Huobi Lists 4 ‘Regulated’ Stablecoins Vying for Tether’s Throne

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Huobi set to list 4 new stable coins later this week on October 19. Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC), and Paxos Standard (PAX) will be the new assets listed.

Huobi’s New StableCoin Selection

The newest digital asset to be launched on the Huobi platform is issued by Paxos Trust, labeled PAX . It’s regulated by the New York State Department of Financial Services. Investors will be able to trade the USD-endorsed and currently under the supervision of NYSDFS.

GUSD, who claims to be the first world regulated stablecoin was recently issued by the Winklevoss twins (owners of the Gemini exchange). This stable coin will also be regulated under the supervision of NYDFS and is backed by $1 in hard currency.

TUSD is another dollar backed stablecoin listed on the exchange and entrusted by multiple banking partners.

Lastly, Circles USDC token allows financial institutions to join their platform through open membership and offers financial solutions to those who seek to resolve current cryptocurrency market issues.

Tether Facing Some Real Competition

Huobi Global, the fourth largest crypto trading platform in the world, currently hosts Tether which is the most popular US dollar peg stable coin to date. Tethers fully backed by the currencies reserve although it was trading at .5% lower than its real value as of yesterday ($0.965). At one point it failed to $.93 during the day but is now trading at.

Tether Limited, the company behind stablecoin has been accused of not holding enough USD reserves to back the Tether tokens in circulation. The stablecoin recently lost their USD peg in a recent flurry of market activity amidst continued negative market sentiment. Although it still dominates a reported 98% of daily stablecoin trading volume, a series of new competitors entering the stablecoin arena over the next week, will certainly place pressure on the current reigning champ.

Earlier in the week, OKEx, another major cryptocurrency exchange, announced that they will also be listing the same four stablecoins (USDC, GUSD, TUSD, and PAX ) within their exchange.

Singapore-based cryptocurrency exchange Huobi Group has launched a new product designed to streamline the token listing application process.

The new service, which Huobi developed to provide a more transparent listing process, is called the Huobi Automated Listing Platform.

Per the announcement, projects that want to list on Huobi Global or an autonomous digital asset exchange Huobi HADAX, will have to register and submit specific documentation about the project. The announcement states that the Huobi Automated Listing Platform “will not automatically list any token or coin that applies.”

Upon passing the verification process, applicants will receive a unique login account, which provides access to submit, edit, amend, and review documents and status of the token listing.

Projects that fail to pass the verification will be provided with a reminder notification of re-application to HADAX 2.0 and assistance in registering on the newly launched platform. Projects that decide to re-apply will have to follow specific application and listing rules.

The announcement also states that later this year, Huobi is looking to launch the Huobi Blockchain Project Show Center within the Huobi Automated Listing Platform, which will provide users access to reports, videos, and live broadcasts.

In July, Huobi Group launched Huobi Cloud, which allows users to build over-the-counter (OTC) and digital asset exchanges on top of Huobi’s existing platform. Partners will also be able to use the order integration and wallet systems, as well as the asset management and clearing system of the Huobi Global platform.

That same month, HBUS, the U.S. “strategic partner” of Huobi, confirmed the release of its API for “experienced traders” in some U.S. states. The product was geared to high-volume users who required live pricing data and other tools. In addition to price tracking, the API also offers historical price data, support for margin trade customization support, setting buy and sell limits, and retrieving trade history.

Five days since losing its U.S. dollar peg, fiat-backed cryptocurrency tether (USDT) continues to trade at a discount to its supposed $1.00 valuation.

Defenders have largely chalked up the markdown to FUD, arguing that supporters of other “stablecoins” are launching a coordinated assault on tether, which has long dominated this market niche. However, billionaire investor and cryptocurrency bull Mike Novogratz says that USDT’s woes are the fault of its issuer’s lack of transparency.

tether price cryptocurrency
USDT/USD | Kraken | Source: TradingView

“I think Tether didn’t do a great job in terms of creating transparency,” said Novogratz on Wednesday at a conference in Frankfurt, according to a Bloomberg report. The former Fortress principal specifically called out Tether Limited, the token’s creator, for operating offshore and remaining cagey about its financial relationships, including with whom it is banking.

Tether is said to be currently banking at the Nassau-based Deltec Bank, where it opened an account after severing ties with the now-floundering Puerto Rican institution Noble Bank. Neither of these relationships has been confirmed publicly.

Concerned about the firm’s opacity, Novogratz said that he prefers some of the newer stablecoin options, particularly the Gemini Dollar (GUSD), which is issued by the cryptocurrency exchange founded by Cameron and Tyler Winklevoss. Unlike Tether, Gemini’s assets are housed in a U.S. correspondent bank, the Boston-based State Street. The stablecoin issuer, which received approval from the New York Department of Financial Services (NYFDS) to release the token, has also contracted with accounting firm BPM LLP to evaluate Gemini’s monthly attestation reports detailing that the token is always fully-backed by USD.

tether cryptocurrency market cap
Tether’s outstanding supply has shrunk by nearly $700 million in October. | Source: CoinMarketCap

“The concept of stablecoins make sense,” Novogratz said, explaining that they are ideal for transactional exchanges, unlike bitcoin, which he has referred to as “digital gold.”

However, competition within the stablecoin market is growing increasingly stiff. GUSD, along with “regulated” stablecoins Paxos Standard (PAX), TrueUSD (TUSD), and USD Coin (USDC), has been listed on a number of major exchanges in recent weeks. All of these tokens have consistently traded at a premium to tether, suggesting that, at least right now, the market trusts them more than USDT. Moreover, two of them — GUSD and USDC — have been added as settlement options on BitPay, which processed more than $1 billion worth of cryptocurrency payments last year.

In follow-up comments posted on Twitter, Novogratz stressed that he believed USDT is fully-backed by physical dollars and did not want to sow rumors about the token.

“Id like to put context to these quotes as the last thing I want to do is spread FUD. I said I thought tether has a dollar for every tether and that we actively traded it. The fact that almost $700mm has been redeemed in an orderly fashion is important.”

Nevertheless, he said that Tether must work harder to earn back lost trust and prove that its token should trade at its full $1.00 valuation.

The price of Tether (USDT), a crypto stablecoin backed by the US dollar pegged to $1, has fallen by around 4 percent in the past 24 hours to $0.96.

As USDT fell, it became more expensive for traders to purchase major cryptocurrencies like Bitcoin and Ethereum with USDT, pushing the premium of cryptocurrencies up on crypto-only exchanges like OKEx and Huobi. At its peak, the price of Bitcoin achieved $7,500 on Bitfinex.

Why Tether Sell-Off Could be Better For Crypto

Ostensibly, In the short-term, the sell-off and instability of USDT may seem beneficial for the crypto market due to the increase in the price of most cryptocurrencies but in reality, it really is not.

Bitcoin achieved $7,500 on Bitfinex but the inflated price of BTC by USDT is of less significance to the global cryptocurrency exchange market. It can be argued that the decline of USDT portrayed lack of maturity and strong infrastructure in the market, which could push away institutional investors such as pensions and academic funds that are interested to commit to the asset class.

In the long-term however, the decline of Tether could positively affect the crypto market as it will lead traders to regulated, audited, and transparent alternatives like Gemini Dollar (GUSD), Paxos (PAX), and TrueUSD (TUSD).

Already, the price of TUSD has increased to $1.08, by more than 8 percent, and has risen quite substantially against USDT on Binance, which suggests that traders have started to favor newly emerging stablecoins that have the backing of banks and authorities.

“Bitcoinland: where a simple filthy statist buck is ‘worth’ $1.08 on an exchange… because reasons. Ff you are wondering what this means: there are two ‘synthetic dollars’ being traded against one another here: TrueUSD and Tether the fact that they aren’t trading at $1.00 is because someone (Bitfinex, owner of Tether Ltd) is having bank account / liquidity problems,” Post Oak Labs founder Tim Swanson said.

Since 2014, Tether has provided cryptocurrency-only exchanges an alternative to the US dollar with which traders can hedge their positions to the stability of the US dollar. Prior to 2018, there were no alternatives to USDT, forcing the industry to depend on USDT as a widely accepted stablecoin.

But, as cryptocurrency analyst and trader Alex Kruger stated in an exclusive interview, Tether’s lack of transparency and opaque operations poses serious issues for traders. For instance, at this point, it remains unclear whether traders can redeem USDT at a 1:1 ratio to the US dollar, due to the collapse of Noble Bank, Tether’s partner bank.

“Both Gemini and Circle are US based regulated issuers and thus perceived as more trustworthy, carrying lower credit risk. One should expect a great percentage of all USDT (Tether) holdings to migrate to GUSD (Gemini) and USDC (Circle),” Krüger said.

What’s Next?

Bitfinex has clarified that it has obtained the approval of its bank to enable fiat deposits and withdrawals in the next 24 hours. It is possible that the statement of Bitfinex could lead to the stabilization of USDT.

When cryptocurrency development firm Block.one concluded its initial coin offering (ICO) and released the first version of the EOSIO software, it didn’t just raise a record ~$4 billion in crowdfunded contributions — it also received 100 million of the 1 billion EOS tokens distributed through the network’s Genesis block. Now, the well-funded blockchain startup is vowing to use those tokens to stave off any block producer voting cartels, whether they are present now or arise sometime in the future.

Writing in an official statement published on the company’s blog, Block.one CEO Brendan Blumer stated the firm intends to use its EOS stake to ensure that the network’s on-chain governance model is characterized by a “free and democratic election process.”

He wrote:

“We are aware of some unverified claims regarding irregular block producer voting, and the subsequent denials of those claims. We believe it is important to ensure a free and democratic election process within EOS and may, as we deem appropriate, vote with other holders to reinforce the integrity of this process. We continue working on our potential involvement with the goal of empowering the intent of the greater community through a transparent process that incorporates community feedback.”

Blumer’s statement was prompted by allegations, first circulated on Chinese social media platform WeChat, that a group of block producers was operating a voting cartel.

EOS cryptocurrency

Unlike Bitcoin and other Proof-of-Work (PoW) cryptocurrencies, EOS does not use mining to secure the network, verify transactions, and introduce new coins into circulation. Rather, it uses a Delegated Proof-of-Stake (DPoS) consensus, through which users can “stake” their tokens to vote for a group of 21 entities — called “block producers” — who take turns validating transactions and adding blocks to the blockchain. According to an unverified document allegedly leaked by an employee of a top 21 block producer, node operators have formed a cartel to circumvent that democratic process.

Per the document, various block producers have inked mutual voting pacts, through which they agree to stake their tokens to vote for a group of candidates in exchange for the other candidates voting for them in return. The document further purports to show that at least one cryptocurrency exchange is also operating a pay-for-play scheme, voting for certain block producer candidates in exchange for a percentage of their revenue or outright EOS payments.

China-based cryptocurrency news source cnLedger reports that this exchange — Huobi — has denied having a financial relationship with other block producers.

Block.one first announced in June that it planned to use its EOS tokens, which still account for nearly 10 percent of the cryptocurrency’s circulating supply, to participate in block producer elections.

However, those funds account for an even larger percentage of the network’s votes, since many token holders decline to stake their tokens and participate in on-chain governance. According to data compiled by block producer candidate EOS Authority, 54 percent of EOS tokens are currently staked, though — because votes “decay” over time to encourage users to remain active in network governance — actual voting power is much lower, at just under 26 percent.

Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your bank account, then investing in cryptocurrency could be a great investment alternative for you.

Many people understand the fundamental idea of investing in crypto, but can the same methods translate over to trading? As you might’ve guessed, the two require very different ways of thinking and investing.

As far as the investing part is concerned, it all boils down to the fundamentals, like the technology and development team behind the project. Solid marketing and partnerships also play a major role when deciding to invest in a newer cryptocurrency or ICO. Other than that, HODLing seems to work well for most and can benefit you in the long run if you stay strong during the inevitable dips.

However if you’re looking to make money right now, you need a more short-term trading strategy…

This means you’ll be looking for more volatile, high liquidity cryptocurrency. The potentially lucrative nature of this digital asset, is a lot more volatile than traditional stocks or forex, which opens you up to a world of potentially high profit margins and risk.

That’s why cryptocurrency trading can get a bit complex and the reason why so many crypto traders need a wide variety of tools to help them navigate this newfound territory.

I’ve listed a variety of high end resources and tools that can help you improve your cryptocurrency trading success. Bookmark this page as you’ll most likely need to reference it throughout your crypto trading journey.

Welcome to the World of Cryptocurrency Trading Tools

 

There are a ton of tools out there used for a variety of purposes. You can use them in combination with each other, whether you’re investing or trading. Strategy is a huge part of cryptocurrency trading and so are the tools that you have in your arsenal.

Arming yourself with the right intel is everything when it comes to choosing the right cryptocurrency to trade or invest in. News sources will supply you with the most accurate and up-to-date information within the crypto sphere. Technical analysis will help you formulate a solid trading strategy off of the latest news.

If you end up choosing the right asset, at the right time, and formulate a congruent trading strategy, you’re halfway through the battle. So it’s very important to take your time and utilize these tools, to the best of your ability, in order to put all the odds in your favor.

Let’s start this list off with the most obvious choice…

CoinMarketCap

coinmarketcap-tools-cryptocurrencyYou can’t start a “crypto trading tool list” without mentioning this coveted resource. If you’ve spent more than five minutes within cryptocurrency ecosystem, I realize you’ve probably used this tool on many occasions by now.

This useful tool is your headquarters for all things cryptocurrency. It contains all the information you’ll ever need, on any cryptocurrency and exchange released to the public. Everything from graphs, official coin websites, social media information, market cap, exchanges that trade a particular coin you’re looking for, etc.

I’m sure you’re already very familiar with this tool by now, so let’s move on to the other goodies…

TradingView

tradingview cryptocurrency guide how toThis technical analysis trading portal contains anything and everything you ever wanted to know about the technical side of cryptocurrency like chart patterns, candlestick formations, as well as the most comprehensive list of charting tools and indicators you can find anywhere on the net.

This massive powerhouse of a site also contains a social media style platform where traders can share and discuss their charts and trading strategies. I can’t even begin to tell you how valuable this is.

Learning to trade from real trading experts and viewing how they set up their real life trading strategies is a powerful learning tool to add to your educational cryptocurrency trading arsenal.

TradingView is accessible from anywhere in the world and they even allow you to utilize their charts, drawing tools, and indicators for free. If you spend any amount of time on various cryptocurrency trading sites, you’ll notice that most of them, including reputable crypto exchanges, use TradingView charts.

If there’s one place that you want to learn more about technical analysis via plotting your own charts as well as learning from a network of professionals, TradingView is the place to be.

I could write an entire book on how valuable TradingView is, but I don’t think either one of us has the time for that.

DISCLAIMER: Coinigy is another widely used trading platform that many crypto traders use. I started out on this platform but find it to be extremely buggy and takes up a lot of your computer resources if you leave the chart up for too long. Their customer support isn’t that great either.

I highly recommend TradingView over Coinigy for serious traders. I’ll most likely write up a detailed comparison in the near future.

Moving down the list…

CoinTracking

cointracking info crypto track digital assets of coins bitcoin

Ditch those bloated Google spreadsheets and let CoinTracking do all the heavy lifting for you. Keeping track of your cryptocurrency trading activity is a rather daunting task this tool quickly eliminates for you.

The service imports your trades from 24 of the most popular cryptocurrency exchanges. Importation can be done via CSV files or API. Once all your trades have been imported, you can start analyzing your ROI and stay up-to-date with your profit loss ratios and resulting taxes.

This is the ultimate cryptocurrency tracking tool. I highly recommend it if you plan on trading more than a few times per month. Read more about the tool here.

Cryptocurrency News Sites

I suppose this isn’t so much of a tool “per se” but a place you want to frequent when you want to keep a pulse on the latest happenings within the crypto ecosystem. Look at it like your daily newspaper for stocks, which is absolutely essential if you want to keep up with your expanding investment portfolio or current trades.

Some of the more established sites are:

Cointelegraph
CoinDesk
CCN (CryptoCoinNews)
CoinSpectator (News Aggregator)
CryptoPanic (News Aggregator)

These news portals never post misleading information and are always the first to bring you the latest updates on the crypto world. There are many other sources like CryptoCoinJunky (shameless plug), where we filter through some the more important news releases of the day as well as provide you with trading guides, altcoin reviews, exchange reviews, and other useful information that will help you along your trading journey.

Sign up for our newsletter on the sidebar above (or below related news on mobile) and receive a free Crypto Coin Junky Handbook that contains 147 pages on everything you ever wanted to know about trading, investing, and other various aspects of the game.

<End of shameless plugin>

Moving onto more pressing matters….

Coin360

coin360 cointelegraph chart

Run by those crypto geniuses over at CoinTelegraph, Coin360 is a platform that takes the most recent cryptocurrency values and displays them in an extremely useful visualization. Rate changes are displayed by use of color markers. Green represents a rise in price and red represents a falling price. This really helps bring clarity to a market that is so convoluted. Prices can be displayed in both BTC or US dollars. 

Users can also make changes to the chart by only selecting coins that they would like to see. You can also switch views between “market capitalization” and “trading volume” according to various time frames. 

This platform is easy to understand and allows for users to identify various cryptocurrencies and their market capitalizations without having to sift through tons of complex charts and data. 

ICOStats

ico stats performance crypto tracker tool reviewThis is an incredible tool if your into investing in ICO’s and are looking for a type of CoinMarketCap style site that specializes in Initial Coin Offerings. Here you’ll find basic information on any particular ICO that’s currently available or soon to be released to the public and accepting investors like you.

There’s also a very handy tool that calculates the potential profit (or loss) of your ICO, which will come in handy when you’re looking to keep track of how much you currently earned on your investment.

Ledger Nano Wallet

ledger nano cryptocurrency wallet hardware crypto The ideal security device for your precious cryptocurrency coins and the Cadillac of hardware wallets. It’s robust security features are unrivaled. It connects to your computer via a USB and embeds a secure OLED display to confirm each transaction with a single press of its side buttons.

There are many different reasons to use this wallet over others like…

  • Hardware wallets are always the most secure form of storing your cryptocurrency
  • They’re immune to viruses
  • Portability
  • They look cool (not really a benefit, but could be in the right situation)

Cryptowat.ch

cryptowatch site charts review live crypto prices and moreThe first time you view this site you might think you’ve been transported back to the 1990s era of the internet, however don’t let the retro appearance fool you, as it’s one of the top trading platforms to buy and sell digital assets, with all market comparisons located in one spot.

This site is owned by the cryptocurrency exchange, Kraken, and is a comprehensive charting and trading platform that offers technical charting for a large variety of crypto exchanges. Despite handling real-time data from over 22 different exchanges, the platform also provides accurate currency statistics (no lag) which will allow you to execute instant trades from their intuitive trading panel.

Many popular cryptocurrency platforms support Cryptowat.ch like Coinbase, Poloniex, CES.IO, Bitfinex, Huobi, and many others.  Click here for a list.

Blockfolio

blockfolio app android ios crypto tracking reviewOne of the most beloved tools from the crypto trading community. This Android/iOS app works as a position and investment tracker. It allows you to pin various cryptocurrencies on your customized dashboard and view them on a simplified graph. This allows users to keep track of orders, set alarms for particular price notifications and most importantly, allows you to input your trade data. This is the type of tool you need to have in order to track how much you’ve earned from a particular trade.

This is a must-have tool for those of you who are meticulous about keeping track of all the various cryptocurrencies circulating in your portfolio. The only issue I have with it is that it doesn’t connect via API to any market or exchange, so your trading data is not entered into the app automatically. So for now, you have to manually input your trading data.

All in all, it’s worth having as it’s free. If you’re trading or investing with over a dozen or so cryptocurrencies, keeping track of your profit ratio can prove to be a difficult task without it.

Another great alternative to Blockfolio is Delta . I’ve been hearing a lot of people singing its praises lately.

CoinMarketCal

coinmarketcal logo review crypto market community This site is a great “evidence based”, community driven, crypto news verification portal that accumulates 6 months of history on many various news reports, altcoin releases, and just about anything going on within the crypto ecosystem.

This is THE perfect tool to differentiate between authentic news and rumors on your favorite cryptocurrency. Once you’ve gathered the authentic up information, only then can you formulate your trading strategy.

You can expect an accuracy rate of well over 90% due to the fact that it’s community evidence driven. This is a great place to visit in order to substantiate the difference between rumors and the news.

CoinCheckup

coincheckup market analysis cryptoThe perfect site to check up and analyze your favorite cryptocurrency, ICO, arbitrage, or potential investment opportunities.

This research platform gives you a ton of insights from various angles like…

  • Coin Specs
  • Investment stats
  • Predictions
  • Charts & Detailed Analysis
  • Github Analysis
  • Market Data
  • News and a lot more

One of my favorite features is the “general average investment stats”. It gives you a great overall picture of volatility and returns of a particular coin over the course of a 7 to 30 day period.

They’ve also recently added an ICO analysis chart, pump and dump updates, arbitrage opportunities, and a host of other categories.

Check out all their analyzation features here.

OnChainFX

OnChainFX is an invaluable tool that will allow you to filter through a wide array of crypto metrics. Although it’s still in its beta stage, the extensive range of metrics that you can use to compare cryptocurrencies to is nothing short of amazing. It will also allow investors to make cryptocurrency comparisons in order to make a better investment decision due to the high number of metrics you can measure with. Some of the features provided by OnChainFX are… -	The total coin supply issued in a percentage format -	ROI and historical pricing data shown over many years so that investors can can the of the assets over time. -	Compare movements of 2 or more crypto assets by placing them side-by-side -	Cryptocurrency future worth which provides a coins value at year 2050. This allows investors to view the impact of inflation on various cryptocurrency’s and shows the estimated supply of the asset that would be available on January 1 of 2050. -	The number of days that have passed since a particular cryptocurrencies ATH.OnChainFX is an invaluable tool that will allow you to filter through a wide array of crypto metrics. Although it’s still in its beta stage, the extensive range of metrics that you can use to compare cryptocurrencies to is nothing short of amazing.

It will also allow investors to make cryptocurrency comparisons in order to make a better investment decision due to the high number of metrics you can measure with.

Some of the features provided by OnChainFX are…

  • The total coin supply issued in a percentage format
  • ROI and historical pricing data shown over many years so that investors can can the of the assets over time.
  • Compare movements of 2 or more crypto assets by placing them side-by-side
  • Cryptocurrency future worth which provides a coins value at year 2050. This allows investors to view the impact of inflation on various cryptocurrency’s and shows the estimated supply of the asset that would be available on January 1 of 2050.
  • The number of days that have passed since a particular cryptocurrencies ATH.

3Commas Bot

3commas trading bot crypto trading bot3Commas is the most comprehensive cryptocurrency trading bot out today. It’s helped 100s of traders experience consistent, record-breaking gains as the platform allows its traders to utilize automated trading bots as well as copied the exact trading strategies of successful traders that have recorded and display their portfolios to the public.

Traders are also able to utilize their smart trading feature which will allow you to customize your own trading strategies as well as set up stop loss and take profit commands.

This is a great tool to help both novice and advanced traders minimize their risk while limiting the exposure to heavy losses and at the same time maximizing gains.

Check out their long list of features located here (like the trailing stop loss).If you decide to use this “pay as you go” service, make sure to click here to take advantage of a 10% discount using my discounted referral link.

BONUS: Deadcoins

dead coins crypto and icos exit scam scammer icoOk…. So this site isn’t really that essential, however it is a good place to check if you find yourself getting a bit overly enthusiastic about a particular altcoin that looks too good to be true.

This site is an accumulation of numerous shitcoins which lists the ones that you’ll end up losing your hard earned money on. Deadcoins operates in the way Wikipedia does, where people find a report coins with absolutely no growth potential and report them as a way to prevent other users from falling into their trap.

Wrapping things up…

I highly recommend you bookmark a few these tools in order to better help you decide where to put your money when investing in any future crypto project.

These tools don’t necessarily mean that you’re going to make a guaranteed profit, however it does allow you to make a very informed buying decision, which is half the battle. Placing probability in your favor is the name of the game when it comes to any solid trading strategy.

Let me hear from you in the comments below regarding your thoughts are on the tools outlined above. If you have any other useful tools that you think should be added to the list, let me know. Up

 

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.

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.

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. 😉

Leave a Comment

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