The 6 Crypto Exchanges that Offer You the Most Value
For many cryptocurrency traders, finding the right crypto exchange is the difference between making the most out of your cryptocurrency trading and throwing away tons of value. There are many aspects that comprise an exchange, ranging from security to commission structure to ease of use. While many believe that each exchange is effectively the same, only differing in small features, this is not the case. Knowing and understanding which exchange is right for you is crucial. The one area where experts believe it is crucial for you to get the most value is in the exchange’s fees and commissions. Here are the 6 exchanges that are the best value for you:
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Coinbase is an absolute giant of the crypto trading industry, and for good reason. Their revenue is over $1 billion USD per year, and are one of the most recognizable names in the cryptocurrency world. However, their commissions structure can leave a lot to be desired. Let’s break it down if you are a US citizen:
To purchase cryptocurrencies with a Coinbase wallet or a US bank account, you are charged a flat 1.49% fee. If you use a credit card, you are charged a staggering 3.99%! There is also a flat fee depending on the value of the cryptocurrency in question, but they will always charge you the greater amount. So let’s say you want to invest $10,000 USD in cryptocurrency. With Coinbase, that will cost you $149 just to do that through a bank account, or $399 if you want to do that with a credit card.
One major advantage that Coinbase has over the competition is that they are pretty chummy with the US government, so they are very widely available in states where most exchanges are not, such as New York.
Do you remember that JIF peanut butter ad from the 90’s? Choosy moms choose JIF? Coinbase Pro is kinda like that. Everyone knows about Coinbase, but choosy crypto investors choose Coinbase Pro, and not Coinbase. Coinbase Pro has much better commissions and fees, and use terms that you will find a lot in crypto exchanges; takers and makers.
Taker fees are between 0.05% and 0.25%, while maker fees are between 0.00% and 0.15%.
Coinbase Pro is really aimed at experienced traders; those that have been there and done that before, and can fully take advantage of all of their features. If you are reading this article, there is a good chance that Coinbase Pro is the better of these two exchanges for you, as Coinbase’s simplicity and user friendliness is only valuable for more casual, beginner traders.
Despite a massive hack and a brief publicity firestorm, Binance remains as one of the crypto world’s premier exchanges. If you are a high-frequency trader, Binance is an excellent option. Their fees are very manageable and get even better the more value you are trading with on their exchange.
There is a standard 0.1% fee applied to every trade. Trading fees are examined and calculated over a 30 day period, meaning you can expect some sort of consistency. However, there is even more value to be gained by using Binance, as you receive a 25% discount on your trading fees if you use BNB (Binance’s own coin) to pay for these fees. If you have BNB in your account, your trading fees will automatically be deducted from them, making the experience seamless and worry-free.
All trades on the Bittrex platform are charged a flat 0.25% fee, which considering the other exchange fees in this article is fairly reasonable. Bittrex also does not charge anything for deposits, which is in stark contrast to Coinbase. There is a varying fee to pay when withdrawing from Bittrex, but they state that this is simply to cover their own costs when dealing with individual coins’ network transfer fees.
Bittrex was recently in the news for being asked to cease operations in the State of New York after their application for a Bitlicense was rejected. This certainly threw a spanner in the works for Bittrex, who saw themselves as a rising leader in the crypto world. However, this can generously be seen as a minor speed bump on Bittrex’s path towards crypto domination.
Don’t be fooled by Poloniex telling you that you can get a significant discount on your trading fees. You would need to have a monthly average trading volume of over $25,000 USD to even get a partial discount. Their fees, with maker at 0.15% and taker at 0.25% are generally reasonable for the exchanges in this article. Similarly to Bittrex, they have a flat withdrawal fee to cover coins’ network transfer fees.
For most, decentralized exchanges are the future of cryptocurrency trading. While some cryptocurrency exchanges, notably Binance among others, have suffered massively from security breaches stealing millions of USD worth of crypto, decentralized exchanges do not have this problem. Their decentralized nature prevents these sorts of attacks, potentially ushering in a new, decentralized age of crypto trading.
AirSwap is one of the leading decentralized exchanges on the market currently. A joint effort between Fluidity and Consensys, two of the biggest and most recognizable blockchain and crypto companies, AirSwap is primed to become a true force to be reckoned with in the world of cryptocurrency.
One major reason why most experts believe AirSwap is set for domination is that they do not charge fees. The entire platform is free to use and there are no fees involved when trading on AirSwap. There are also no deposits or sign-ups involved, thanks to AirSwap being decentralized. AirSwap is also laser-focused on making their platform user friendly and intuitive for traders of all experience levels. All of these elements combined prove that AirSwap is doing things the right way, and it is only a matter of time before this decentralized exchange becomes the biggest crypto exchange in the world.
To wrap this up, there are many factors that differentiate cryptocurrency exchanges from one another. However, what you should perhaps be focused most on is the exchange’s fees and commissions. This is where you can either give up a lot of the value you are gaining in the crypto market to a greedy exchange, or where you can seamlessly trade cryptocurrencies to your heart’s desires. If you trade more than a few times a month, this will add up!
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