When picking out the right crypto exchange platform for yourself, there are many different factors that need to be taken into consideration. Security, coin support, transaction speed, and so on - all of these things are important. That said, though, today, we’ll be taking a look at the list of the cheapest cryptocurrency exchanges.
What does the “cheapest” stand for, you may ask? Simple - exchanges that have the lowest fees on the market. In other words, we’ll discuss 8 options of crypto exchange platforms that will take away the least amount of money from your transactions.
With that though, it’s worth mentioning that there are other things to keep in mind with the list below, too. Let’s get the details out of the way, first.
Cheapest Cryptocurrency Exchange: Things to Keep in Mind
So, the cheapest cryptocurrency exchanges - seems pretty self-explanatory, right?
To an extent, it is - but, as with most things in life, things are more intricate than they might appear at first glance.
Having the option to trade cryptocurrencies on the cheapest crypto exchange might be great, but you should always keep in mind the fact that there’s more to it than that. Specifically, I’m talking about one, single factor - security.
Even if you manage to find an exchange that takes away a 0% cut from your crypto trade (which is, admittedly, possible), if it lacks in the security department, you might actually “get taxed” more than on some of the more-expensive exchanges - in other words, all of your crypto assets might be stolen during or after the transaction.
While it does, admittedly, sound rather scary, that’s the harsh reality of it all - whenever dealing with anything related to crypto, you should always be extremely cautious.
That being said, though…
There are many cryptocurrency exchanges with lowest fees out there that are also actually really safe and secure. Assuming that you’re having trouble picking out the best one for yourself, this is what this list is here for, in the first place - without any further ado, let us talk about the 8 cheapest cryptocurrency exchanges on the current market.
Ranks #1 out of 8 Crypto Exchanges
- + A very well-known crypto exchange platform
- + More than 500 different cryptos available
- + Two-factor authentication
- + P2P trading option
- + Emphasis on security and KYC
- + Supports fiat-crypto acquisitions
- - Might be a bit difficult for beginners
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If you’ve ever heard about cryptocurrency trading, in general, you’re probably aware of a company called Binance. Undoubtedly, it’s one of the most well-known and used crypto exchanges on the market.
Coincidentally (or is it?), it’s one of the cheapest cryptocurrency exchanges, too.
Binance employs fees that reach up to 0,1%. Note the “up to” part - simply put, this means that the fees are usually going to be much lower than that (in most cases, the will sway around 0,05%).
Is Binance the crypto exchange with the lowest fees out there? Well, it’s certainly part of that group, yes! A 0,1% fee (worst-case scenario) is actually amazing!
On top of having some very cheap transaction fees, Binance is also very secure. The exchange employs a 2FA system (two-factor authentication) in order to ensure optimal log in security measures, and has some advanced crypto security features, too.
If you’re looking for a cryptocurrency exchange with the lowest fees in order to start trading crypto coins, you’ll also be quite happy to hear that Binance has some of the better (higher) trading volumes out of all of the ‘mainstream’ crypto exchanges out there.
What does that mean, exactly? Well, it simply means that there’s a healthy amount of competitive prices to be had on the exchange platform in question - definitely some good news for any wannabe trader!
Ranks #2 out of 8 Crypto Exchanges
- + Strong security
- + US dollar accounts are ensured
- + Easy-to-use
- - Limited selection of cryptocurrencies
- - Requires lots of personal information
- - Sometimes can go offline
Gemini is a rather well-known cryptocurrency exchange. The platform is regarded as one of the safer and more-reliable exchanges in the industry - that's surely a good thing.
However, how does Gemini fair in regards to being one of the cheapest cryptocurrency exchanges out there? Well, to put it short, the exchange offers a balance between trading fees, as well as security features and reliability.
Gemini's fees start at 0,5%. Meaning, the minimum fee that you'd pay will be 0,5%, no matter hat type of a cryptocurrency you might be trading. Naturally, these fees can go up higher - specifically, they may reach 1,49%, if you're trading one cryptocurrency for another.
Purchasing cryptos with fiat money, you will need to pay a fee of up to 3,99%. This, however, is pretty standard, since fiat-crypto purchases are always a bit more expensive.
Even with the trading feef ranging between 0,5% and 1,49%, it's actually pretty decent! This is even more so true when you keep in mind the fact that Gemini is reliable and well-established, and that the platform offers it's users a wide variety of various additional benefits, too!
Ranks #3 out of 8 Crypto Exchanges
- + Secure and reliable
- + Low fees
- + A good amount of fiat currencies accepted
- - Not the most helpful customer service
Same as many other names on this cheapest cryptocurrency exchange list, Kraken is a very well-known crypto asset trading platform that has built itself a long-lasting reputation of being both reliable, and offering its users some surprisingly-good fees.
Addressing the Kraken in the room (I’m sorry), you can expect the fees of this cryptocurrency exchange to range anywhere from 0% up to 0,26%, depending on a few different factors.
That’s right - 0% fees are available, too, but you’ll have to be trading some very low amounts of cryptocurrency.
That being said, 0,26% is still a very good fee option! The amount of crypto you’d lose to payment is minuscule, and Kraken’s high-trading volumes should ensure your peace of mind even further!
General reputation-wise, as mentioned above, Kraken isn’t only popular for being a cryptocurrency exchange with lowest fees - it’s also considered to be a very secure space to trade crypto coins, too.
Also, Kraken supports over 150 different cryptocurrency assets, tokens included. You’ll find all of the main, most well-known crypto coins on the exchange in question - granted that you can even buy the coins via a bank transfer, this surely makes the exchange a very conveniant place to trade cryptocurrencies!
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Ranks #4 out of 8 Crypto Exchanges
- + Fiat currencies - accepted
- + Simple to use
- + Accepts only the most trustworthy cryptocurrencies
- + Very secure
- - Not available in all countries
- - Some of the less-known coins aren't supported
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As you can probably tell from the title, Coinbase is a pretty big jump when it comes to fees, especially when compared to other exchanges on this particular list.
Naturally, you would probably not call Coinbase the “cryptocurrency exchange with the lowest fees”. If so, though, why is it on this list?
Because of a pretty simple reason, actually - Coinbase offers its users an amazing compromise between fee expenses and UX - user experience.
You see, as noted in the heading, Coinabase’s fees range from 1,49% up to 3,99%, depending on the region you are located in, the amount of crypto that you’re trading, whether you’re the sender or receiver, and so on. Naturally, those fees are quite high - there’s no denying that.
Having said that, though, Coinabse offers its users amazing usability features, and ensures top-tier security.
The exchange itself is very simple and straightforward, utilizing a minimalistic design. This is great for beginner traders, since you won’t be overwhelmed with a load of different, advanced features.
Finally, it’s also worth pointing out that Coinabse has some great customer support. Users report that, whenever they’d encounter some troubles, the support would always be very helpful and friendly - definitely nice to know!
Ranks #5 out of 8 Crypto Exchanges
- + Easy to figure out
- + Different trading pairs
- + Great support
- - Might lack coin options
Cex.io is one of those crypto exchanges that keep popping up here and there, but is still sometimes forgotten when talking about the best and cheapest cryptocurrency exchanges. Well, I’m here to tell you - that should not be the case.
Cex is an amazing crypto trading platform - it’s used by many people, and most of the reviews regarding it are more-than-positive.
You’ll notice how much the platform cares about the safety and well-being of your crypto coins as soon as you register and first log in to the site. 2FA, email notifications, and so on - Cex really does a good job of informing you about any and all login attempts, no matter if they’re made from a trusted device or not.
Fee-wise, Cex is also right up there with the other “big players” - the platform’s fees range from 0% up to 0,25%, which is very similar to those found with Kraken. Also, same as with Kraken, Cex’s fees are very favorable for any and all aspiring cryptocurrency traders.
Ranks #6 out of 8 Crypto Exchanges
- + Very secure
- + Small, fixed fees
- + Fast exchanges
- + Wide variety of crypto and fiat currencies
- - Some user complaints regarding support
- - May be somewhat difficult for an industry newcomer
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Bittrex is often regarded as one of the safest crypto exchange platforms that you could use. Coincidentally, it’s also one of the cheapest cryptocurrency exchanges, too!
The thing that makes Bittrex stand out of the crowd when it comes to the topic of security is the fact that the exchange keeps the vast majority of the crypto assets on cold storage devices - offline wallets that are considered to be among the safest form of crypto storage possible (apart from paper wallets).
The only somewhat-notable issue that some users of the platform express is the fact that Bittrex might be somewhat difficult to use, especially if you’re a complete newcomer to the industry.
When it comes to the platform being one of the cheapest crypto exchanges, though, Bittrex offers a fixed 0,25% fee to its users. All things considered, that’s actually pretty good! It rivals the fees of some other crypto exchanges on this list, and is surely in-line with the term “cheap”, too.
Ranks #7 out of 8 Crypto Exchanges
- + Helpful customer support
- + Fiat payments are accepted
- + Reliable
- - Not best for beginners
- - Might lack cryptocurrency options
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Bitstamp does probably possess the broadest range in fees out of all of the cheapest cryptocurrency exchanges mentioned in this article.
Analyzing the “0,05% - 5%” fee range, it’s safe to say that, if you land on the lower end of the fee spectrum, you can be sure that Bitstamp is surely a crypto exchange with the lowest fees. If, however, your transaction falls more towards the “5%” part, well… That’s very expensive!
But what about the platform itself? Regardless of the “cheapest cryptocurrency exchange” debate, it’s safe to say that Bitstamp is among the more-respected crypto trading platforms in the current industry. While the company did have some ups and downs, generally speaking, it would seem that the public perception surrounding them is actually very good.
Bitstamp is secure and very beginner-friendly. If you’re not looking to trade a whole lot of cryptocurrencies, and are simply interested in learning more about the process, it’s definitely an exchange worth checking out!
Ranks #8 out of 8 Crypto Exchanges
- + U.S. company
- + No verification needed
- + Low trading fee
- + Good customer support
- - Hacked in 2014
Poloniex is surely one of the more interesting cryptocurrency exchange platforms on this list. While it can be named a crypto exchange platform with lowest fees, it’s also an exchange that has some… Questionable past, too.
Let’s take it a step at a time, though.
The fact that Poloniex offers its users a fee that ranges anywhere from 0% up to 0,125% is great - that automatically makes the crypto exchange platform one of the cheapest crypto exchanges on this list. If cheap fees are solemnly what you’re after, then sure - Poloniex is a great choice.
Having said that, though…
Poloniex has a history of being hacked - namely, a breach of security occurred in 2014 that swept away a huge portion of the Bitcoin that was present on the exchange. While some minor hacking attempts (and successes) are easier to look past, such major hacks should always be taken into consideration, whether you’re looking for the cheapest cryptocurrency exchanges, or something else.
That aside, Poloniex is still seen as a decent crypto exchange platform, even with the earlier-mentioned stain on its reputation. The platform requires no verification (unless you plan to trade some high amounts of crypto), is simple to use, and provides decent customer support if needed, too.
All in all, a platform worth looking into, especially if you’re on the lookout for the cheapest cryptocurrency exchange!
So - that’s it! At this point, you should be aware of the 8 cheapest cryptocurrency exchanges, and all of the major pros and cons associated with them.
Allow me to reiterate a point made earlier on in the article, though - security should always be one of your primary concerns when picking out the best crypto trading site for yourself.
Think about it this way - if you purchase some cryptocurrency at a 0% fee, you’re probably going to be ecstatic because of the fact that you did not have to overpay even a single dime, right?
Well, yes, but if you would do so on a shady “cryptocurrency exchange with the lowest fees”, a couple of days later, you might find that all of your crypto coins were cleaned form your wallet.
Not really worth it, now, is it?
Frankly, that’s the reason why, even if you’re looking for the cheapest cryptocurrency exchange, security should still be at the top of your priority list. Without proper security, you risk losing all of your crypto savings - it’s always better to pay a bit more, but remain assured that your assets are all safe and sound!
With that, though, I hope that this list was useful to you, and that you managed to find the best, cheap cryptocurrency exchange that would suit your own, personal wants and needs.
Until next time!
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