Cryptocurrency trading happens to be the order of the day as more and more people jump on the crypto train every day because of what it promises. As a beginner trader, there’s a need to carefully select the platform you trade on. And as an existing trader, you may need to change platforms for one reason or another.
Now, different crypto trading platforms exist, and each has its strength. While some offer a broader selection of altcoins, some allow you to copy another trader’s trade on your account. There’s also the group of trading platforms that charge lower transaction fees as opposed to others. We have selected some trading platforms that offer low transaction fees based on thorough research and appraisal of crypto exchange platforms. In this article, we have listed out for you, top 12 crypto platforms that charge lower fees on client’s transactions. We hope this list makes it easier for you to pick a trading platform to either port to or trade on as a beginner. Check them out below.
Crypto Trading Platforms That Charge Low Fees On Transactions
The following crypto trading platforms offer the best cryptocurrency exchanges and are characterized by low fees.
Of all trading platforms that exist, Binance offers the lowest fees. Not only that, but they also support a wide range of common cryptocurrencies being traded globally. After completing all the registration requirements, you can deposit cryptocurrencies and funds at no charge. Transaction fees are, however, charged when you make withdrawals from your account. But do not fret. You will hardly notice the deduction as the price is quite fair. Binance charges a flat fee of 0.1% on every transaction and allows a 50% discount on transaction fees when using the Binance coin (BNB). Please note, however, that Binance is a crypto to crypto exchange which means it connects traders for cryptocurrency trading, unlike platforms that do fiat exchange.
Coinbase Global inc also owns Coinbase pro. This platform allows you to buy crypto using fiat money such as US dollars and Euros. Coinbase Pro, however, differs from Coinbase. Although they both accept fiat money for trade, Coinbase charges a higher fee on transactions Coinbase pro has more trading options, a simple structure fee, and shows an easily readable chart for users. Per trade, Coinbase pro charges 0% to 0.50%. or 0.04% to 0.50%. The 0.40%-0.50% applies to a taker(someone who places an order at the market price that gets filled immediately), and the 0.04%-0.50% applies to a maker ( someone who places an order that does not get filled immediately. When another customer places an order that matches the existing order, the original order pays 0% to 0.50% on the transaction.
Bitstamp also allows you to buy crypto using fiat money. You can trade five cryptocurrencies on this platform; Bitcoin, Bitcoin Cash, Ethereum, Ripple, and litecoin. Here’s how it works in Bitstamp; a buyer offers to buy two eths for $2500; Bitstamp looks for a seller who would accept the buyer’s rate and deduct a fee from both of them. On transactions lower than $20000, Bitstamp charges 0.25% (applies to both buying and selling). It is free to deposit euros in the SEPA(Single Euro payment area) and charges €0.90 on the SEPA’s withdrawal. At least $7.5 is charged on a US dollar deposit. Withdrawal of cryptocurrencies is free while withdrawal of amounts less than $1000 attracts a $10 fee and withdrawals above $1000 attract a 2% fee. Lastly, credit card users pay 5% of the amount transacted.
Kraken is another crypto trading platform that charges fair transaction fees. It charges 0% to 0.26% per trade. Credit card purchases charge 3.75% plus €0.25 and 1.7% plus $0.10 for online banking processing. They support about 57 cryptocurrencies. They also charge on withdrawal which varies according to altcoins transacted. Here’s a thing you should note about Kraken; The minimum order size is 10000 USD which means if you have less than that, this platform isn’t for you! Now, don’t be sad; there are a good number of other exchange platforms that you can use!
Changelly is one of the best Crypto exchange platforms globally. They support several common cryptocurrencies and add them to the list regularly. Changelly charges a flat exchange fee of 0.5% on trades, but this does not apply for fiat currency trades. They charge a total of 5% on crypto to fiat transactions. Changelly also has a pro account that charges fewer transaction fees and offers discounts on fees of huge transactions.
Bitbuy is an exchange platform for Canadians to trade Cryptocurrencies. Cryptocurrency deposits on Bitbuy are without fees. However, a deposit of CAD will cost 0.5%-1.5%. They also charge fees for fiat and crypto trades as well as withdrawals of fiat and crypto. The withdrawal fee varies from 0.5% to 3%, and this is based on the type of withdrawal method chosen. Bitbuy also offers two types of trade; Express trade and Pro. Pro trades attract a lesser fee (0.1% for maker and 0.2% for taker). Express trades cost a transaction fee of 0.5%.
Bitpanda is a highly reputable exchange platform that came to light in 2014. Like a couple of other exchange platforms, Bitpanda has a pro version, which charges a lesser fee. Makers pay 0.1% transaction fees while takers pay 0.15% transaction fee maximum on bitpanda. The minimum fee for both maker and taker on bitpanda is 0.05%. The higher you trade on bitpanda, the lower your transaction fees become. Withdrawal fees also vary according to the method of payment and crypto.
Founded in 2013, Bitfinex accepts a minimum of $10000 deposit on their platform. They support fiat trading and attract a lot of traders due to their fair transaction fees. Takers on Bitfinex pay a trading fee of 0.20%, while takers pay 0.20% on the transaction. For fiat currency withdrawal, Bitfinex charges a 3.00% fee, that is, if you have withdrawn more than two times during the 30 days preceding your current withdrawal or if you have withdrawn over 1 million US dollars during the preceding 30 days. Other than that, Bitfinex charges 0.0004 BTC when you withdraw BTC.
Registered in Hong Kong, GokuMarket has been in operation since 2019. The deposit options on GokuMarket include wire transfers and credit cards. On withdrawals, they charge 0.001 BTC when you’re withdrawing BTC. Takers and makers pay the same fee of 0.15% on transactions. The following fiat currencies are accepted for payment or deposits on Goku; BRL, EUR, INT, RUB, UAH, TRY, KZT, GBP, and USD.
Crypto to crypto trading on CoinJar is fascinating. You can deposit fiat currencies into your account through cash or credit cards and wire transfers. Trading on CoinJar attracts a flat fee of 1%. Here makers pay a fee of 0.15% while takers pay 0.05% on transactions. One of the fantastic standout features of CoinJar is that they don’t charge a taker fee for trading pairs(including fiat to crypto trading pairs). They charge 0.0005 BTC on Bitcoin withdrawals. Deposits are free on coinJar too
Phemex is relatively new in the business as it only launched in 2019, but this does not reduce the awesomeness of the platform. Many reviews have gone ahead of them, and their offers are applaudable. Instead of charging rates on transactions, deposits, and withdrawals, Phemex charges for monthly premium memberships($9.99 for a month, $19.99 for three months, and $69.99 for 12 months). This means you get to pay zero trading fee for as long as you want when you subscribe to one of their pro membership plans.
PrimeXBT is also a great trading platform that offers low transaction fees. While wire transfers are a lot allowed, credit card deposits are accepted. The flat exchange fee for PrimeXBT is meager. They charge 0.05% per trade, probably a third of most taker fees offered by other platforms in the industry. For BTC withdrawal, they charge 0.0005 BTC.
In case you missed our note on takers and makers, here are the key takeaways about these traders;
- Any trader that engages in an exchange acts either as a maker or a taker
- Makers are traders that make orders that do not get filled immediately
- Takers, on the other hand, are the traders that fill an already existing order.
- Makers provide liquidity in the market.
- Makers are rewarded with lower fees.
- Takers pay higher transaction fees.
- Makers are essential to exchange platforms that use the maker-taker model because they provide liquidity in the market. This is why they pay lower transaction fees.
- The reason why takers pay higher is that they use up the liquidity provided by the maker.
The above are just our top 12 picks among the best Crypto trading platforms that offer amazingly low fees and a good exchange environment. Feel free to check out more details about whichever exchange platform catches your fancy and start trading on them. Have fun trading!