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Top 10 Discounts Crypto Exchange
Newcomers of cryptographic space often have difficulty understanding how exchange fees work in various exchanges. Cryptographic space itself is difficult to understand and adding the difference in exchange fees can be quite overwhelming. This is why we have created a list of best exchanges, in addition to the fees that are charged for encrypted transactions.
Naturally, the choice of the right exchange goes far beyond the rates that are billing. However, rates should not be overlooked, as they can significantly influence user earnings.
Before starting to list exchanges and explain their trading fees, we should first explain a couple of terms. For example, terms such as "makers" and "takers" represent two types of trading participants, both of whom have been assigned their commissions.
Maker is a term that represents a market maker. This is a person who increases the liquidity of the market by placing purchase and sale orders. Due to the fact that these individuals literally "make the market", their taxes are always lower. The buyers, on the other hand, have higher fees to pay as they are eliminating the liquidity of the market.
For example, a Maker's commission of 0.10% on $ 10,000 ends up with a commission of $ 10. As for Taker's commission, it will be equal to 0.20% of the same amount of $ 10,000, which will result in a commission of $ 20. Of course, this is just one example, and the true rates will be listed for each individual exchange.
Exchanges and their exchange fees
1. Binance
Binance is an encrypted exchange based in China, but is popular all over the world. It launched live trading just over a year ago, in July 2017. Recently, the exchange moved its headquarters to Malta, due to regulatory issues in China.
Its trading fees are very low (both taker and maker fees are 0.10%), which made the exchange very popular and just as big. The exchange offers charts, tools and even education for potential traders. It has an advanced user interface, but also basic for beginners. The advanced one has a more in-depth technical analysis of cryptocurrencies and their value, so it should be taken into consideration.
The 0.10% commission of Maker and Taker mentioned above is included for trading volumes up to 100 BTC within 30 days, and excludes the use of BNB. If users also choose to use BNB coins, additional discounts are applied.
2. OKEX
OKEX is a trading platform for futures and was launched by the Chinese cryptic exchange OKCoin.com. Its focus is on LTC and BTC futures, but the exchange also provides hundreds of pairs of futures and token trading pairs. OKEX also has some strict standards on who can use the platform. For this reason, the platform is not available in several countries, including Bolivia, Cuba, Kyrgyzstan, Syria, Bangladesh, Hong Kong, Iran, Sudan, North Korea, Ecuador, United States, Sudan, Crimea and Malaysia.
For those who expect to have a trading volume of only 100 BTC per month, trading fees are 0.10% for Maker and 0.15% for Takers.
3. Huobi
Huobi is also a very popular exchange based in Singapore. It is mainly aimed at the Asian market, but also serves US customers thanks to the partnership with HBUS in the United States. Huobi also states that their customer service is the best in the world of cryptography exchanges. They are available at all times and offer pre-negotiation training programs for new users. With users who get access to commission-level prices at the VIP level, except the rates are the same for Makers and Takers – 0.20%.
4. Bithumb
Bithumb is an exchange based in South Korea and is the largest exchange in this country. Their headquarters are located in the capital of South Korea, in Seoul. Bithumb has been operating since 2013, making it one of the oldest exchanges still in circulation. However, the exchange suffered a hacking attack in 2017, an aspect that new users should definitely know.
While the focus of the exchange is on Korea itself, they offer several other languages, including Spanish, English, Hindi and Chinese. Furthermore, they claim that their rates are the lowest on the market. However, this is true only for those who use Bithumb vouchers or for those who trade large volumes. For all others, the fees of Maker and Takers are equal – 0.15%.
5. Bitfinex
Bitfinex is an exchange that is even older than Bithumb and was founded in 2012 in Hong Kong. Its focus is on traders and advanced intermediaries, but also on institutional traders. Recently, they stopped serving US customers to focus on the rest of their users. The exchange also recorded a considerable number of attacks by hackers, which led to greater attention to security.
The producer commission is 0.10% for those who would trade up to $ 500,000 within a month and 0.08% for those whose trade volume would go up to $ 1 million.
As for Takers' share, it is 0.20% for those with trading volume up to $ 10 million in a month.
6. HitBTC
Next, we have HitBTC, which claims to be the most advanced exchange for Bitcoin. It offers quite advanced order matching algorithms, so many believe that this statement is not false. The exchange has been in business since 2013 without any problem. However, some new reviews claim that there are problems with their customer service, which has failed to respond on several occasions.
Registration is simple and you do not need to register. The rate structure that this exchange has is unique, since it offers a discount to their Makers, instead of a royal commission. In this way, the Maker end up with a discount of 0.01%, while the Takers have a fixed cost of 0.10%.
7. ZB.com
ZB.com is a young exchange, launched only in 2017. It is a Hong Kong stock exchange that focuses on the Asian market, primarily China. However, everyone is allowed to create an account and the exchange supports both Mandarin and English.
In addition, ZB.com has two versions: one for professional operators and one for beginners. The Maker and Takers commission is the same – 0.20%, although they may be lower for VIP traders.
8. Bit-z
Bit-z is another stock exchange based in Hong Kong, but launched in 2016. Its user interface is well designed and offers price charts, graphical tools, real-time market data, numerous reports, indicators of technological analysis and commercial stories. It also uses SSL technology at the bank level, which guarantees the security of all transactions.
Bit-z also offers services all over the world, with the exception of users located in the State of New York and the Federal Republic of Germany. There have been some reported problems, such as slow withdrawal time, although this is probably due to the fact that the company is checking every single request manually. As for taxes on Takers and Makers, they are equal once more, at 0.10%.
9. Bibox
Towards the end of the list, we have Bibox. This is a recent Chinese exchange that was launched last year and uses AI algorithms to allow users to make the best exchanges and make the most of each one. The platform supports several languages, including Mandarin, Russian, English, Vietnamese and Korean.
The exchange also has two layouts, in which one offers information on condensation, while the other adds additional data. Another positive aspect of the exchange is that it offers many less popular altcoins, for those who might have an interest in them. The commissions are once again the same for Makers and Takers – 0.10%.
10. LBank
Finally, the last of the list is LBank. This is another Chinese stock exchange based in Hong Kong, and was launched in 2016. The exchange also focuses on Asian markets, but thanks to the fact that it supports Mandarin and English, its services are used from all angles of the world. It should be noted that their translation into English is mostly limited to a few pages, while English support is slow and not very efficient. As for the Makers and Takers commissions, they are both 0.10%.
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