Crypto trading fees - what to expect?Before you start trading cryptos, make sure you're aware of all possible costs and fees related to crypto trading.
Trading cryptocurrencies either via some crypto trading platform or cryptocurrency exchange is not free. Here are the most common types of fees you're expected to pay.
Deposit & withdrawal fees
Normally deposits and withdrawals to and from cryptocurrency exchange are not free.
The fees can be anywhere from just 30 cents to 3, 4 or even 10% of your deposit/withdrawal.
You are also charged a fee for every trade you make.
The fees are usually called maker fees and taker fees.
One is the fee for buying crypto and the other for selling it.
The exact trading fees depends a lot on the currency as well as exchange/platform, but generally they are each anywhere between 0.1% and 1.5% of the trade amount.
There can also be other fees in the cryptocurrency exchange. So make sure you read the fine print in the exchange you decide to join.
Different crypto trading platforms can also have different spreads and sometimes part of the commission/fee can be hidden there.
Spead is the difference between buy and sell price.
For example the buying price for Bitcoin can be $50 000 while selling price can be $49 500.
Just an example.
Spreads can be fixed, but they can also change should the market conditions be very volatile.
Getting started with crypto trading might seem like like learning Chinese, but it's actually not that difficult.
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Before you start trading cryptos, make sure you're aware of all possible costs and fees related to crypto trading.
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