Who likes paying fees? Do we really have to pay a lot of money for paying money for another type of money?
In other words: Many hate transaction fees!
It's one of the most popular reasons why cryptocurrency has become popular in the first place.
I personally think it is the main factor for many people. If you look at some of your bank fees, you might see an unbelievable amount of fees charged just for them to hold your money! If that's not crazy enough, they are controlling your funds, making money off of the investment, and giving you very little interest. Regardless of which bank you choose, you will have to pay some fees in one way or another. The same goes with crypto, but with typically lower fees.
Certain types of fees have to be charged to users at bitcoin trading platforms in order to use the site's services.
The fees are usually depending on the type of transfer in terms of deposits and withdrawals. Bank wire transfers, credit card top-ups and using alternative payment providers often costs money even before starting the trading activity on the bitcoin exchange platform. On the other hand, cryptocurrency deposits and withdrawals are usually free of charges, you only have to pay the transaction fee on the blockchain that is payable to the miners. Source
One of the most common fees is charging the deposits and withdrawal from the exchange’s account and deducting fees from the transaction's output.
The cheapest bitcoin exchanges are those which do not charge any deposit or withdrawal fee. You can send any applicable amount of bitcoins to and from the exchange without being charged.
A couple of exchanges, however, make it free to deposit or withdraw the funds from the exchange. In these cases, only the miner fee is due in case of cryptocurrency payouts, as this fee is not set by or payable to the platform, it is rather needed in order to verify the transactions on the blockchain. Source
Each exchange has its own benefits and disadvantages in terms of transaction fees. The no trading fee model can make deposit and withdrawal activities cheaper if the gap is small enough for the ask and bid bitcoin prices. While most exchanges don't accept credit cards because they can be asked for a refund, making them go through the trouble of processing another transaction for a refund, they accept wire transfers from banks.
Here are my top 5 solid platforms with the lowest exchange fees for 2017.
GDAX - Although GDAX focuses only on the top 3 cryptocurrencies (Bitcoin, Ethereum and Litecoin), the fees are a standard 0.25% taker & 0% maker type structure. GDAX's advantage is attributed to its connection to Coinbase which is great because it makes it easy of use to transfer funds to an exchange account without any fee.
Binance - Their trading fees are low which makes it a hot place for trading altcoins. It charges only 0.1% fee for transactions and it offers an even lower fee if you use Binance coin which was specifically designed and built into their platform.
Poloniex - It is one of the most popular, rock-solid trading platforms. Poloniex offers to trade a wide variety of coins and is built on proven technology. They charge only a 0.25% taker & 0.15% maker fee.
Kraken - This trading platform is a little more difficult to figure out. While their fees are a bit higher than the others: 0.26% taker/0.16% maker, it is a trusted platform and if you up the volume of sales to a decent level, you can have those fees reduced significantly.
Bittrex - It's another major US player in the crypto market. Bittrex is Las Vegas-based. They charge an across-the-board 0.25% fee for trades and they process a lot of volume.
International Exchanges
If you will have to transact in the UK, Europe, and Australia, let's talk about a few exchanges that are specific for these locations and maybe even better than some of the US-based exchanges mentioned above.
UK - CEX.io is a UK based platform which makes the list because while most of the exchanges in the country have a standard fee of 0.25%, CEX.io only charges 0.20% per transaction! That combined with a stable, easy-to-use user interface makes it a winner.
Europe - If you live in Europe, you might want to check out the popular Bitpanda for trading.
Australia - For those looking for an Australian-based platform, try CoinSpot or CoinJar. They are apparently two of the most popular options for Australians.
Canada - The only prominent exchange for everyone in Canada is Quadrigacx. They have standard fees and they don't allow US customers to trade.
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A very interesting post, thanks for sharing
Great post... keep it up the 2000 follower, i am the 2001 already^_^ how i wish i could also have that someday.
NICE POST, interesting information
Many thanks for sharing such informative post with cryptocurrency lovers.
I have found Kraken to be a very annoying exchange not worthy of this praise. But with the optimization coming soon (that’s been promised for weeks), I’m hoping it improves to the level of being usable.
I hope so. Everything is improving and I have also experienced lags and failed transactions across exchanges as they handle unexpected volumes or maintenance windows.
thank you fot the great information @hiroyamagishi i follow you for now on looking forward to your next post
You're welcome. Thanks too for reading.
uhmm great post. Good information.
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