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Do you need a trusty crypto exchange where you can buy, sell, and trade digital assets? Online, there are hundreds or even thousands of platforms for trading cryptocurrencies. We made sure to sift out the websites with the most competitive fees. That way, you can find an affordable crypto exchange in under 5 minutes.
This article will provide the best crypto exchanges with the lowest fees. We even added a bonus platform right at the end of this article. Whether you are new or old to trading, these exchanges can help maximise your trades and save money!
What Is a Crypto Exchange?
Before we give our verdict for the top seven crypto exchanges, let’s quickly go over what a crypto exchange is. A crypto exchange is an online site that lets traders purchase and sell Bitcoin and other cryptocurrencies on the crypto market. Additionally, you may trade various digital assets for fiat currency or digital currencies for other assets.
The intuitive user interface that crypto exchanges offer makes it simple for traders to open an account, add money, and complete trades. Furthermore, crypto exchanges show order books that reflect the current buy and sell orders and their prices and volumes. Moreover, users can create limit orders to determine the price at which their trades should be performed. They can also put market orders to buy or sell at the current market price.
Moreover, many exchanges include other features and services, like wallet services for storing crypto and margin trading for leveraged trading. Some cryptocurrency exchanges offer initial coin offers (ICOs).These new projects can earn money by selling their tokens directly on the crypto exchange.
How Do Crypto Exchanges Work?
Crypto exchanges are very easy to use. Typically, your user process will look like this:
- Register: Firstly, to start using a crypto exchange, you need to create an account. You will be asked for some personal info to prevent money laundering and comply with KYC procedures. You’re good to go once you have set up your 2FA identification!
- Add funds: Now that you created an account, you need to add funds. You can send fiat currency (pounds, dollars, euros) into the account. You can also move crypto from your digital wallet to a later sale.
- Place an order: Crypto exchanges offer market orders and limit orders. The first type will complete your order at the current price on the market instantly. The second type lets you buy or sell when the crypto of your choice reaches a specific price or better.
- Trading fees and commissions: Exchanges typically charge a fee for performing trades. These can vary based on your trading volumes, the type of order you placed, and your membership tier. In addition, other fees could pop up, such as account fees and taker fees.
- Withdraw: Once you make some earnings, you can cash out your money. You can withdraw either to your external crypto wallet or your bank account. Keep in mind that there are withdrawal fees that vary from one site to another.
Of course, this is just an example of the whole process. Depending on your selected crypto exchange, there could be more features, so make sure you familiarise yourself with those.
Tips for Choosing an Exchange
Even though we are about to present you with 7 best crypto exchanges, you might need an extra tip or two to make your choice. Here is what to think about when choosing your crypto exchange:
- Security: What is most important to you in terms of security measures? Do you prioritise 2FA identification, encryption, or other robust security features? When selecting a platform, this should be where you begin.
- Selection of crypto assets: Are you looking to invest in a specific crypto coin? Something that isn’t as popular as Bitcoin, for instance? Then naturally, you should choose an exchange that offers this asset.
- Customer support: Customer care is often neglected by traders when it should be one of the first features to consider. Make sure you choose a platform that at least offers 9-5 support seven days a week. It’s best to find one operating 24/7, as many investors like to trade even in the middle of the night. You don’t want to run into problems and have no one to speak to, right?
- Geographic restrictions: Make sure to choose global crypto exchanges available in your country of residence. Some crypto exchanges have limits on the countries they serve.
- User experience: If you are a new trader, there is no point in selecting a cryptocurrency exchange that looks complex. In addition, take a look at the UI and select a crypto exchange that best suits your taste.
- Additional tools: Are you into advanced trading? Consider some features that are a must-have for you. Are you into margin trading, futures trading, staking, lending, or token sales? These features can improve your trading experience and present more chances for development.
Our Roundup – The Best Crypto Exchanges in 2023 With Abysmally Low Fees
1) Binance
Experience Level: Advanced
One of the most well-known crypto exchange websites globally is Binance. It operates in Australia, Africa, Europe, and the US. It offers over 150 coins and supports the trading of NFTs.
Moreover, Binance has grown so much in popularity that it houses over 100 million traders. When it comes to charges, these can vary for users and businesses. They take between 0.0750% and 0.0525% in maker fees for 30-day trading volumes (in BTC). Additionally, taker fees apply for the same time period, which varies between 50-1500 BTC.
Key Features of Binance:
- 24/7 Customer Support
- Crypto Loans Available
- Charting Indicators
- 2FA Identification
- Diverse Payment Methods
- Centralised Exchange
- Application Available
2) Coinbase
Experience Level: Beginner-Advanced
Next on our best crypto exchange list is Coinbase. You have likely heard of this cryptocurrency trading platform before. Apart from offering crypto trading, the website provides learning materials for new traders to hone their trading skills.
Unfortunately, those outside the US won’t be able to benefit from this service, as it is exclusively available in the States. However, for those lucky enough to live in one of the 40 states that can use Coinbase, you’d be happy to hear they offer some of the lowest fees in the market. It features trading fees between $0.99 and $2.99, depending on the dollar’s value.
Key Features of Coinbase:
- Custodial Services
- High Daily Trading Volume
- Centralised Exchange
- Charting Indicators (in Pro Version)
- Application Available
3) Kraken
Experience level: Beginner-Advanced
If you are looking for a cryptocurrency exchange with high-security measures, Kraken is the place to be. The company HQ is in the US but it provides services to over 170 countries. Not only is it one of the best crypto exchanges, but it is also in the top 10 globally for daily trading volume.
As for its security measures, unlike the previous two competitors, Kraken has never been hacked, and for that, many traders choose this cryptocurrency exchange. It’s excellent for beginners, as the website provides helpful guides and a history of each coin offered in the crypto exchange. That way, before you start crypto trading, you can easily do your research and choose a coin or token to invest in with confidence for the first time.
But what about crypto exchange fees? Like Binance, there is a maker fee of 0.16-0.10% in the 30 days for trades up to $500,000. The taker fees vary between 0.26-0.20% for the same amount and time frame.
Key Features of Kraken:
- Mobile Application
- High Security
- Educational Resources
- Simple and Eye-Catching Design
- Advanced Trading Analytical Tools
4) Crypto.com
This crypto exchange, with the original name Crypto.com, has gained so much fame that it allows people from over 90 countries to open a crypto exchange account with them. It offers learning resources and advanced trading features for newbie traders and experienced investors.
Moreover, the platform offers over 250 crypto coins and tokens. Those using Visa are in for a good time. Notably, this cryptocurrency exchange allows users to send and manage their crypto at Visa ATMs and stores, which is a huge plus.
What are the trading fees like? Well, there are maker and taker fees for Tier 1 at 0.4% when you have a trading volume of up to $25,000. These fees lower as you increase your trading volume and go up the Tier levels.
Key Features of Crypto.com:
- OTC trading
- Hosted wallets
- NFT exchange
- User-Friendly Interface
- Visa Debit Card Perks
- Spot Trading and Derivatives Trading
5) NAGA
Experienced Level: Medium – Advanced
Are you on the lookout for the best cryptocurrency exchanges that allow you to diversify your portfolio with more than just crypto? You’ll love NAGA – it offers nearly 100 financial assets, including stocks, crypto, CFDs, NFTs, and more. You may also enjoy the unique copy trading feature, enabling you to mimic other expert traders’ steps.
There is also a NAGA app, perfect for experienced traders looking to boost their earnings and take advantage of the auto trader feature. The name of the exchange itself is NAGAX. It offers crypto wallet solutions, which are rarely found in other crypto exchanges.
In addition, it provides training materials, but we recommend it for more medium-advanced crypto traders because they can fully appreciate all the features. You can trade Bitcoin and other well-known digital currencies. The platform offers over 50 crypto assets.
Finally, in terms of fees, NAGA charges fixed withdrawal fees of $5, and there is a $20 penalty for 3-month inactivity. Additionally, you may be subject to taker and maker fees of 0.4%. Lastly, there are crypto withdrawal fees, which vary depending on your chosen currency.
Key Features of NAGA:
- Social Trading Platform
- Copy Trading
- Staking Available
- NFT Collections Available
- Crypto Wallet Available
6) Pionex
We decided to feature Pionex for its unique trading methodology. The platform allows users to work with 18 trading bots, each specialising in a different feature. Furthermore, they all keep track of the crypto market and its various trends.
Moreover, they enable traders to trade Bitcoin and other digital assets at the top price. You may also benefit from stop-loss orders, take profit, and even trailing. In terms of transaction fees, there is a 0.05% charge for both maker and taker fees. As you can see from the multiple exchanges listed on this page, they offer very low fees compared to the standard.
Key Features of Pionex:
- Free Trading Bots
- Low Trading Fees
- Customisable Interface
- Built-In Live Charts
- Dollar Cost Averaging Tools
7) Bonus Entry – Bitcoin Prime
Experience level: Newbie – Advanced
As a bonus, we decided to feature a unique platform – Bitcoin Loophole. Notice that this is not technically a crypto exchange. However, it does provide one of the most affordable methods of crypto trading at the moment.
This brokerage matching service pairs you with an experienced broker who can help you on all matters related to crypto trading. You can start trading crypto with the help of a broker and learn on the go, utilising their numerous trading tools and feeding from their experience.
But what are the trading fees like? Well, you’ll be happy to hear that your entire deposit will be used for trading. There are no hidden fees, no account maintenance costs (it is entirely free to sign up), and all you need to pay is the minimum deposit of $250 (or its equivalent in your country).
Key Features of Bitcoin Loophole:
- 24/7 Customer Support
- Extensive Variety of Digital Assets
- No Trading Fees
- Commodities, Stock, and FX Pairs Also Available
- Advanced Trading Features Available
- Low Minimal Deposit
Final Thoughts
Choosing a cryptocurrency exchange with reasonable fees is essential if you want to maximise your trading tactics and cut expenditures. Excellent choices include Binance, Coinbase, Kraken, and NAGA, all of which offer competitive fee schedules and a variety of features to accommodate all types of traders.
When selecting crypto exchanges, keep in mind to take into account elements like security, customer support, and available cryptocurrencies. Using these crypto exchanges cheaply, you can improve your cryptocurrency trading experience and get the most out of your money.
Of course, if crypto exchanges sound too advanced for you, you can always pick our bonus option and start trading on the crypto market with the support of a broker. We hope you enjoyed our list of the best crypto exchanges with low fees in 2023!
