Low Fee Crypto Exchanges
Best low fee crypto exchanges 2023
Exchange | Fiat deposit | Fiat withdrawal | USDT withdrawal | Base trading fee | ||
|---|---|---|---|---|---|---|
1 | 0% (SEPA) – 3.8% (card) | €0.80 | 1 USDT | 0.1% | ||
2 | 1 EUR (SEPA) or 1.8% (card) | 1% | 1 USDT | 0.1% | ||
3 | N/A | N/A | 1 USDT | 0.1% | ||
4 | 1-3% | 1% | 1 USDT | 0.2% | ||
5 | N/A | N/A | 40 USDT | 0.2% |
Kucoin – cheap deposit, cheap withdrawals, low trading fee
Kucoin used to be a crypto-only exchange. But as for summer of 2022 they offer both fiat deposit and withdrawal option and they are dirt cheap. Considering Kucoin's low trading fee, which is just 0.1%, Kucoin is currently probably the exchange with lowest fees in this list.
Binance – huge exchange with low fees
Binance is a very popular and very trustworthy low-fee exchange. They charge €1 for SEPA deposits, 1.8% for card deposits. Their withdrawal fee is low, and trading fee just 0.1%.
Bybit – low fee exchange with (almost) no fiat payments
Bybit is probably the least known exchange in this low-fee exchanges list. But they are still good with their low 0.1% trading fee.
Huobi – low fees and great crypto selection
Huobi is the exchange with the most cryptocurrencies available. Plus their fees – independent of whether we are talking about deposit, withdrawal, or trading fees, are very reasonable.
Gate.io gives you free points to lower your fees
Gate.io doesn’t currently offer fiat deposit and withdrawals and their USDT trading fee is rather high. However, we still listed it as a low fee crypto exchange.
Why?
Because Gate.io trading fee is low (0.2%), plus you can lower it very easily 30-70% by just paying the fees with GT coin or by paying fees with points (which you can either buy, or get for free by completing simple tasks). It’s also worth mentioning that gate.io withdrawal fee for XLM is also one of the lowest in the market.
What is a low fee crypto exchange?
All bigger and better crypto exchanges charge fees – they charge fees for deposits, withdrawals and most importantly, they charge fees for trading.
Crypto exchanges with lowest fees charge as little as possible.
Low fee crypto exchange usually charge anywhere between 0.1% and 0.2% trading fee. This means that for every $1000 you trade for, you pay $2 for fees (in case of 0.2% trading fee).
What type of fees do crypto exchanges charge?
Most commonly all crypto exchanges charge three types of fees:
Deposit fees
Even if you don’t deposit too often, you still want your exchange to charge low deposit fees. Crypto deposit fees are usually free in all exchanges. That’s because you pay the withdrawal fee in the exchange or crypto wallet you’re depositing from.
When it comes to fiat deposits, then fiat deposit fees can be as low as 0% or as high as 15%. Normally the cheapest fiat deposit fees are offered when making a bank transfer or SEPA deposit. Those fees are normally between 0% and 3.5%, with 2% being roughly the average. This means that for every $100 you deposit, you pay $2 for fees.
This can be considered somewhat low deposit fee. Although you always want the fees to be lower.
If you are depositing using the Direct Buy option (meaning, fiat money never lands on your account, but you buy crypto using your bank account or credit card), the exchanges usually use third-party providers, and this is mostly the most expensive way to make a deposit. These fees can be sometimes low, but can sometimes go up to 10-15%.
So if you’re looking for low deposit fees, go for regular fiat deposit, or deposit crypto.
Withdrawal fees
Withdrawal fees are a slightly more complicated topic.
There are two main withdrawal options:
- Crypto withdrawal
- Fiat withdrawals
Crypto withdrawal fees
Each exchange has set its own fees for crypto withdrawal. While in most exchanges the fees are fixed, in other exchanges the fee depends on the “gas fee”. In case of the latter, the exchange doesn’t charge anything, rather you just pay for the transaction cost.
In case of fixed fees, the withdrawal fee is different for each and every cryptocurrency. And these fees can vary from exchange to exchange a lot. This means that if you want to make a small crypto withdrawal, you should first look at the fees and choose the right crypto to withdraw, the crypto with lowest withdrawal fees.
Just to give you an example:
The fee to withdraw USDT can be as low as 1 USDT in many exchanges. But in other exchanges it can cost up to 50 USDT. Considering the exchange rate for USDT is almost equal to USD, it’s a lot of money.
Especially if you want to make just a small withdrawal.
If an exchange charges 50 USDT for USDT withdrawal, it doesn’t make it an expensive exchange though, because they might offer very low withdrawal fees for some other currencies.
So you should always pay attention to that.
I’ve read too many complaints about too high withdrawal fees – while knowing that they just didn’t look at the fees beforehand and could have paid a lot less withdrawing some other currency.
Fiat withdrawal fees
Fiat exchanges – exchanges that allow fiat withdrawals – charge a fiat withdrawal fee whenever you want to withdraw money to your card, your bank account, or some e-wallet. Normally the fees are between 0 and 3%. That would actually also be considered a low withdrawal fee in crypto world.
Trading fees
In addition to the fees related to deposits and withdrawals you pay fees for every trade you make. Every time you buy a cryptocurrency. Every time you sell a cryptocurrency.
There are exchanges out there that charge you 1%, 2%, or even 3% just to make a trade.
That’s not cheap.
Low-fee crypto exchanges normally charge you 0.1% to 0.2% while also giving you the option to lower the trading fee by using exchange points or paying for the fees with the exchange’s native token. Normally you can lower your trading fees by up to 30% using those options.
Why choose crypto exchange with low fees?
The more you trade, the more fees you pay. Well, up to a limit where in most exchanges your fee level starts to decrease again.
If you’re a so called Sunday trader, you won’t make trades worth more than 1 BTC a month, and you will never see your fees go lower.
But even if you are trading for just $1000 a month, you don’t want to pay $100-$200 extra for fees. You could buy a lot of beer for that!
So you do want to trade with as low fees as possible.
How do we review low fee crypto exchanges?
We review all crypto exchanges the same way.
Whether they are no-KYC exchanges, fiat exchanges, or the best exchanges for beginners, we review them the same way.
And we pay attention to the same details, such as:
- Fees
- Payment methods
- Safety
- Crypto selection
- Features
- and more
We have tried to make our crypto exchange reviews as thorough as possible and offer details about everything you might feel important. But what are we talking about exactly in our crypto exchange reviews?
Are crypto exchanges that offer low fees safe?
Safety is one of the most important aspects when it comes to any kind of crypto exchange. All the exchanges we have brought out here should be safe crypto exchanges.
If there’s an exchange that doesn’t charge any fees whatsoever, dig deeper. More often than not there are hidden fees somewhere.
Conclusion
If you’re not into wasting your money and would rather have a beer or two instead, low fee crypto exchanges are the way to go. When trading for $10 000 a month, then even the difference between 0.2% trading fee and 0.5% fee is anywhere from 2 to 30 beers a month (depending on where you are based).
I became interested in cryptocurrencies only a bit more than two years ago. Since then I have been in investing in cryptos using different exchanges. And I also launched Cryptolorium.com when I started trading, just to share my crypto journey and my results.