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This rundown of the lowest fee crypto exchanges will help you choose exchanges that offer the best fee structure in the market. When users are looking to invest in crypto, they often ignore trading fees and other hidden costs that are associated with exchanges.
Apart from the crypto-asset price itself, each crypto exchange adds a fee for trading when users purchase and sell digital assets. Many trading platforms follow a maker and taker fee model, which subtracts liquidity from an order book through market orders. Moreover, you also have to consider trading commissions and fund transfer fees while choosing a cryptocurrency exchange.
Every trade occurs between two interested parties, the maker and taker. A maker is the one whose order exists on the order book before the trade whereas, a taker is someone who places the order. Maker is named maker because their order contributes liquidity in the market. On the other hand, takers take from this liquidity by pairing maker orders with their own.
Lowest Fee Crypto Exchanges List
- Bybit – Low fees from 0.025% upto 0.075%
- PrimeXBT – Lowest fees upto 0.050%
- Phemex – Low fee from 0.025% upto 0.075%
- FTX Exchange – Lowest fee from 0.02% upto 0.05%
- Binance – Lowest fees upto 0.10%
- BitMEX – Low fees from 0.025% upto 0.075%
This piece of writing addresses some of the leading lowest fee crypto exchange options in the crypto market.
Bybit exchange is one of the cheapest crypto exchanges around the globe, offering competitive charges. When executing trades on Bybit, it charges a fee or rebate based on a trader’s liquidity classification. Market makers will receive a rebate or negative trading fee from Bybit as they provide liquidity and increase the market depth of the order book. This rebate fee is settled at -0.025%.
On the other hand the taker’s fee is set to +0.075%; however, these values are not absolute and vary from time to time according to market conditions and exchange policies.
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PrimeXBT exchange is another leading crypto exchange with the lowest fees structure with access to global markets and 24/7 customer support. This exchange offers some innovative trading options that can offer convienece in how you trade.
One of such trading services is Covesting, where users can follow seasoned traders and copy their trading activity . This is a unique approach for traders who doesn’t have hands-on experience with crypto trading or have a tight schedule. Moreover, users who are well-versed in trading can let others follow their trades and earn a success fee from their followers.
Ever since its development PrimeXBT has adopted according to the crypto environment offering attractive trading conditions and competitive fees. The trading fee is 0.01% for Indices and Commodities, 0.05% for crypto assets, and 0.001% for Forex majors.
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Phemex exchange is one of the latest Bitcoin derivatives exchanges with a cost-cautious fees structure. The exchange executes its user-centric approach to operate trading services and products efficiently.
Phemex is one of the cheapest crypto exchanges that incurs no fees on deposits which means moving funds into your wallets doesn’t cost you a penny. However, the exchange has determined a certain trading fee for market makers and takers.
The trading fees structure of this exchange is quite simple settling maker fee at -0.025% and a taker fee of 0.075%, respectively.
FTX exchange was the very first crypto derivatives exchange in the market to offer exclusive trading options such as move contracts, leveraged tokens, and market indices. Apart from being a crypto exchange with the lowest fees, it also offers impressive discounts that can help reduce trading fees further.
FTX follows a tier-based fee structure for its spot and futures markets. Charging lower marker fees or offering a rebate is a common tactic used by lowest fee bitcoin exchanges to encourage a larger order book on the exchange. FTX incurs a fee of 0.02% for market makers and 0.05% for takers on futures contracts.
Note that the value of these fees depends on users’ trading volume, so the more they trade, the more control they have over the fee.
Moreover, VIP traders can avail flat discounts of more than 50% on all fees. But there is a certain criterion that a trader needs to fulfill to qualify as a VIP trader.
When it comes to withdrawal and deposit fees, the FTX exchange doesn’t charge any fee for crypto transactions to and from a user’s wallet. However, if your withdrawal or deposit exceeds your trading volume, the platform is allowed to charge a fee of 0.10%.
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This exchange doesn’t charge a big percentage for spot trades or withdrawals. It charges a fee of 0.04% to 0.1% for the market takers and 0.02% to 0.1% for the market makers. Remember that just like FTX, the fee on this exchange is not absolute and varies according to user’s VIP level. The fees value decreases whenever a user is upgraded to a more advanced level.
For funds withdrawal and deposits, the exchange doesn’t charge any direct fees for fiat currencies. However, users must pay a certain fee if they opt for other payment gateways. In general, the withdrawing fees on Binance can range from $1 to $15.
Note: if a trader transfers crypto assets directly into an external wallet, the exchange will charge a small fraction apart from the gas fee. Although, this wallet withdrawal fee varies for every crypto asset.
Fees on BitMEX exchange are very competitive, considering trading opportunities this platform provides.
Like any market-savvy exchange, BitMEX also implements a maker and taker fee structure. Being the lowest fees bitcoin exchange, it settles the taker fee at 0.0750% and the maker fee at 0.0250%. Moreover, makers can grab a little rebate on their crypto trades.
Withdrawals and deposits on BitMEX are free of cost, which attracts a big community of traders. The entire fees structure on this exchange is transparent and there are no hidden costs. Overall, the fees structure of BitMEX gives it a competitive edge over other leading exchanges in the market, where trading fees usually sit at around 0.25%.
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Conclusion: What is the cheapest cryptocurrency exchange?
Concluding it all, it is hard to narrow down which is the lowest fee crypto exchange catering to all user trading needs. Every crypto exchange mentioned above possesses a transparent fee structure that can help you manage your crypto assets without having to pay unreasonable fees. However, Binance edges the rest with its all-in functions and competitive rates. Moreover, if you’re a new trader looking to learn the ropes of crypto trading, you can’t go wrong with the simple interface of Binance.