Crypto Exchanges
By TABUL8TOR
Cryptocurrency exchanges are platforms where you can buy, sell or exchange cryptocurrencies for other digital currency or fiat currencies (e.g. USD, EUR, SGD).
There are 2 main types of cryptocurrency exchanges:
When deciding which exchange to use for trades, fees are a key consideration. Here’s an explanation of the usual fees to look out for.
Some platforms charge fees upon the deposit/withdrawal of funds/crypto from the platform.
Every time you send cryptocurrency from one wallet to another, you incur a network transaction fee. This is the fee that is paid to confirm your transaction on the blockchain.
The actual amount of fees vary depending on the cryptocurrency (Bitcoin, Ether, or Litecoin etc), the network capacity, and the market demand (i.e. how many transactions are looking to get confirmed at this point in time).
Here’s a snapshot of the fees charged by the fiat-to-crypto and crypto-only exchanges featured above. Crypto-only exchanges generally have more competitive trading fees than fiat-to-crypto exchanges.