The Cost of Buying Cryptocurrency: Know Your Exchange

the cost of buying cryptocurrency

The Bitcoin craze is in full swing. With bitcoin prices reaching new highs, people are looking to buy Bitcoin and other cryptocurrencies on exchanges. People are also wondering what Bitcoin and its main objectives are. For instance, it’s not just about the price of bitcoin, but each exchange charges a fee for trading on their platform. Maker orders add liquidity through limit orders and Taker trades remove it through market transactions- these fees can cost buyers or sellers depending on how you want to trade!

In this blog post, we will discuss how much it costs to purchase Bitcoin at different exchanges so you know which one to use when investing in bitcoin or other cryptocurrencies.

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Things to know when trading on cryptocurrency exchanges

  • Cryptocurrency exchanges are risky and unregulated.
  • Cryptocurrencies trade 24/7, all over the world in a constantly changing marketplace 
  • New currencies are being created on an hourly basis just to keep up with demand for cryptocurrency trading platforms that offer this type of market opportunity-which has seen its value skyrocket from nearly nothing when it was first introduced 6 years ago!
  • Exchanges aren’t overseen by any country or governing body so each one operates differently depending upon where they’re located within your region (some operate only virtual)
  • Cryptocurrency exchanges are designed to encourage frequent trading in large transaction amounts worth thousands of dollars. fees often decrease with an increase, and as such small orders can be costly at these platforms. For example, some exchange charges no fee if you make a trade that is over $10 million dollars!
  • The best thing about trading with coins is that they don’t charge any fees. This means you save money in comparison to exchanging fiat currencies, which can incur hefty deposits and withdrawals at exchange sites depending on what payment method we use for our trades!
  • Crypto traders have a lot of options for moving funds between wallets and funding their trading accounts, but not all cryptocurrency exchanges offer access to coins. However, in many cases, traders can transfer fiat currency or cryptocurrencies into another wallet before placing an order with the exchange’s platform.

Here’s a quick rundown of current bitcoin trading costs at the most popular exchanges. This comparison does not include margin and leverage expenses.

HCoin

HCoin has an intuitive fee schedule. The base currency and volume depend on what you’re trading, but there is no description of the cost for funding your account through the transfer of digital assets from another wallet or if transaction fees change depending upon each trade’s size

The information provided by this website makes it easy to understand how much money will be spent when using their service.

Coinsbit

Coinbit is an excellent trading platform. The flat 0.2% fee will save you money in the long run, while their variable fees make sure that your funds are protected no matter what happens on the market or with other players around them–especially because some coins have free deposits but high withdrawal minimums!

BitForex

BitForex is a cryptocurrency exchange with spot and perpetual trading fees of 0.1% for makers, and takers respectively. Discounted rates are available on specialized market maker accounts that may deposit funds without incurring any charges; however, withdrawals will vary depending upon the currency involved as well as minimum withdrawal limits per 24-hour period set by brokerages who provide this service.

LBank

In an effort to keep costs low for their customers, LBank charges a taker fee of only 0.2% while providing makers with up to -0.05%. This means that if you are depositing funds into your account then it will be categorized as making trades and earning some extra cash in return!

The LBank does not have a maximum withdrawal limit over a 24-hour period.

P2PB2B

While P2PB2B has a flat 0. 2% trading fee, they also charge an additional 4%-5%, depending on how much you deposit in USDs for your account balance to stay consistent with their pricing structures–minimum deposits are set at either $5 or 10 respectively. Withdrawal fees vary from token-to-token but can be as low as 1%) if withdrawal amounts don’t meet this minimum requirement.

To conclude with

Cryptocurrency trading is a complicated and confusing process. There are dozens of online exchanges that you can trade on, but they all charge different fees which include commission costs as well as bid-ask spreads!

By Safar Ali

Safar Ali is an Entrepreneur, Marketer, and writer. He has been writing for more than three years. And his pieces have appeared on some of the high-authority sites, including HubSpot, Mashable, Business.com, Business Insider, TechCrunch, Makeuseof, CNET, and many more.

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