Crypto trading of digital assets is a popular activity and it usually attracts trading fees. Traders tend to opt for the cheapest crypto exchange in existence, as a way of breaking even and maximizing their profit. Cryptocurrency trading comes in different forms like margin trading, spot trading, futures trading, or traders that want to buy and sell digital assets when it is cheap and expensive respectively. Usually, astute crypto traders opt for decentralized exchanges that offer low fees for large trading volume, as a way of reducing their expenses.
There are a lot of things that institutional traders consider when researching the best cryptocurrency exchanges to use for their daily trading volumes such as security measures, the transaction fee, discount for large crypto trades, real-time market data, customer support, free withdrawal fees, and much more.
This article will analyze the best crypto exchanges in existence with a low trading fee.
What are the cheapest crypto exchanges?
We are currently the cheapest crypto exchange in existence with innovative crypto trading services and security measures installed to increase the satisfaction of both beginner traders and professional crypto traders.
Traders that are seeking a trading platform with low fees to buy and sell their digital assets can do that on Whalesheaven. On this digital asset exchange, traders do not pay any withdrawal fees, as withdrawing your cryptocurrency from our exchange, Whalesheaven to your hot wallet, web wallet, cold storage, mobile wallet and any type of wallet is free. We offer flexibility in our trading features, allowing crypto traders to buy and sell the way they want.
Whether they are retail investors or high volume traders, Whalesheaven allows them to and crypto purchases and sales in digital currencies of their choice. Decentralized exchanges like Whalesheaven are custody-free and allow the user to control the funds while they trade their cryptocurrency. It is unlike centralized exchanges that may be prone to attacks because they hold the funds of their users.
Centralized exchanges like Coinbase and Binance have been known to freeze the account of any user that they feel is suspicious, and in the end, the user may lose their funds. This is a big issue with custodial and centralized exchanges. The aforementioned problem is not available on Whalesheaven because it is non-custodial and decentralized.
The withdrawal limit is a restriction trading in many digital asset exchanges in existence. Traders are not allowed to withdraw above a benchmark or carry out trades that are higher than the daily trading volume. On our exchange, Whalesheaven, there is no withdrawal limit or fees. It offers flexibility that is not commonly available in trading platforms.
We designed the Whalesheaven exchange to be free from most types of volatility. For instance, traders can sell a large amount of their cryptocurrency on this centralized exchange without affecting the market price, allowing them to keep their interest not minding the direction of the market. Trade automation is an important feature of our exchange, as users can enable WH Cypher to automate their trading activities.
Our exchange functions without a compulsory KYC process, meaning that traders can enjoy the anonymity they crave within the trading platform.
One exchange that can be called the cheapest crypto exchange is Coinbase. It offers several cryptocurrencies to traders, with a transaction fee of 0.04% to 0.50% for taker orders and 0% to 0.50% for makers orders. As a centralized exchange, it holds the funds for users.
Its KYC process is quite stringent and must be followed before any trading activity is allowed. Sometimes, it rejects some forms of the identification process and may be discouraging to the average trader. Once this block is scaled, the user can buy and sell a myriad of cryptocurrencies.
The user interface is easy-to-use and simplified for both beginner traders and experts in the field. A snag to this exchange is that the user doesn’t control the private keys of the wallet.
Pionex is a centralized exchange with several trading, users can automate their trades. To access liquidity, the exchange aggregates liquidity from other exchanges. It also acts as a brokerage service for Binance.
As the cheapest crypto exchange, it both has trading and withdrawal fees. Before traders can carry out transactions, they have to pay a commission. Withdrawing cryptocurrency also attracts a fee.
Those that want to automate their trading activities like selling and buying cryptocurrencies can do so with the crypto trading bot. Trades are executed based on specific, pre-defined market conditions.
This is one of the largest centralized exchanges in existence, and it is designed to hold customers’ funds, unlike Whalesheaven. Identification verification is compulsory on the trading platform through its KYC Process. As a centralized and cheapest crypto exchange, Binance supports multiple currencies and trading options.
One of its security measures is the two-factor authentication that reduces the chance of an account being hacked. There are trading charts for those that want to analyze past trading history, as well as other tools. The transaction fees are between 0.015% to 0.1%. One issue linked to this exchange is that its features may not be easily understood by a new trader.
CashApp is a popular financial service in the United States, and it does not cater only to cryptocurrency transactions. A good aspect of this app is that it gives users flexible options to withdraw to different wallets. Its user interface is simple and may be the training wheels for new traders that want to understand simple crypto transactions like sending Bitcoin to other addresses.
The application may be innovative, but it has some restrictions. For instance, it is limited to only a few countries like the United States and the United Kingdom. Those that are outside these regions may not be able to use its services. Its list of allowed cryptocurrencies is limited and may not be efficient for advanced traders or retail traders that are seeking a wide range of digital assets.
This crypto exchange is headquartered in Canada, with a responsive support team. Before a trader can utilize the exchange’s features, they have to undergo a thorough KYC process, which involves an in-depth identity verification feature. Its identity verification process is state-of-the-art and capable of verifying if the information provided is genuine through data collection agencies. Some features are designed to cater to experienced traders. Users can seamlessly track their trading activities, and those that want to place orders can use the order book functionality.
This is the second decentralized exchange on this list and it has several crypto options available. The transaction fees are quite cheap and range from 0.05% to 0.70%. Bisq doesn’t have a Know Your Customer (KYC) requirement, allowing users to trade in anonymity. It has a mobile app that works on both iOS and Android devices. As a non-custodial exchange, only the user has access to the funds and the private keys, unlike centralized exchanges. Decentralized exchanges are free of the restrictive features seen on centralized trading platforms. It offers privacy to traders.
Another centralized exchange on this list is Gemini. It has been around since 2014, with a stringent KYC process that must be complied with before it can be used. It offers major cryptocurrencies such as Ethereum, Bitcoin Cash and Bitcoin. As a fiduciary, Gemini is registered with and insured by the Federal Deposit Insurance Corp
The security measures in this trading platform are top-notch, as Gemini undergoes regular security checks. Trading and withdrawal fees are charged based on the trading volume of the user. Those that regularly trade on the platform access discounted fees.
Paxful may have centralized crypto trading features, but it doesn’t offer a wide variety of crypto options for its users, not minding that it has been around since 2015. Its major focus is on Tether and BTC.
Paxful’s support team is responsive, solving the issues of merchants that use its services. One notable feature of this platform is that it makes it easy for merchants to accept BTC from their clients. It has an integration option for everyone. Those selling BTC have to pay a 1% fee, but buyers do not pay any fees to purchase crypto.
While using the trading platform, it is crucial that the traders be on alert, especially since some reviews may speak badly about it. Some users have claimed that were scammed by unscrupulous elements while utilizing the features on the exchange. This may not be a great platform for new traders that are yet to navigate through the crypto market.
With the aforementioned list, it is easy to choose the cheapest crypto exchange that will cater to your needs. It is crucial that the trader utilizes trading platforms with high security and allows them to hold their private keys. Another important feature that should be considered is the fee structure. It is necessary to check if the digital asset exchange has a withdrawal fee or not. The trading platform should also have a variety of cryptocurrencies.