Cryptocurrency exchange as an idea of financial investment has seen a big surge over the last years. On this background, a lot of crypto exchanges appeared on the scene to make digital currency both more accessible and convenient to buy, even by using them on a smartphone. If you are among those who want to squeeze the most out of your trades, welcome to this guide on the platforms to trade crypto coins at low fees.
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Two Main Types of Crypto Exchange Fees at Online Exchanges: Whom are They Paid to and Are They Fixed?
There are a few types of fees in any exchange, and as a user, you should know the difference.
1. Exchange fees
This is, first of all, the main source of income for the exchange platform. Exchange fees are normally taken for both purely crypto and fiat to crypto exchanges. Here also are withdrawal and deposit fees directed to the platform.
2. Network fees
Network, or gas fees, are present at decentralized exchanges and entirely depend on the market rate to verify a particular transaction on the blockchain. The size of the network fee is defined by the miner at the chosen network, often specifically to the miner who himself verifies the blocks of crypto.
Today Bitcoin’s gas transaction fee can also increase when the network becomes ‘too busy.’ But here, you can also get the benefit – as a rule. Miners include transactions with higher fees into blocks quicker to top up their income.
So, while exchange fees depend on the service and you can always find lower charges, network fees are a must as they fuel the whole operation and make it work.
Top 6 Platforms to Exchange Bitcoin to Ripple and Not Overpay for Transaction
Now is the time to quickly glance at several exchanges that boast minimal exchange fees.
The exchange fee here makes 0-0,26% based on the volume. So, all in all, Kraken is one of the best places where these numbers don’t shock buyers.
Luno’s exchange fee ranges from 0.03% to 0.1% since it has cut its charges in 2020 and remains one of the best places to exchange Bitcoin to Ripple with profit.
This place has no withdrawal fees since the stated amount of cryptocurrency goes right to your wallet address. You will pay only the network fee for the BTC to XRP transaction on the blockchain and the processing fee. Both aren’t fixed and depend on the exchanged sum.
This exchange is famous for its additional perks, such as a 25% if a user holds the BNB coin. For other cases, a 0.1% fee is taken.
This place is very close to Kraken and takes only 0.1% for every spot trade. This makes KuKoin stand out as a bold exchange that doesn’t even differentiate its fiat base fee depending on the growth or decrease of coin value.
This platform offers free opening and closing of the trade and takes the fee as low as 0.75% for BTC exchange.
To recap, there are many opportunities to swap Bitcoin for Ripple or vice versa on the enlisted online exchanges. For the moment of writing, January 2022, they are really respected and worthy of usage.