The use of Bitcoin transaction fee in the cryptocurrency exchange for the bitcoin traders is a must. As without it, they will not be able to trade. But these exchanges charge some amount of transaction fees, especially on the bitcoin. So what are the Bitcoin transaction fees you can expect from the exchange?
What is the transaction fee?
When you trade the bitcoin you prefer to do it on the exchange. The reason behind it is – it is considered to be safe, fast and easy. But for these facilities, you have to pay. This payment you are paying for the transaction is called the transaction fee.
This fee is different on different exchange for a different amount of bitcoin. So you should try to give the minimum amount by collecting the information about these exchanges.
Factors affecting bitcoin transaction fee
There are some factors which can affect the price of the fees you have to pay. These are as follows:
- The speed of the transaction you want to be confirmed.
- Security features provided by the exchange.
- The current value of the bitcoin and the transaction density.
- There are some exchanges where you will find the bitcoin transaction fee very less this is because of the low verification.
- Support feature – there are instances where you will need help from the support service. This can be the reason for an increase in the transaction fee of the bitcoin.
Exchanges Bitcoin transaction fee
The charges you will be paying for the transaction of the bitcoin can be different. So here are some of the popular websites and their charges which can give an overview of the exchanges:
Deposit – There is no fee for the deposit fee in the binance for the users.
Trading Fees – If you are using the BNB (Binance Coin) then there will be a discount on the transaction fee but when you are not then you have to pay 0.1%. So it will be better for you to pay the fee in BNB and get the benefit of the discount.
Withdrawal Fees – It is dynamic on the binance and is adjusted according to the market value.
Trade – Here the trading fee is high in comparison to the binance that is 0.25%. If that transaction is canceled somehow, then you will be able to get the refund immediately after the cancellation of the order.
Deposit and withdrawal – Best part of the bittrex is it does not charge any transaction fee on the deposit or withdrawal of the bitcoin or any other digital currency.
Trade – the fee structure of the coinbase is quite high in comparison to the above-mentioned platform. Here you will be charged 1.49% of the transaction fee. If you are buying the coin then 1.49% will be added to the bill whereas while selling it will be deducted from the amount you have sold.
On the localbitcoin, you can trade the bitcoin easily with the people nearby you. There is no fee for the registration, buying, and selling of the bitcoin. But for that user has to create the advertisement for which he or she will be charged 1% fee for the complete trade.
When you are depositing the bitcoin in the Gemini account then there is no need for you to pay any charge.
Withdraw – If the cost of the bitcoin is less than or equal to the 10 bitcoin per calendar month then there will be no transaction fee. But when this cost goes higher than this it will cost you 0.002 BTC.
Transaction Fee – It can vary according to the amount of currency you are trading. When you are trading less than or equal to $10 you have to pay $0.99 when greater than $10 but less than or equal to $25 then you have to pay $1.49 and so on. But when this value increases than $200 there will be a 1.49% of the order you have placed will be charged.
So these are the major cryptocurrency exchanges which are being used for the trade of the bitcoin and other major currency. While trading on them you have to pay the Bitcoin transaction fee which is mentioned above. So decide according to the requirements of yours as there will be a requirement of various features also. The better way to decide the exchange is not on the basis of transaction fee but also on the features it provides.