Might be this your first step in the crypto market place and you are here to perform the crypto transaction? If so, you have often heard about the Crypto Exchange Fee or sometimes Gas Fee. Let me introduce you first to what is actually a crypto exchange fee. So, when you perform a crypto transaction from source to destination using any crypto exchange platform, a specific amount would be charged by that crypto exchange to complete the transaction. Well, it was just a quick introduction to all of you to know more about the “Crypto Exchange Fee Schedules” Stay with us. Today, in this article we will discuss a detailed discussion in it so, without wasting more time let's get started!
Crypto Exchange Fee Schedules | Explained
When you start cryptocurrency trading, you must be registered with the cryptocurrency exchange platforms such as Binance, Coinbase, Kraken, Kucoin, and others. It’s totally up to you which good one you go for but here is one of my sincere suggestions to all of you, peeps. Always do a search before selecting any source and go for the reputable one as I discussed in the source of my previous article [source]. Well, now most of the guys are thinking why do we need a crypto exchange? So, here let’s understand this with an example: In the real world, an exchange can be any marketplace or platform where goods and services are traded between two different parties. Same as in the cryptocurrency world, exchanges are online platforms where all the investors or traders come to exchange cryptocurrencies.
These online exchanges help them to perform buying and selling of digital assets with just one click and in return, they would be charged a specific amount called a crypto exchange fee schedule. Well, it may vary according to the exchange. Most of the exchanges charge a maximum amount and most of them charge less. Well, it is totally up to what kind of services they are offering like transaction speed and security. If an exchange performs extra efficient transactions with a high level of security measures then yes definitely it would charge more. So the purpose of the discussion is that not all exchanges charge the same amount; each platform has its own fee method. But typically it varies between the ranges of 0.1% to 5% of the total amount of the transaction.
As I discussed above there are a lot of cryptocurrency exchanges through which you can trade crypto but here I'm going to discuss with you guys the exchanges that are known for charging lower transaction fees or gas fees.
Binance [source]: This is one of the top-rated used cryptocurrency exchanges and charges 0.1% per trade from the total amount of transactions. Well, it has a built-in crypto wallet. To know more about it visit the Binance Smart Wallet.
Kraken [source]: Well Kraken is another popular crypto exchange and its fee starts from 0.16% for trade makers and 0.26% for trade takers.
Kucoin [source]: This crypto exchange is known for its low transaction fee. Well, it charges 0.04% of each transaction. And has also a built-in wallet visit the link to get started with the Ku Coin wallet.
Conclusion
In conclusion, crypto exchanges are online exchange platforms where investors come to sell, buy, or trade cryptocurrencies. These platforms help to do successful trading among two different parties by meeting a certain condition called smart contract and in return, a specific amount would be deducted from the total amount of the transaction called a crypto exchange fee schedule. Well, the crypto exchange fee schedule varies according to the platform, each platform would charge differently according to what kind of services they are providing that’s all.
