Investors who want to get the most out of crypto exchanges when trading Bitcoin…trading fee is an important factor to consider when calculating your net profit position.
• Most Bitcoin exchanges do not have deposit fees but do usually require a particular amount for every withdrawal made on their platform.
• The Coinbase spread fee is usually the difference between what it pays for crypto and what it actually sells for.
• Kraken is one Bitcoin exchange that has a very diverse range of fees, ranging from processing fees to maker and taker fees.
• ByBit offers an NFT marketplace where investors can buy, sell, or trade NFTs on the Ethereum ERC-721 standard through their Bybit Spot accounts.
SEE ALSO: 7 Best Altcoin Exchanges to Join in 2022
SEE ALSO: 6 Best Australia Bitcoin Exchanges
Let’s examine these crypto exchanges.
Other than the fact that Binance is the largest crypto exchange by trading volume, it also has very affordable fees.
On Binance, users do not pay deposit fees, but for each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.
Withdrawal rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.
Below is a look at the withdrawal fees for Bitcoin based on the blockchain network used on the Binance exchange.
|Bitcoin Withdrawal Fees on Binance||Blockchain Network|
|0.0000047%||BNB Beacon Chain (BEP2)|
|0.0000047%||BNB Smart Chain (BEP20)|
If you do not use BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of 0.1%.
Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance.
Coinbase is a popular crypto exchange in the crypto market, offering one of the lowest fees for Bitcoin exchange. The platform is also one of the easiest places to buy and sell cryptocurrencies, and that includes Bitcoin.
In terms of fees, Coinbase has a spread fee, which is typically 0.50% of your Bitcoin transaction. That’s essentially the difference between the price Coinbase pays for crypto and what it sells it for.
Then there’s the aptly named “Coinbase Fee,” which is contingent on the size of your purchase, the fiat currency you use to make it, and how you pay.
The Coinbase fee may be either a flat fee or a percentage of your transaction, but it will always be the greater of the two.
|Total Transaction Amount||Fee|
|$10 or less.||$0.99.|
|More than $10 but less than or equal to $25.||$1.49.|
|More than $25 but less than or equal to $50.||$1.99|
|More than $50 but less than or equal to $100.||$2.99|
|Payment Method (For Purchase or Sale)||Fee|
|U.S. Bank Account||1.49%|
|Coinbase USD wallet||1.49%|
|Debit Card or PayPal||3.99%|
|Instant Card Withdrawal||Up to 1.5% (minimum $0.55)|
So, for example, if you buy $50 worth of Bitcoin on Coinbase through a bank transfer, you’ll be charged a spread fee of 0.50%, as well as the $1.99 flat fee (since that’s greater than the 1.49% alternative fee). That means you’ll end up with about $47.76 worth of Bitcoin.
eToro is one of the world’s foremost social investing platforms where investors can trade and copy the trading strategies of highly successful investors.
The platform aims to revolutionize the way people invest and enhance investors’ financial education.
In terms of fees as regards Bitcoin and other cryptocurrencies, it is one of the most affordable on the market as it charges 1% on every crypto, including Bitcoin that is bought and sold on the platform.
Other than this, its deposits are free, but its withdrawal fees come in at $5 to cover some of the expenses involved in international money transfers. Lastly, it has a conversion fee of 50 pips (percentage in points) and an inactivity fee of $10 per month.
Here is a look at the summary below:
|Crypto transaction fee||1%|
|Conversion fee||50 pips|
PrimeXBT is an award-winning platform that allows you to trade in global financial markets using Bitcoin, USD Tether, USDC, and more.
The platform also allows investors the opportunity to learn from the very best in the business through its competitive copy-trading module.
In addition to that, it provides increased profitability to investors through the availability of low fees, fast order execution, and advanced platform features.
A trading fee is incurred each time you buy or sell assets on the market (i.e., each time you open and close a position).
Current trade fees on margin trading accounts are:
- 0.05% for Cryptocurrencies
- 0.0001% for Forex, Indices, and Commodities
Trade fees, however, can be reduced by up to 50% based on turnover within the last 30 days or by activating various promotional codes.
Below is a look at some of the trading conditions present on the platform:
|Spreads||From 0||From 0|
|Maximum leverage||0.1% (1:1000)||1%(1:100)|
|Commission||From 0.0001%||From 0.0001%|
|Following registration fees||–||1%|
|Next minimum amount||–||0.001 BTC|
Bittrex is the most trusted crypto exchange platform, known particularly for its next-level security. The platform provides users with great trading features that can handle scale and speed, with the capacity to facilitate real-time order execution under heavy demand.
In addition to this, you are provided with the option to capitalize on existing market trends and trade with confidence through their expansive marketplace listings.
In terms of fees, Bittrex does not charge deposit fees, although some tokens or coins require them to move your funds to another address before being credited.
This means the coin or token’s network will charge you the normal transaction fee for the fund transfer, which Bittrex cannot avoid.
In terms of withdrawals, Bittrex charges a small fee on withdrawals for a token or coin with a built-in network transfer fee. The network fee is viewable by clicking the withdraw button on the withdrawal window for each token or coin.
Below is a summary of the maker and taker fees on the Bittrex platform:
Kraken is one of the largest and oldest Bitcoin exchanges in the world thanks to its excellent service, low fees, versatile funding options, and rigorous security standards.
Whether you’re an advanced trader or a crypto-beginner, Kraken gives you the power to chart your financial course.
The exchange has an ever-growing number of cryptocurrency pairs for you to invest in and a slew of tools and features for you to leverage as you grow your portfolio.
In terms of fees, Kraken charges a 0.9% fee for any stablecoin and a 1.5% fee for any other crypto, including Bitcoin.
It also charges a payment card processing fee of 3.75%+$/€0.25, a digital wallet payment processing fee of 3.75%+$/€0.25, and an online banking/ACH processing fee of 0.5%.
Below is a summary of the maker and taker fees for stable coins, pegged tokens, and FX pairs on Kraken:
|30-Day Volume (USD)||Maker||Taker|
CEX.io is a trusted and secure Bitcoin and crypto exchange. The platform offers fiat-to-crypto transactions accessible by offering card payments and bank transfers to investors.
Currently, they provide a rich variety of trading tools for Bitcoin, Bitcoin Cash, Ethereum, Ripple, Stellar, Litecoin, Tron, and other crypto assets. You can trade these cryptocurrencies for USD, EUR, GBP, and RUB.
Below is a summary of the withdrawal commission using any of the below-listed payment methods:
|Payment Method||Withdrawal Commission|
For deposit fees, using VISA and MasterCard requires a deposit fee of 2.99%, and using Skrill requires a deposit fee of 3.99%.
ChangeNOW is a non-custodial service created for simple and fast Bitcoin and other cryptocurrency exchanges. One thing that sets it apart from the rest is its strive for maximum safety, simplicity, and convenience.
ChangeNOW has almost 350 coins available for exchange and does not hold any limits, as you can exchange as much as you want without stress at light speeds.
The fiat option is also available as you can buy cryptocurrency with Visa or MasterCard through their third-party partner.
As per reviews, ChangeNOW has a transaction fee ranging from 0.5% to 4%.
ByBit considers itself to be the most reliable crypto trading platform as it provides a ByFi center and a smart trading system where investors can gain access to liquidity mining and staking products as well as high-frequency trading with lightning-fast market updates.
It also has an NFT marketplace where investors can buy, sell, or trade NFTs on the Ethereum ERC-721 standard through their Bybit Spot accounts.
|Perpetual Contracts||Highest Leverage||Maker’s Rebate||Taker’s Fee|
A positive fee rate indicates a taker’s fee incurred, while a negative fee rate indicates a maker’s rebate incurred.
Crypto.com is a secure crypto exchange that offers a unique range of services to investors, such as the buying and selling of up to 250 cryptocurrencies at true cost and the use of their very own Visa card, where you get 8% cashback on every purchase you make.
You also get to deposit up to 40 cryptocurrencies, where you have the benefit of calculating and earning rewards for your deposits.
Speaking of fees, Crypto.com does not charge any fee on Bitcoin deposits but rather charges a withdrawal fee of 0.0001-0.0005. The platform also charges trading fees and VIP trading fees, which are dependent on the levels and the VIP tier.
Below is a summary of the VIP trading fees:
|Tier||30D Trading Volume (USD)||Maker||Taker|
|VIP1||>1% of exchange volume||0.020%||0.040%|
|VIP2||>2% of exchange volume||0.010%||0.030%|
|VIP3||>3% of exchange volume||0.000%||0.020%|
Frequently Asked Questions (FAQS)
Does Coinbase charge selling fees?
Yes, Coinbase charges fees when you sell or convert cryptocurrencies. Fees are calculated at the time you place your order and may be determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.
Which exchange is the best to use when buying Bitcoin?
The above-listed exchanges are quite good for the purchase of not just Bitcoin but other cryptocurrencies as well. They also charge very low fees, which should be good news for you should you wish to purchase Bitcoin on any of the platforms.
Knowing the cheapest Bitcoin exchanges existing in the crypto market given the price of Bitcoin is very crucial, and luckily for you, this article provides comprehensive information as regards what you should expect to see when you decide to buy Bitcoin on any of the platforms.
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