Cryptocurrency has exploded since its inception and has grown from what started as Bitcoin to thousands of other cryptocurrencies with multiple use cases and value propositions. This leaves users with surfeit criteria to consider when deciding what crypto to use; a benchmark crypto adopter often asks is ‘what crypto offers the lowest transaction fee.’
In this context, transaction fees are the cost deducted from users when crypto is transferred from one wallet to another. It’s calculated as the difference between the amount sent and received. Transaction fees determine how fast a transaction is executed; higher fees equals more instant transactions.
The hallmark of some cryptocurrencies is their meager transaction fee, including Stellar (XLM), with jaw-dropping transaction fee as low as 0.00001 XLM; IOTA and NANO, known for zero transaction fees; Cardano (ADA) that charges a below one ADA, between 0.15 and 0.18 ADA. Other cryptocurrencies known for their low fees are TRON (TRX), Litecoin(LTC), EOSIO (EOS), and Zilliqa (ZIL).
Types of Transaction Fees
Crypto transaction fees are split into three categories; network fees, exchange fees, and wallet fees.
The network fees are transaction fees charged from a sender to a crypto miner or validator who verify the validity of a transaction. Think of it as the money paid to workers for their productivity.
Exchange fee: this isn’t restricted to centralized crypto exchanges. This commission is the fee collected by an exchange each time a user sends crypto to another wallet. It’s comparable to bank charges. This is one-way crypto exchanges make money to facilitate their operation.
Wallet Fee: this fee is charged whenever a transaction is made from a wallet. These fees are used to maintain the wallet operation and development.
Top Three Crypto Exchanges With Lowest Fees
Exchange fee varies for different crypto exchanges. Fees range from one centralized exchange to the other, likewise for decentralized crypto exchanges. Despite that, certain exchanges have been known to prioritize low exchange fees for their customers. The top three crypto exchanges on this list are:
Swapzone: Swapzone arguably charges the lowest fee from its users. This is possible because the exchange is an aggregator that uses price data from hundreds of trusted partner exchanges to find the lowest price possible for their customers, helping them save 20% on fees. There are thousands of crypto on the platform.
FTX: Offers low transaction fees and has hundreds of crypto that can be traded.
Binance: it has a similar value proposition as FTX. Offers low transaction fees with hundreds of crypto assets that can be traded.
Exchange Your Crypto at low fees now
Now that you know the crypto exchanges where you can exchange your cryptocurrency at low fees, you can get started now.
Exchange Crypto at low fees now
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