News Press Releases People hardly know anything about cryptocurrency trading fees

People hardly know anything about cryptocurrency trading fees

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According to a study performed by Swedish cryptocurrency comparison company Cryptowisser, only 1 out of 10 people knew what the trading fees and withdrawal fees were at the exchange they were normally trading at. This is a problem as fees are charged in every trade and in the long term can add up to substantial amounts.

Cryptowisser is the world’s largest cryptocurrency comparison site, primarily focusing on cryptocurrency exchanges. In their Cryptocurrency Exchange List, they compare more than 350 different exchanges with information on their fees, supported cryptocurrencies, available deposit methods and more. They do however also provide comparison tables over other service providers (if you’re looking for a cryptocurrency casino, cryptocurrency wallet, cryptocurrency merchant or cryptocurrency debit card, you will surely find what you need at Cryptowisser.com).

Different exchanges charge different fees. If you’re looking at the BitMEX fees, for instance, they are very low. This is partly explained by the fact that BitMEX primarily offers trading in futures and options (perpetual contracts, traditional futures, upside profit contracts and downside profit contracts).

A more traditional centralized exchange is Cryptopia, with its large selection of altcoin trading pairs. The Cryptopia fees consist of trading fees and withdrawal fees. The Cryptopia trading fees are 0.20% flat (meaning that both takers and makers pay the same fees when a trade has been executed). This is in line with the industry average, which is arguably around 0.25%. The Cryptopia withdrawal fees, however, are 0.002 BTC when withdrawing BTC. This is way above industry average (industry average withdrawal fees when withdrawing BTC is 0.0008 BTC). The Bitgrail fees are exactly the same as Cryptopia’s.

Most crypto-to-crypto exchanges that launch today have more competitive fees, presumably as a way to gain customers. The ones that have been around for a while, are generally a bit more lazy when it comes to reducing fees. Look at Bilaxy for instance. They are an exchange established in April 2018, and their fees are set at 0.10% (flat) which is very competitive. On the other side of the spectra you have exchanges like BitcointoYou (launched in April 2012), charging takers 0.60% for each trade, and BCEX (launched in August 2017), charging a percentage based withdrawal fee of 0.50% of the withdrawn amount (but they do actually have quite decent trading fees).

So, what is the lesson to be learned here?

Simply that many exchanges charge competitive trading fees, but nasty withdrawal fees, and others charge competitive withdrawal fees but nasty trading fees. Some are nasty in both aspects and some are competitive in both. You must examine the fees at the exchange you are planning to trade at before you deposit money there. Because when the money is at the exchange, you have lost your power as a consumer and fees can be charged.

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