Are you tired of watching your hard-earned crypto gains vanish into thin air due to hefty trading fees? If so, you’re not alone. Finding the most affordable crypto exchanges with the lowest fees is a common goal among both novice and experienced traders alike. In this article, we’ll dive into the top 5 exchanges that offer the best bang for your buck.
Whether you’re a daily trader looking to maximize profits or a casual investor seeking to get the most out of your trades, we’ve got you covered. Stick around as we uncover the platforms where you can trade with peace of mind, knowing your fees are kept to a minimum. Let’s get started and help you keep more of your money where it belongs – in your wallet!
List of the cheapest crypto exchanges with low fees
- BYDFi: Available in the USA without VPN – Lowest futures trading fees (0.02%) – KYC-free – Demo trading platform – 0.01% Spot fees – Over 400 listed cryptos – Trade interface from TradingView – 200x Futures leverage – Lowest withdrawal fees
- MEXC: 0% maker and 0.01% taker fees – KYC-free – Global exchange, including the USA – Copy trading – Leveraged ETFs – Low withdrawal fees
- Phemex: Zero spot trading fees for premium members – 100x leverage for margin trading – KYC required only for higher deposits – Earn interest with flexible and fixed savings products – Top mobile app
- BTCC: 0.06% fee for both maker and taker – 225x leverage for perpetual futures – Licensed in the USA, Canada, and several European countries – Very good security (clean track record) – Suitable for beginners and advanced traders – Tokenized futures
- PrimeXBT: 0.05% fees for 100x leverage trades – Aggregates liquidity from different platforms – Social trading – Mobile app with covesting module – No KYC – Quick registration
Investment and affiliate disclosure: Trading crypto comes with high risk and can lead to rapid losses. It’s crucial to understand these risks before investing, so make sure to do your own research. This article contains affiliate links. If you sign up or make a purchase through these links, we might earn a commission, but it won’t cost you anything extra. Our recommendations are based on independent research to provide you with the most accurate information possible.
Which crypto exchange and trading platform has the lowest fees?
1. BYDFi Review
As a firm believer in market competition, I’m always on the hunt for new and unique crypto exchanges. That’s how I found BYDFi, one of the cheapest crypto exchanges with the lowest fees on the market.
It was launched in April 2020, originally called BitYard, it rebranded in 2023 to BYDFi — BUIDL Your Dream Finance. “BUIDL” is crypto slang for “build,” urging everyone to pursue their dreams with cryptocurrency.
My overall thoughts on BYDFi
BYDFi stands out as a well-rounded platform for both novice and expert traders. Here’s why:
Ease of use
The BYDFi interface is one of the most intuitive I’ve seen. Even beginners can quickly create an account and start trading. The platform is adapted for trades who want to go long and it’s also an optimized exchange to short sell crypto meaning you can bet in the opposite direction. Advanced features like copy trading are easily accessible.
BYDFi supports:
- Over 400 cryptocurrencies
- 60+ fiat currencies through partnerships
- Legal operation in 150+ countries
Overall reliability
I experienced no issues with deposits, withdrawals, or trades. BYDFi’s reliability has earned it spots on Forbes’ best crypto exchanges list and #2 on Marketplace Fairness’ US rankings.
Features
- Leveraged tokens: Trade with 3x long and 3x short options.
- Perpetual futures trading: Up to 200x leverage.
- Multiple trading UIs: Separate UIs for beginners and experts.
- Quick account verification: Sign-up and verification in under 15 minutes.
- No KYC for most functions: Access most features without KYC.
- High security: Two-factor authentication and segregated accounts.
- Convenient crypto conversion: Easily swap between cryptocurrencies.
- Responsive support: Quick help via email and live chat.
- Well-designed mobile app: Robust apps for iOS and Android.
- Rewards: Earn up to $2,888 in crypto rewards.
What I don’t like about BYDFi
- No fiat withdrawals: Only crypto withdrawals are supported.
- No phone-based customer support: Email and chat support only.
BYDFi Fees
- Deposit Fees: No fees for crypto deposits.
- Trading Fees:1%-0.3% for spot trading, 0.02%-0.06% for futures.
- Withdrawal Fees: Vary by crypto asset and network.
Pros:
- User-friendly interface
- Broad support for cryptocurrencies and fiat
- Reliable performance
- High security
Cons:
- No fiat withdrawals
- Limited customer support options
2. MEXC Review
The crypto industry is full of diverse exchanges, each with unique benefits and drawbacks. While many traders prefer top-rated exchanges like Binance and Coinbase, other platforms also deserve attention. One such platform making a name for itself is MEXC Global.
MEXC offers a wide array of features and tools, making it more like an interconnected ecosystem than a simple trading platform. Plus, MEXC is one of the cheapest crypto exchanges with 0% maker fees. This MEXC review will delve into these tools and features to see if it lives up to its growing reputation.
What is MEXC?
MEXC Global is a versatile crypto trading exchange designed for all types of traders, from retail to institutional. It supports various trading styles, including spot, futures, and ETFs, making it an all-rounder in the crypto industry, much like Binance and KuCoin.
MEXC stands out by supporting a large number of cryptocurrencies, including newer and less established coins, making it a popular choice for traders looking for early investment opportunities. Additionally, MEXC emphasizes security and user experience with advanced security protocols to safeguard user funds and personal information.
Pros
- Spot and futures trading: Supports immediate spot trading and futures contracts for advanced trading strategies.
- Futures demo trading: Practice trading with virtual funds in a risk-free environment.
- Copy-trading: Follow and mimic experienced traders’ actions to learn and potentially profit.
- Leveraged ETF listings: Trade with multipliers for potentially higher returns.
- Low fees: Competitive fees, with 0% for spot trading and minimal fees for futures and leveraged ETFs.
- Global availability: Accessible in over 170 countries, including the US.
Cons
- Limited fiat withdrawals: Few options for converting crypto to fiat directly on the platform.
- No NFT support: Lacks features for trading NFTs, which may be a downside for some users.
How to sign up to MEXC
Signing up for MEXC is straightforward:
- Go to the MEXC homepage and click the signup button.
- Choose to sign up with your email address or phone number.
- Complete the verification puzzle.
- Enter the one-time password sent to your email or phone to access your account.
MEXC Global is a robust trading platform with a lot to offer, from spot and futures trading to copy-trading and leveraged ETFs. Its low fees and global availability make it a strong contender in the crypto exchange market. However, its limited fiat withdrawal options and lack of NFT support are significant drawbacks.
For traders focused on crypto trading with minimal fees, MEXC is an excellent choice. If fiat withdrawals and NFT trading are crucial for you, you might need to consider other exchanges. Try MEXC yourself to see if it meets your trading needs!
3. Phemex Review
Are you on the lookout for a crypto exchange with low fees that offers advanced trading features and passive income opportunities? Phemex might just be the crypto platform for you. Let’s dive into what makes Phemex stand out and whether it’s the right fit for your trading needs.
Overview
Phemex is a full-service cryptocurrency exchange known for its leverage trading options, low fees, it ranks as one of best altcoin exchanges, and opportunities to earn interest on your assets. With its highly-rated mobile app and real-time spot trading capabilities, Phemex is designed to cater to experienced investors looking for advanced features. But is it the cheapest crypto exchange with the lowest fees? Let’s find out.
Fees
Phemex offers a competitive fee structure, especially for its premium members who enjoy zero transaction fees on spot trades. Here’s a quick breakdown:
- Spot trading fees: Standard users pay 0.1% per transaction, while premium users enjoy zero fees.
- Withdrawal fees: Fees vary by cryptocurrency, with some tokens like NEO and USDT-TRC20 having no withdrawal fees.
- Fiat-to-crypto purchases: Fees apply, particularly when using third-party services for fiat deposits.
Pros
- Low fees: Competitive trading fees, especially beneficial for premium members.
- Advanced trading features: Leverage trading up to 100x, ideal for experienced traders.
- Highly-rated mobile app: Seamless trading experience on the go.
- Passive income opportunities: Earn interest with Flexible and Fixed Saving products.
Cons
- Complex fee structure: Understanding the various fees can be challenging.
- Withdrawal fees: Most cryptos incur a fee for withdrawals.
- Limited lending services: Currently, no options for lending or borrowing against your stored funds.
Top perks
- Zero transaction fees for premium members: Enjoy free trades on real-time spot trades with a premium subscription. Memberships range from $9.99 for 30 days to $69.99 for a year.
- Leveraged trading: Trade with up to 100x leverage, though this comes with significant risk.
- Earn interest: Flexible Saving allows you to earn interest with no long-term commitments, while Fixed Saving offers higher returns for locked-in funds.
How to get started
To start trading on Phemex, you’ll need to complete the KYC process and decide between an individual or institutional account. You can deposit major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) directly into your Phemex wallet.
Security
Phemex takes security seriously with a Hierarchical Deterministic Cold Wallet System, multiple firewalls, and rigorous withdrawal scrutiny. Two-factor authentication adds an extra layer of protection for user accounts.
Phemex is a solid choice for experienced traders looking for advanced features and low fees. Its leveraged trading options and passive income opportunities make it a versatile platform. However, beginners might find the fee structure a bit complex, and the lack of nationwide U.S. availability can be a drawback. If you’re looking for a robust trading platform with plenty of perks, Phemex is worth considering.
4. BTCC Review
If you’re searching for one of the best and cheapest crypto exchanges with low fees, BTCC should be at the top of your list. Founded in 2011, BTCC is one of the world’s longest-running crypto exchanges, known for its stability, security, and user-friendly interface.
With a competitive fee structure and a strong focus on Bitcoin and Ethereum futures trading, BTCC offers a reliable platform for both beginners and seasoned traders.
Overview
BTCC has been a staple in the crypto world for over a decade, boasting licenses in the US, Canada, and several European countries. This regulatory compliance adds a layer of trust and security, making it a preferred choice for many traders. With a selective list of major cryptocurrencies like BTC, ETH, ADA, and XRP, BTCC ensures a focused and efficient trading experience.
Fees
One of the key highlights of BTCC is its low transaction fees, making it a top choice for cost-conscious traders. The exchange charges a flat 0.06% fee for both makers and takers, which is highly competitive in the industry. Additionally, while the withdrawal fee for Bitcoin is 0.0015 BTC, the platform offers various deposit options with fees depending on the currency used.
Trading
BTCC shines in the derivatives market, offering up to 150x leverage for daily crypto contract trading and 100x for perpetual futures contracts. This high leverage can amplify gains (and losses), catering to both risk-takers and conservative traders. Popular trading pairs include BTC/USDT, ETH/USDT, and ADA/USDT, providing ample opportunities for profit.
User Experience
BTCC is designed with user-friendliness in mind, featuring an intuitive interface that simplifies the trading process. Whether you’re a beginner or an experienced trader, the platform’s easy-to-navigate design ensures a smooth trading experience. The BTCC mobile app is available for both Android and iOS, allowing for flexible trading on the go.
Security
Security is a top priority for BTCC. With over 12 years of operation without major security breaches, the platform employs stringent measures such as two-factor authentication (2FA) and a thorough verification process.
Additional Features
- Tokenized futures: BTCC not only supports crypto trading but also allows users to trade stocks and commodities futures using USDT, offering a comprehensive trading ecosystem.
- Educational resources: The platform provides a range of educational materials and market updates to help users stay informed and make better trading decisions.
- Customer support: BTCC offers robust customer support via email, submission forms, and an extensive FAQ section, ensuring that users can get help whenever they need it.
Pros:
- Low fees: Competitive transaction fees at 0.06% for both makers and takers.
- High leverage: Up to 150x leverage for daily futures and 225x for perpetual futures.
- Regulatory compliance: Licensed in the US, Canada, and several European countries.
- User-friendly interface: Intuitive design suitable for both beginners and advanced users.
- Security: Strong security measures with no major breaches reported.
- Wide range of trading options: Supports major cryptocurrencies and tokenized futures.
- Generous promotions: Attractive crypto sign up bonus for new users and ongoing promotions.
Cons:
- Limited cryptocurrency selection: Supports a selective list of major cryptocurrencies.
- Higher withdrawal fees: Withdrawal fees can be higher compared to some competitors.
- Fiat support limited to USD: Only supports USD for fiat transactions.
- Complex fee structure for withdrawals: Fees vary depending on transaction type and asset
5. PrimeXBT Review
Looking for a top-notch crypto exchange that won’t break the bank? PrimeXBT has you covered. As one of the cheapest crypto exchanges with low fees, PrimeXBT offers a range of features that appeal to both new and seasoned traders.
Since its launch in 2019, this platform has gained popularity for its high leverage options, minimal trading fees, and innovative social trading capabilities. Whether you’re into trading major cryptocurrencies, forex, commodities, or stock indices, PrimeXBT delivers a versatile and cost-effective experience.
Why PrimeXBT stands out
PrimeXBT is a powerhouse margin trading platform, letting you leverage up to 100x on various asset classes, including cryptocurrencies. With its offices based in St. Vincent, Grenadines, and Seychelles, it serves traders from over 150 countries. One of its standout features is the liquidity it aggregates from over 12 providers, ensuring you get competitive pricing and deep market access.
Key features
- Advanced trading tools: PrimeXBT comes loaded with advanced charting tools, technical indicators, and customizable workspaces. These features enable traders to conduct detailed market analysis and execute trades with precision.
- High leverage: Access up to 100x leverage on your crypto trades, allowing you to significantly amplify your market exposure and potential profits (or losses). This is perfect for those looking to maximize their trading capital.
- Low fees: With a trading fee of just 0.05% for crypto trades, no deposit fees, and minimal withdrawal fees, PrimeXBT is an economical choice for active traders.
- Social trading: The Covesting module lets you copy the trades of successful strategy managers. This feature is fantastic for beginners who want to learn from and profit alongside experienced traders.
- Mobile app: PrimeXBT’s mobile apps for iOS and Android give you full access to the platform’s features, so you can manage your account and execute trades on the go.
Security and regulation
Even though PrimeXBT isn’t regulated by any financial authority, it uses top-notch security measures to protect your funds and data. These include cold storage for most assets, two-factor authentication (2FA), and SSL encryption. While the lack of regulation might be a concern for some, PrimeXBT has built a solid reputation for security over the years.
Deposits and withdrawals
You can deposit using BTC, ETH, USDT, USDC, and COV. PrimeXBT accepts direct crypto transfers and also offers options to purchase crypto via third-party services like Changelly and Paxful. Withdrawals come with a small fee and are processed once per day.
Customer Support
PrimeXBT provides round-the-clock customer support through live chat and a comprehensive help center. The support team is quick to respond and knowledgeable, ensuring that traders get the help they need promptly.
Pros:
- Offers leveraged trading up to 100x on crypto and 1,000x on forex
- Low trading fees compared to similar platforms
- No KYC requirements and quick account setup
- Advanced charting tools and technical analysis
- Aggregates liquidity from 12+ different sources
- Social trading features through the Covesting module
- Mobile apps for trading on the go
Cons:
- Not regulated by any financial authority
- No phone support and limited payment methods
- Limited cryptocurrency pairs available
- No direct fiat deposits or withdrawals
How to pick the right exchange
So, you’re ready to dive into the world of crypto trading, but you want to make sure you’re not losing your hard-earned gains to hefty fees. Smart move! Picking the right low-fee exchange is crucial for maximizing your profits. But with so many options out there, how do you choose? Don’t worry, I’ve got you covered.
Here’s a handy guide to help you pick the perfect low-fee exchange that suits your trading style and needs.
Understand the different types of fees
First things first, let’s break down the different types of fees you’ll encounter on crypto exchanges. This will help you compare and choose the best one for your needs:
- Trading fees: These are the fees you pay for buying or selling crypto. They can be a flat rate or a percentage of the transaction amount. Look for exchanges that offer low trading fees, especially if you plan to trade frequently.
- Deposit fees: Some exchanges charge fees when you deposit funds into your account. Many crypto exchanges, however, offer free deposits, especially for cryptocurrencies.
- Withdrawal fees: These are the fees for transferring your crypto out of the exchange. They vary widely, so check the fees for the specific coins you plan to withdraw.
- Overnight financing fees: If you’re into margin trading, keep an eye on these fees. They’re charged for holding leveraged positions overnight.
Compare fee structures
Not all fee structures are created equal. Some exchanges offer tiered fee structures, meaning the more you trade, the lower your fees. Others might have flat rates regardless of your trading volume. Here’s what to look for:
- Tiered fee structures: Ideal for high-volume traders. As you trade more, your fees decrease.
- Flat rate fees: Great for casual traders who don’t trade large volumes.
- Maker-taker fees: Some exchanges differentiate between “makers” (who provide liquidity) and “takers” (who take liquidity). Makers often enjoy lower fees.
Take your time to compare options and consider your trading habits. With the right exchange, you can trade confidently, knowing you’re keeping more of your profits in your pocket.
Tips for minimizing fees
Trading crypto can be thrilling and profitable, but those pesky fees can quickly add up and eat into your gains. Don’t let high fees put a damper on your trading success.
Here are some top tips to help you minimize fees when investing, buying, trading, and withdrawing crypto.
- Choose low-fee exchanges
First things first, pick an exchange known for its low fees. This might seem obvious, but it’s crucial. Look for exchanges with competitive trading fees, no deposit fees, and low withdrawal fees. Some popular low-fee exchanges include BYDFi, PrimeXBT, and Phemex.
- Use limit orders instead of market orders
When placing trades, go for limit orders instead of market orders. Limit orders let you set the price at which you want to buy or sell, helping you avoid the higher fees that come with market orders. Many exchanges charge lower fees for limit orders because they add liquidity to the market.
- Take advantage of fee discounts
Some exchanges offer discounts on trading fees if you use their native tokens. For example, Binance gives reduced fees when you use Binance Coin (BNB) to pay for trading fees. Check if your exchange has a similar program and make the most of it to save on fees.
- Trade during off-peak hours
Crypto markets can be super volatile, with trading volumes spiking at certain times of the day. By trading during off-peak hours, you might benefit from lower spreads and reduced fees. Keep an eye on market activity and try to execute your trades when the market is less busy.
- Consolidate your trades
Instead of making multiple small trades, try to consolidate them into larger ones. Many exchanges have a tiered fee structure where fees decrease as trading volume increases. By trading larger amounts less frequently, you can qualify for lower fee tiers and save money in the long run.
- Avoid frequent trading
Day trading can be profitable, but the fees can quickly add up. If you’re not careful, you might end up paying more in fees than you’re making in profits. Consider a more long-term approach, such as holding your assets for longer periods, to reduce the frequency of your trades and the associated fees.
- Use fee-free deposit methods
When funding your account, choose deposit methods that don’t incur fees. Many exchanges offer free crypto deposits, while fiat deposits via bank transfers might come with fees. Avoid using credit cards for deposits, as they often have higher fees compared to other methods.
- Optimize withdrawal timing
Plan your withdrawals strategically to minimize fees. Some exchanges process withdrawals once per day, while others offer instant withdrawals with higher fees. If you’re not in a hurry, go for standard withdrawal processing times to save on fees.
- Keep an eye on withdrawal fees
Before withdrawing your crypto, check the withdrawal fees for the specific coin you want to transfer. Fees can vary significantly between different cryptocurrencies. For example, Bitcoin withdrawals might be more expensive than Litecoin or Ethereum. Choose the coin with the lowest withdrawal fee to move your funds.
- Use external wallets
If you frequently move your funds between exchanges or wallets, consider using a hardware wallet for long-term storage. This can help you avoid multiple withdrawal fees. Transfer your assets to your hardware wallet and only move them back to an exchange when you’re ready to trade.
By following these tips, you can significantly reduce your trading fees and keep more of your profits. Choosing the right exchange, using limit orders, taking advantage of fee discounts, and consolidating your trades are just a few strategies to help you save.
How we selected the cheapest crypto exchanges
Wondering how we picked the best low-fee exchanges? Let me break it down for you. Our process is all about digging deep and getting hands-on with each platform to ensure we’re giving you the most reliable recommendations. Here’s how we do it:
- Comprehensive fee analysis: We start by breaking down the fee structures of each exchange. This includes trading fees, deposit costs, and withdrawal charges. We look for exchanges that consistently offer the lowest rates across the board.
- Hands-on testing: Our team creates accounts and places trades on each platform. We test the ease of use, speed of transactions, and overall user experience. This hands-on approach helps us understand what it’s really like to trade on these exchanges.
- Security check: Security is paramount. We review the security measures of each exchange, including cold storage, two-factor authentication (2FA), and SSL encryption. We only recommend exchanges that take the safety of your funds seriously.
- Customer support evaluation: Good customer support can make a world of difference. We test the responsiveness and helpfulness of each exchange’s support team, including live chat and email options.
- Feature review: Beyond fees, we look at what else each exchange offers. This includes leverage options, mobile apps, staking, and any unique features like social trading. These extras can enhance your trading experience.
- User feedback and reputation: We scour reviews and feedback from real users. This helps us gauge the overall reputation of each exchange and spot any recurring issues or red flags.
By thoroughly reviewing and comparing all these factors, we bring you the most comprehensive and reliable list of the cheapest crypto exchanges with lowest fees. Trust us, we’ve done the homework so you don’t have to.
Conclusion
Ready to supercharge your crypto trading and keep more of your hard-earned profits? If hefty fees have been eating into your gains, you’re not alone. But here’s the good news: you don’t have to settle for high costs. Our deep dive into the top 5 most affordable crypto exchanges with the lowest fees is your ticket to smarter, more profitable trading.
From BYDFi’s intuitive interface and extensive support for cryptocurrencies to PrimeXBT’s high leverage options and social trading features, each of these platforms brings something unique to the table. MEXC stands out with its zero percent maker fees, Phemex impresses with its premium member benefits and leveraged trading, and BTCC delivers with its robust regulatory compliance and competitive fee structure.
Remember, choosing the right exchange is about more than just low fees. It’s about finding a platform that aligns with your trading style, offers robust security, and provides a seamless user experience. By following our tips for minimizing fees and understanding how we selected these top exchanges, you can trade with confidence, knowing you’re keeping more of your profits in your pocket.