Broadly speaking, altcoin exchanges charge three types of fees: deposit, trading, and withdrawal. It’s worth researching all three for each exchange platform. Some might offer low fees on deposits and trading but then charge you a high withdrawal fee. Here’s a look at each one.
Deposit fees vary depending on your payment method. It’s usually free to use a bank transfer to deposit money. Some altcoin exchanges accept credit or debit card payments, as well as PayPal and other methods. However these methods can cost as much as 5%. Credit card deposits may also incur additional fees from the card issuer.
It isn’t always easy to see exactly how much you’re paying in trading fees. Fees typically range from 0.1% to 0.5%, and sometimes more. Some exchanges promise zero-commission crypto trading, but hide the costs in poor exchange rates. You can often get discounts on the trading fee if you’re a high-volume trader or you use the platform’s native currency.
There’s usually a percentage fee to withdraw fiat currency (traditional money) to your bank account. The cost of crypto withdrawals depends on the cryptocurrency. For example, Ethereum withdrawals are often a lot more expensive than other blockchains. Some exchanges provide a limited number of free monthly withdrawals.
READ MORE: Best Places to Buy Ethereum
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