Ready to buy your first cryptocurrency but unsure which exchanges have the lowest fees? We’ve compiled a list of the top 10 exchanges by 24 hour trading volume and the trading fees they charge.
While there are considerations for choosing the best exchange for your trades other than fees, knowing what fees you’ll be paying up front minimizes the reduction on your trading gains.
Before we dive in, exchanges will have fees listed for makers and takers. Makers and takers fees are 2 types of fees that you will be subject to when trading on crypto exchanges.
Here are how these terms are defined in the crypto space:
Maker – This term comes from the idea of a market maker. This is someone who provides liquidity to the market by placing limit orders (buy or sell) on the order books, essentially helping to “make the market.” Thus, they are rewarded with lower fees for adding volume to the order book.
Taker – This is someone who places an order (buy or sell) at the market price, which immediately gets filled (i.e. taken). Thus, because they are taking liquidity off the market, their fees are usually higher than maker fees.
Example of common fee calculations:
Maker fee of 0.10% on $10,000 = $10 fee | $9,990 net
Taker fee of 0.20% on $10,000 = $20 fee | $9,980 net
Maker rebate of 0.01% on $5,000 = $0.50 rebate | $5,000.50 net
Taker fee of 0.15% on $5,000 = $7.50 fee | $4,992.50 net
**Trading volume changes daily and the top 10 cryptocurrency exchanges may change on a daily basis. These exchanges were the top 10 by trading volume at the time of writing.Exchange Fees for the Top 10 Crypto Exchanges 1. Binance
Binance is a popular China-based cryptocurrency exchange that launched live trading in July 2017. They started in China but moved their HQ to the crypto friendlier Malta.
It has quickly grown to be the largest and most popular exchange due ...