Cryptocurrency traders are constantly looking out for more secure exchanges with better rates. Reason being lower fees equals higher profits. It makes sense that if you pay less in fees, you get to keep more of the profits that you made. In other words, paying less in fees, maximizes your crypto trading profits. We take a look at how much cryptocurrency exchanges are charging.
How much cryptocurrency exchanges are charging
Luno is a very popular cryptocurrency exchange for South Africans since it supports the ZAR. One can easily deposit ZAR from a South African bank account into your Luno account and buy cryptos and also cash out into your South African bank account. The exchange has offices in London, Singapore, and Cape Town. Investors can buy and sell Bitcoin and Ethereum on Luno’s secure platform.
Herewith a breakdown of some of Luno’s fees
Taker: 0.2 – 1%
|Fiat Deposits||R20 + 5%|
For more on Luno’s fees and services, click here.
AltcoinTrader is a South African cryptocurrency exchange where South Africans can buy and sell a variety of cryptos with ZAR. AltcoinTrader has taken customer service and security to the next level by implementing the Know Your Customer (KYC) policy. This entails record-keeping of customer trading information such as customer identity and supporting documentation for a minimum prescribed period. The KYC policy complies with the Anti Money Laundering Act (AML). One can trade with the following trading pairs on AltcoinTrader: BTC/ZAR, LTC/ZAR, ETH/ZAR, BCC/ZAR, XPR/ZAR, NMC/ZAR, DASH/ZAR, and ZEC/ZAR.
|0.8% of trade value|
|Withdrawal Fee||· 0.5% Maximum of R250.00 when withdrawing ZAR
· 0.0005 BTC when withdrawing BTC
|Fiat Deposits||· 0.5% Maximum of R250.00
· There are no deposit fees when depositing cryptocurrencies
For more on AltcoinTrader’s fees and services, click here.
Get a discount on your trading fees on AltcoinTrader now! All you have to do is email email@example.com and quote “Bitmart Discount Fees”.
Binance was started in 2017 and is regarded as the world’s most trusted cryptocurrency exchange and the most popular. To date Binance moved from China to Malta, added a range of educational resources to the site, started charity programs, embraced the stablecoin frenzy, opened a branch in Uganda and started a fiat currency deposit trail in Singapore, to name but a few. Binance future plans include launching a decentralized exchange counterpart and its own blockchain using the Binance Coin (BNB). At the moment, one can only deposit and withdraw cryptos from Binance. Recently, Binance announced traders could now buy cryptos (BTC, ETH, LTC, and XRP) with their credit cards.
You can save on trading fees etc by paying with BNB.
|Withdrawal Fee||Withdrawal fees vary depending on the crypto you wish to withdraw. In general, withdrawal fees are less than $1|
For more on Binance’s services and rates, click here.
Bittrex is considered a global leader in the revolution of blockchain. The company is based in Seattle and was started back in February 2014. Bittrex is based in the U.S. but is a favorite amongst South African traders. The exchanged scored a B in the Mozilla Observatory test. The score is seen as extremely impressive and means that Bittrex is a top crypto exchange. At the moment, one can only deposit and withdraw cryptos from Bittrex. However, in the near future, Bittrex will enable corporate clients to deposit fiat.
|Taker fee 0.25%
Maker fee 0.25%
|Withdrawal Fee||0.0005 BTC when you withdraw BTC|
For more on Bittrex’s services and rates, click here.
In conclusion, whilst shopping around for the best exchange to trade on, check out the Bitmart Trading Signal Subscription service. Click here. Get quality cryptocurrency signals and regular market updates.
Read Bitmart’s blog “Bitmart opens first trading floor in SA”.