Low Fee Cryptocurrency Exchanges That Don’t Drain Your Wallet

Exchange | Reviews

 

I think if there’s one thing that we can all agree on it’s that fees suck!

With that said, when it comes to the world of cryptocurrency exchanges, fees really aren’t all that bad. Especially when you compare them to your typical bank fees, smart phone fees, cable fees, and the list goes on. They’re not even close to the fees that you would pay to a traditional stock exchange brokerage. These fees are simply the cost of doing business and an inherently low cost at that.

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Even though exchange fees are nominal, you’d rather save as much as possible, right? That way you can spend it on more important items like a drone selfie camera or glow-in-the-dark underwear. You know….the stuff that really matters. 😉

Before we dive into these “low fee” exchanges, let’s take into consideration what type of trader you are. You can generally categorize yourself into three types: the investor, swing trader, or day trader.

If you fall into the first 2 categories you really have no reason to sweat exchange fees. The difference between 0.10% and 0.25% is almost microscopic when trading once a month or twice a week. You’re really not producing enough trades for these fees to really make a difference.

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Now if you’re a masochist like myself, and have chosen the world of day trading, then these fees will quickly add up. They do actually matter when it comes down to your bottom line.

With that said, let’s have a closer look at some of these low fee exchanges…

Binance

binance-exchange-and-chill

Binance is the largest cryptocurrency exchange by trading volume. It didn’t get there by some stroke of luck. The combination of their referral program, intuitive interface, amazing community, and you guessed it… low trading fees, put them at the top of the heap. At 0.10% on both buy and sell orders, it just doesn’t get any cheaper than this (well other than free I suppose).

Considering their popularity, vast array of altcoins to trade, their top-notch security protocol, as well as customer support, this is my number one place to go for low fee crypto trading.

If you want a more detailed review on Binance, I highly recommend you check out our article located here.

GDAX

gdax-cryptocurrency-exchange

The Coinbase owned exchanged is one of the most popular cryptocurrency exchanges in the world as of December 2017. You can place order that will immediately get filled for as low as 0.10% (you would be considered a taker). Limit orders are free (you’re considered a maker).

That’s right, I said it, FREE! However, this all depends on if you’re a maker or taker on the order book. If you’re not familiar with maker and taker fees, let me explain. If so, then just skip past the highlighted section.

In essence, a maker fee is when a trader places a bid on a coin and waits to get it fulfilled by another trader within the exchanges order book. A taker fee is where a trader immediately accepts the highest bid (either buy or sell order) within an exchanges order book.

If you’re still confused, I highly recommend you check out our article here for a more detailed explanation.

With GDAX’s low to free fee structure, there is one caveat to trading within the exchange. You’ll only be able to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

This may be a deal-breaker to some, while others that are new to the trading scene may only care to get started with the select few pairs. Either way, the fees are some of the lowest in the industry so this may be a great place to get your feet wet when starting out on your cryptocurrency trading journey.

HitBTC

hitbtc-cryptocurrency-exchange-register-and-signupWhile HitBTC is not one the most popular exchanges, it is one of the cheapest. HitBTC has also been around for a very long time (since 2013 to be exact) thus has a long-standing track record.

Like Binance, HitBTC only charges 0.10% on both buy and sell orders. I wouldn’t necessarily recommend this exchange when transferring your countries fiat over to crypto, however they are a great cryptocurrency trading exchange for those looking for a beginner friendly solution.

For a more detailed review on this exchange, please check out our review here. We give you all the details on what makes this exchange stand out from the crowd.

Moving on…

CEX.io

cex-io-cryptocurrency-exchangeThis UK based exchange charges a little more than the two mentioned above, however is still relatively cheap when compared to the average fee of most exchanges in the market today.

CEX.io charges a 0.20% fee across-the-board (both maker and taker fees). This is still 0.05% under the standard trading fee for most exchanges which is 0.25%.

This trading platform has also been around or quite some time. They were established back in 2013 as one of the first cloud mining providers. Since then, they’ve become a multifunctional cryptocurrency exchange with millions of users worldwide.

Bitfinex

bitfinex-cryptocurrency-exchangeBitfinex is also fairly cheap when compared to the standard the structure of most cryptocurrency exchanges. They offer 0.10% maker fees and 0.20% taker fees.

If you’re not familiar with maker and taker fees, let me explain…

They also offer a tiered fee structure. This means that their maker and taker fees are lower the more you trade, however don’t get too excited. The lower tiers don’t start until you start trading $500,000 or more.

NOTE: I don’t recommend this exchange unless you’re an experienced trader with over a year of experience. Margin trading can be a dangerous for novice traders. I only recommend traders with at least a years’ worth of experience to potentially dabble in margin trading.

For International Traders

international traders crypto cryptocurrency exchanges

Any of the exchanges mentioned above will work for international traders (meaning you don’t live in the US), however if you’re looking for a more local exchange to support, you may find the exchanges below more accommodating.

AustrailiaCoinJar and Coinspot are two low fee exchanges that are located “down under”.

EuropeCEX.io is mentioned above and is a great low fee exchange, however if you’re looking for another alternative Bitpanda has received a lot of great reviews as well.

China/JapanHuobi is the 3rd largest exchange in the world by trading volume. This is the most widely accepted exchange among easterners.

Now Choose One and Start Trading!

 

 

There you have it folks! The lowest fee crypto exchanges to date. I’ll continue to keep this article updated as newer “low fee” exchanges are released.

Feel free to chime in to the comments below and let me know what other cheap exchanges you’ve used, so we can add them to the list.

Now get out there and start trading. Make sure to buy me something nice with all that money I saved you on fees. 😉

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