Cryptocurrencies can be extremely profitable assets, especially when traded during bull runs like The one we are currently experiencing. Investors that are just starting out are looking for reliable exchanges that offer tons of coins to choose from.
Before committing to creating an account, an important factor you always need to consider is the fee schedule of each exchange. These can differ wildly from one another and impact the way you manage your portfolio significantly.
After all, why should you sacrifice a huge chunk of your profits to the exchange? That’s why we created this list of platforms with the best crypto exchange rates and commissions available at the moment. Keep on reading why low fees are essential to being successful and what exchanges can help you spend less on commissions and keep more profits in your pocket.
Why Are Low Fees Important?
If you are new to cryptocurrency exchanges, you must be wondering what’s the big deal with these fees. After all, what’s a few percent on your Bitcoin purchase once a month. Well, it’s important to note that some of these fees might reach as high as 2% per trade, depending on the exchange that you are using.
While this is an extreme case in the higher end of commission fees, you can already understand how these can have a considerable impact on your profits. Imagine if you made 5% profits on your crypto trade, you would have to sacrifice almost half of it to trading fees! This is true if you are trading once in a while, but becomes much more prevalent for day traders.
Scalpers make dozens of minimal trades (0.5%-2% profits) during one day, hoping to make multiple small profits to increase their capital. This means that even relatively low fees of 0.5% per trade could negate their profits entirely.
That’s why choosing the ideal exchange with low fees per trade is crucial.
Top Exchanges With the Lowest Fees
Let’s have a look at our selection of the most trader-friendly exchange platforms out there.
Binance
Binance offers its clients dozens of different fiat currencies to exchange to crypto, together with hundreds of crypto pairs to exchange for one another.
It is worth noting that if you are purchasing crypto with fiat on Binance, you will have to go through a verification process to prove your identity. This can be a lengthy process considering the high demand due to the current bull run.
Finally, Binance offers some of the most cost-effective fees for trading crypto, at 0.1% per trade. What’s more is that if you pay your fees in BNB coins, you can get another 25% discount on these. Keep in mind that withdrawals are also subject to fees that depend on the currency you are withdrawing.
PancakeSwap
Pancake Swap is a decentralized coin swap, which means that user coins are owned by the users themselves, not the exchange. There is a flat 0.2% fee for exchanging coins on the platform.
The advantage of using PancakeSwap is that this exchange runs on the Binance Smart Chain (BSC) instead of Ethereum. Consequently, you can avoid the Ethereum network and its crazy gas fees when you withdraw your coins. The caveat is that you will be limited to a few dozen tokens that are currently present on the BSC.
Godex.io
Finally, we have the crypto exchange – Godex, one of the best exchanges to swap coins and tokens anonymously. Godex offers more than 200 different coins, and the great thing is that you don’t have to create an account to start using its services.
Instead, you can swap illimited amounts of crypto just by providing your wallet address. When it comes to fees, Godex has a flexible approach. They provide you with the most profitable fee level depending on the current market offers at the time of the exchange. Moreover, the exchange rates are fixed at the beginning of your transaction. This means that you will be shielded from the fluctuation of the market while you are conducting your transactions.
Conclusion
Regardless if you are a sporadic trader or swap coins daily, you will need a fast and reliable exchange with low fees so you can keep your profits to yourself. The three exchanges we
