Trading Fees for Bitcoin at Popular Exchanges: A Comparison!

Bitcoin

Among the thousands of cryptocurrencies today, bitcoin tops the rank of the widely-used and – traded in the market. There are millions of people using this digital asset and the numbers continue to multiply as the industry becomes even more competitive. But from the huge volume of users, there are some neophytes who are still learning the protocols and rules surrounding various financial transactions in the network. For instance, they may assume that trading bitcoin is just about making profits without associated costs whatsoever. The truth is, popular cryptocurrency exchanges are adding a fee for trading bitcoin.

Customers who are purchasing and selling virtual coins have to pay the corresponding fees as charged in their transactions. Such fees generally include the Maker that adds to the order book liquidity through limit orders, and the Taker that subtracts liquidity from an order book through market orders. On some occasions, cryptocurrency traders may have to shoulder both fees if the limit order is already present in the order book.

Keep in mind that cryptocurrency exchanges calculate fees in two ways: as a flat fee per trade or as a percentage of the 30-day trading volume for an account. In both methods, a tiered structure is followed depending on the amount being traded. To better understand this crucial matter, the following are the information on trading fees at popular exchanges.

Coinsbit

For traders who value security more than any other features, this trading platform guarantees safe transactions in the network to its users. It also provides innovative offerings such as InvestBox which investors can use to explore various transactions involving new altcoins. When it comes to fees, Coinsbit imposes 0.2% charge for every trading and has variable fees for deposit and withdrawal depending on the cryptocurrency being used. Some of the cryptocurrencies can be deposited and withdrawn for free. However, users who have just created new accounts are initially prohibited from making withdrawals. For subsequent transactions, the withdrawal limit is $500 for regular accounts, while $100,000 for enhanced accounts or equivalent in a 24-hour period.

Bitcoin Superstar

This Bitcoin platform is very straightforward, helping traders find the best broker to get them started with a deposit of as little as $250 without upper limits. Afterwards, you can access the unlimited prime trading services and work to achieve your financial goals. The company goes the extra mile to provide tailored solutions to your needs, by accessing trustworthy brokerage services out there to get you started smoothly. It also guarantees that you don’t get ripped off by unauthorized brokers, which are now proliferating the online space. Start trading Bitcoin like a pro with this outstanding crypto reading website and app of 2021. 

HCoin

One of the newly-launched trading platforms in the crypto market is the HCoin which started in 2018. It offers clients the opportunity to trade in a list of cryptocurrencies and fiat currencies, including bitcoin, litecoin, XRP, and USDT, among others. When it comes to fees, these are determined according to the base currency and volume and are listed in a chart on the exchange’s website. But the company does not appear to list any fees for funding an account through transfer of digital assets from another wallet. Likewise, it’s not clear whether the transaction fees change depending on the trading size.

LBank 

To date, this is one of the highly-preferred cryptocurrency exchanges. Clients also take advantage of the innovations being promoted by LBank, aside from just serving as a trading platform. For instance, it supports altcoin space through the LBK Voting Listing event that pits 8 new crypto projects against one another for a chance to be included on LBank for free. Generally, it charges two types of fees: taker fee at 0.2% and maker fee at -0.05%. This means that makers can earn a portion of the generated trade fee on the transaction. However, each cryptocurrency is associated with different withdrawal rates set at fixed quantities.

BitForex 

This digital trading platform offers a host of services such as margin trading, derivatives, and more. As such, it has a more complex fee schedule compared with other cryptocurrency exchanges. BitFox imposes a 0.1% fee for both maker and taker feeds. Clients can take advantage of discounted rates available for specialized market maker accounts on the platform. Likewise, deposits to this exchange are free, while withdrawals vary depending on the currency involved. There are also minimum and maximum withdrawal limits for each cryptocurrency in a 24-hour period.

Risk Note

Cryptocurrency exchanges have become a prominent venue for various traders in recent years. Many people are taking advantage of easy-to-use platforms to explore investment opportunities. Through the years, there were people who have grown their assets manifold. The risks may be high, but the chances of success are also promising!

 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.