Regular security audits
Insurance for stored funds.

Crypto traders also have a part to play in ensuring the safety of their funds. These include:

Enabling two-factor authentication
Using strong passwords
Using a reputable exchange
Considering other necessary factors beyond low fees before choosing exchanges
Constantly monitoring account activities
Keeping sensitive information private
Be conversant with security updates.

Security is a shared responsibility, and you must play your part. These tips make that easier. Following them can significantly reduce the risk of theft and security breaches.

User Experience and Support

Top crypto exchanges have user-friendly interfaces allowing easy navigation and use, contributing significantly to their adoption. Platforms like Binance, KuCoin, and others use distinct color schemes, legible texts and fonts, and pointers to aid first-time users. Most of them also have customization options for advanced users looking to personalize.

User experience is essential when choosing a low-fee crypto exchange, as it is crucial to your satisfaction. Customer support is another factor one should uphold. Most crypto exchanges have multiple channels for contacting support, except KuCoin, whose support channel is limited to text chat. Prompt response, 24/7 availability, and numerous support channels prove an exchange cares about users. Thus, you should consider it.

Crypto exchanges like KuCoin and Binance believe support goes beyond query and responses. Thus, they equip the platform with helpful learning materials to help existing users, beginners, and other members of their growing community. Getting all the support you can from your exchange is a good perk that should come with low fees and user-friendliness.

Conclusion

Crypto exchanges charge different fees, from trading to deposit and withdrawal fees and spread. These fees usually vary among exchanges, causing low fee crypto exchanges to be more popular amongst traders. However, when choosing an exchange, you must consider factors beyond the fee, like security, user experience, and support. This guide lists the best low fee crypto exchanges you can consider and how they compare.

FAQs

What is a bitcoin wallet, and why is it important?

Cryptocurrency exchange fees are costs. Exchanges charge traders for transactions, such as buying, selling, depositing and withdrawing cryptocurrencies. They can have a big impact on trading costs.

What are the differences between hot and cold storage wallets?

Here are ways to reduce the fees you spend on trades: Choose exchanges with lower fee structures. Take advantage of discounts with native exchange tokens. Trade in low-fee timeframes. Take part in exchange loyalty programs.

What are the best Bitcoin wallets for high-security needs?

Crypto.com is one of the exchanges with meager spot trading fees – 0.00075%. Binance charges 0.02% for makers and 0.04% for takers. This pricing is competitive. Factors to Consider: Know Your Trading and Other Costs.

How can I ensure my online wallet is secure?

Hidden fees in crypto trading are something to watch out for. Spread is one of the major yet insidious hidden fees is the spread. It is the difference between a crypto asset’s buying and selling price. Makes clear the knowledge of these fees for trading, signaling informed decisions on your trading moves.

Which Bitcoin wallets do experts recommend for beginners?

Rest assured, a good crypto exchange should have robust security measures in place. This includes a top-tier security system. It has two-factor authentication and cold storage for funds. It also has regular security audits. Also, insurance policies cover possible fund loss. These measures are for protecting your investments. They also ensure a safe trading environment.

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