One of the biggest barriers for entry into the cryptocurrency market and in fact the financial markets, in general, is the fees and commissions charged by exchanges, broker, and others offering trading services. However, despite these, more exchanges are entering the cryptocurrency sector, and the increased competition has seen some platforms offer lower trading fees.
Several cryptocurrency exchanges now charge low transaction fees as they look to attract more customers to their platform. In this post, we will look at the five cheapest cryptocurrency exchanges and the transaction fees and commissions they charge.
Top five cheapest crypto exchanges
Binance leads the cryptocurrency sector in terms of trading volume, the number of registered members, and the number of listed cryptocurrencies. It also leads the crypto exchange industry in terms of low transaction fees.
The world’s leading and most significant cryptocurrency exchange is the cheapest crypto exchange to purchase, trade, and sell digital currencies. The Malta-based cryptocurrency exchange has a transaction fee of 0.05%, which is the lowest in the industry.
Binance is very easy to use, with both their mobile and desktop interface comfortable to navigate for new and veteran traders. The vast catalog of cryptocurrencies means you can always take advantage of their low fees to trade several cryptos.
Cointree is an Australian-based cryptocurrency exchange that is mostly focused on the domestic market. To attract more customers, the platform offers very low trading fees, as low as 0.05%, similar to what Binance offers. While they may not have an expansive cryptocurrency list like Binance, the services at Cointree are very cheap and affordable.
Cointree accepts different payment methods including bank transfer, credit and debit card payments, and transactions via some online Fintech platforms. Cointree doesn’t trade fiat currencies. Thus, cryptocurrencies have been used solely when trading on this platform.
The US-based Kraken makes the list due to its very low transaction fees. The trading fee on this platform varies but ranges around 0.16% for the maker and 0.26% for the taker. The San-Francisco based platform is one of the first exchanges to be established and continues to be a leader in the crypto space.
Outside of the United States, Kraken has become popular in Canada, Europe, and Japan. It’s trading fees are one of the lowest in the industry. Thus, crypto traders can purchase and trade cryptocurrencies on this platform with minimal costs.
CEX.IO is owned by a cloud mining company based in the UK. Although crypto exchanges weren’t their expertise, the platform has risen to become one of the leading trading exchanges in the cryptocurrency world.
CEX.IO charges very low trading fees. According to their platform details, the maker has a cost of 0.16% while the taker has a fee of 0.25%. The low transaction fees has seen it attract a lot of customers over the years.
The Tokyo-based cryptocurrency exchange used to be Japan’s largest before being overtaken by Bitstamp and Upbit. However, Bitflyer still controls a sizeable proportion in the crypto space. Bitflyer focuses more on Bitcoin, with a transaction fee of 0.15% currently one of the lowest in the industry.
Bitflyer has become a popular Bitcoin trading marketplace, and the low transaction fees mean more people will continue to patronize their services.
There are hundreds of platforms offering crypto trading services to people all over the world. While the trading fees may vary, the five exchanges analyzed in this post charge some of the lowest trading fees in the world.