Users at bitcoin exchange platforms have to pay certain types of fees in order to use the services of the site. The most common fee types include charging the deposits and withdrawal from the exchange’s account and applying fees on the trading activity.
Top Bitcoin exchanges with the lowest fees
Overall cheapest bitcoin exchanges are those which do not have any deposit or withdrawal fee so you can send your bitcoins to and from the exchange without being charged. The no trading fee model can make the regular trading activity cheaper if the spread is tight enough for the bid and ask prices on bitcoin. Each of the exchange has its own benefits and drawbacks in terms of the fees.
Lowest trading fees:
The maker-taker fee schedule is suitable for those traders mostly who add liquidity to the market. A couple of exchanges apply discounts for the higher amount of trading volumes. The usual 30 day trading volume where the lowest discount level can be reached is from $50k-$100k daily volume. Up on reaching high enough trading volume on the exchange, you can even trade bitcoins for free.
Bitmex.com is for people who already own bitcoin and want to trade on a exchage with high volume which offers margin trading. The fees on Bitmex are pretty low – they have a maker fee for Bitcoin of only 0.025% and a taker fee of 0.075%. Long and short funding fees are 0.01% every 8 hours. Bitmex is a platform for experienced traders only, they offer trading on futures and altcoins like Cardano, Bcash, EOS, Ethereum, Tron and Ripple. They do not support any FIAT currencies or altcoins for deposit and withdrawal. When you sign up to Bitmex through this link, you get 10% discount on their trading fees for full 6 months.
PrimeXBT.com is a new platform which allows crypto margin trading with 0.05% fees – no matter which currency you trade. They support Bitcoin, Ethereum, Litecoin, Ripple, EOS and many other crypto currencies but also traditional assets like Forex pairs in EUR, GBP, USD, AUD, JPY and others as well as the Nasdaq, S&P500, Gold, Silver and many more. Fiat currencies are not supported, only deposits and withdrawals in crypto. That has the big advantage that they do not have any KYC requirements, which makes it very easy to sign up.
Binance.com is a popular Bitcoin and Altcoin exchange. They have a ton of different altcoins, litterally hundreds. They take a 0.1% trading fee in general. If you hold their own coin BNB, they offer a discount of 25% on your trading fees. Trading fees will automatically be deducted from you BNB balance. Depending on how much you trade and how much BNB you hold, they reduce their fees. Fees can reduce down to 0.02% Maker and 0.04% Taker fee – but for that you need to trade with staggering 150000 BTC in 30 days and hold 11000 BNB coins. Binance supports Credit Cards, their fee schedule for FIAT purchases with cards can be found below.
CEX.io is a well known Bitcoin exchange which offers Bitcoin and Altcoin trading as well as buying and selling Crypto for FIAT currencies. They support Credit Cards as well, you can find those fees a bit lower. Their trading feees depend on your trading volume and start at 0.25% Maker and 0.16%Taker fee. From 30 BTC trading volume in 30 days they reduce the fees to 0.23% / 0.15%. The lowest tier is reached when you trade more than 6000 BTC a month, the Taker fees are 0.10% in this case – the Maker fees are 0.00%.
Lowest fee for Credit Cards
Generally speaking not much bitcoin exchange accept credit card deposits and withdrawals in the market. The main reason behind this is that credit card transfers can be easily asked for refunds, which can make the life of the exchanges difficult.
Cex.io has probably the lowest fee schedule in terms of credit card deposits and withdrawals.They charge 3.50% on credit card deposits and 1.20% on withdrawals to credit cards. It has to be said that Bitcoin and other crypto currencies normally trade with a premium to the prices compared to the median Bitcoin price. Their limits are $3.000 – $10.000 per day and $30.000 – $100.000 per month, depending on your verification level.
Binance.com also offers buying crypto currencies with Credit Cards since a few months. Their standard fee for using your Credit Card is 3.5% with a $10 flat fee. Their Limit for Card purchases is $20.000 per day and a maximum of $ 50.000 per month. They use Simplex as a payment processor and of course you need to be verified to purchase crypto with a Card.
Bitpanda.com does not take fees on Credit Cards transactions, they depend on your Card issuer. But they charge fees for buying and selling Bitcoin or other Cryptos. Their feess are 1.49% for buying Bitcoin and 1.29% for selling. Their limit for Card purchases is $2500 per day and 300.000 monthly.
Terrexa.com is an exchange which is interesting for citizens from Australian and New Zealand. They charge a 4% fee for $50 to $5000 deposits
Paybis.com charges pretty high fees for credit card purchases. With 5% + 5% + 1.14 USD you pay a huge premium for the opportunity to buy Bitcoin on their site with Credit Card.
Lowest fee for bank wire deposits and withdrawals
Bank wire deposits and withdrawals are the most common methods on the cryptocurrency exchange market to add funds to and remove funds from the exchanges. The fees may vary widely depending on the location of the exchange. The US bank wire transfers are cheaper for US customers, while the SEPA transfers are more favorable to European users.
CEX.io does not charge any fees for FIAT deposits by bank wire. If you want to withdraw your funds, they charge 1% but not less than $50 for USD withdrawals, the same for EUR and GBP withdrawals. If you withdraw EUR with SEPA, they charge only 1€. From time to time CEX.io offers a deposit bonus of 1% for wire deposits.
Bitpanda.com does not have any fees on deposits by bank wire. We could not find any information on their withdrawal fees for wire transfer withdrawals.
Terrexa.com charges their users a 2% fee for deposits by bank transfers from $200 – $5000.
Coinbase let its users deposit funds to their account free of charge if using bank wire transfers. Withdrawal to bank accounts cost only 0.15 EUR or 0.15 USD on the exchange.
Kraken.com also does not charge any fee on bank wire deposits. The withdrawals from the account through bank wire costs 0.09 EUR or 5 USD depending on the currency in use.
Lowest fee for alternative payment provider deposits and withdrawals
Although the most popular alternative payment provider is probably PayPal on the market, there is very few bitcoin exchange which accepts funds from PayPal due to their return policy. However there are couple of other payment providers on the market which makes trading on bitcoin exchanges easy.
YoBit lets its users use a wide range of different payment provider. Deposits coming from PerfectMoney wallet in USD or from Payeer wallet in RUB are completely free. On the withdrawal side, clients can withdraw the funds from the platform to Perfect Money, Payeer, Qiwi wallets, or you can even top up your AdvCash bitcoin debit card from the trading proceeds gained on Yobit.
P2P bitcoin exchanges, such as LocalBitcoins and Paxfulcharges 1% commission on each transaction, but that is applicable to the sellers only. These commissions are built in the prices offered by the sellers. There are no further trading fee on these exchanges
Different type of fees on bitcoin exchanges
The fees are usually depending on the type of transfer in terms of deposits and withdrawals. Bank wire transfers, credit card top ups and using alternative payment providers often costs money even before starting the trading activity on the bitcoin exchange platform. On the other hand, cryptocurrency deposits and withdrawals are usually free of charges, you only have to pay for the transaction fee on the blockchain that is payable to the miners.
A couple of exchanges, however, make it free to deposit or withdraw the funds from the exchange. In these cases, only the miner fee is due in case of cryptocurrency payouts, as this fee is not set by or payable to the platform, it is rather needed in order to verify the transactions on the blockchain.
The other common fee type is the trading fee that is payable as a percentage on each transaction made on the platform. The trading fees usually range between 0.1% to 0.25%, but it can be up to 1% of the trading amount that is charged for making orders on the exchange.
Some bitcoin broker offers different conditions for market makers and price taker. A market maker is a trader who is placing an order into the order book, while the price taker is the trader who is rather taking an order out of the order book. The maker fees are always lower compared to taker fees as in that case the users give liquidity to the market that benefits the trading community, thus appreciated by the bitcoin broker.
On certain bitcoin exchanges you do not have to pay any trading fees at all. In the case of the no trading fee model, your order’s trading costs are solely dependent on the spread offered by the platform. There are no additional fees applicable to the trades.