Crypto Exchanges with Great Trading Fee Structures to Consider in 2024

In the fast-paced, rapidly evolving universe of cryptocurrencies, most savvy traders have become aware of the fact that their long-term success doesn't just depend on picking the right digital asset but also on navigating the often-overlooked waters of 'trading fees.' These fees, while small individually, can accumulate rapidly, silently consuming a significant portion of one's hard-earned profits. 

In this article, we take a closer look at crypto exchanges known for their competitive trading fee structures. The focus will be to equip users with essential insights, helping them select the platforms where the cost of trading doesn't overshadow their financial achievements. So, without any further ado, let's get straight into it.

Multibank.io

As the digital arm of the esteemed MultiBank Group, Multibank.io has emerged as one of the most well-rounded crypto exchanges in the world in recent times. Founded in 2005, the MultiBank Group has established itself as a titan in the financial derivatives world, boasting a significant global presence with over 25 offices, serving more than a million active customers, and an impressive average daily trading volume of $12.1 billion. 

Moreover, Multibank.io and the MultiBank Group currently operate under the auspices of over 14 international licenses, including prominent regulatory bodies like ASIC, AUSTRAC, BAFIN, CIMA, ESCA, FSC, FMA, MAS, TFG, and VFSC.  

Narrowing in on Multibank.io's fee structure, the platform employs a maker-and-taker fee model, where makers, who add liquidity to the market, are incentivized with lower fees compared to takers, who take liquidity away. Starting with crypto pairs, maker fees begin at 0.15% and taker fees at 0.25% for volumes up to $10,000, scaling down to as low as 0.06% for makers and 0.10% for takers for volumes above $1,000,000. 

For fiat pairs, the fees start at 0.5% for both makers and takers for volumes up to $10,000, decreasing to 0.20% for volumes exceeding $1,000,000. Additionally, holding MBG tokens — the native cryptocurrency of the Multibank ecosystem — can provide a discount of up to 80% of these fees, significantly lowering costs for frequent traders while also incentivizing participation.

Uphold

Since its market debut nearly a decade ago, Uphold has carved a niche for itself in the financial services space, primarily as a versatile platform that can help clients facilitate the trading of a diverse range of assets, including traditional currencies, cryptocurrencies, and even precious metals. Over the years, Uphold has facilitated over US$4 billion in transactions, serving users across more than 184 countries. 

The platform's trading fees are dynamically structured, reflecting a blend of market factors, including asset type, trading venue costs, and processing expenses. Fees for trading stablecoins and major market FX are typically around 0.25%, whereas BTC and ETH attract fees between 1.4% and 1.6%. Altcoins and precious metals have slightly higher fees, ranging from 1.9% to 2.5%, based on 30 different trading venues at any given point. 

Lastly, it bears mentioning that Uphold levies certain deposit and withdrawal costs, influenced by a variety of elements, including the user's location and chosen payment methods.

Kraken

Kraken, a crypto exchange renowned for its educational resources and trading capabilities, currently facilitates the exchange of over 120 cryptocurrencies. With a user-friendly approach, Kraken enables purchases starting from as little as $10, making it accessible for newcomers to enter the world of cryptocurrency.

The platform's fee structure is designed to incentivize high-volume trading with a tiered schedule that reduces costs as trading volume increases over a 30-day rolling period. For transaction volumes ranging from $0 to $50,000, the fees are set at 0.16% for makers and 0.26% for takers. As the volume escalates, these fees diminish, reaching as low as 0% for makers and 0.10% for takers on transactions exceeding $10,000,000.

PrimeXBT

The fourth entry on our list is PrimeXBT, an exchange specializing in crypto margin trading. Established in 2018 and catering to a global clientele from over 150 countries, PrimeXBT provides traders with a broad spectrum of assets, including cryptocurrencies, forex, commodities, and indices. The platform boasts a robust daily trading volume surpassing $375 million and was even recognized with the ADVFN International Financial Awards' accolade for best Bitcoin Margin Trading back in 2020.

In terms of its fee structure, PrimeXBT levies a 0.05% trade fee on all cryptocurrency transactions while offering zero fees for forex, indices, and commodities-related trades. Clients using COV-denominated (the utility token for the platform's 'Covesting copy trading module) margin trading accounts can enjoy a min. 25% discount on trade fees, with the potential to reduce these fees by up to 50% based on the last 30-day turnover or through promotional codes. Additionally, overnight financing is applied to positions that roll over past midnight UTC, with specific charges varying by market. 

Binance

Binance is a leading cryptocurrency exchange renowned for its extensive range of crypto assets, advanced trading features, and competitive fee structure. Moreover, thanks to its low transaction fees, high liquidity, and user-friendly interface, the platform serves a global audience, providing a secure and efficient trading environment that caters to both novice and experienced traders.

On a more technical note, Binance offers a tiered trading fee structure based on a 30-day trade volume or 24-hour Binance Coin (BNB) balance, with fees starting from 0.1% for both makers and takers. These fees can be further reduced by using BNB — the native token of the Binance ecosystem — to pay for trading fees, providing a significant discount.