Crypto Exchange fees : quick comparison

06.04.2021 EDIT : Updated crypto deposit + added Bitstamp Exchange
Hello,

I’ve been comparing the fees on some exchanges, I figured I post it here, it’s nothing crazy, but it might be useful to someone.

Just a few note

  1. I always took the worse taker/maker fees which correspond to the lowest trading volume
  2. For the others fees, when several options where available for the same coin, I choose the cheapest.

Bitpanda supports CHF, however I did not find the fees for fiat deposit and withdrawals. I wrote to the support and will update when I have an answer.

To the people using Kraken, could you confirm that the deposit fee in CHF is only 0.75.-. The 3.75% from what I have understood for the website is if you use instant buy (kind of similar of coinbase non pro).

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Great comparison, thank you for the work you put in here.
With Binance the FIAT fees for withdraw is not free, but with SEPA (0,80 EUR) negligible :slight_smile:

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Great comparison. Thank you for your work!

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A small correction. The trading fee on Binance with BNB is 0.075%. And it’s getting cheaper, when you trade bigger.

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I assume it is a fee collected by the intermediaries and not Biannce. Since I checked on their fees schedule and EUR deposit is marked as free : Fee Schedule

I updated the the document. Thanks.

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Forgot one zero, my bad, thanks for noticing. I updated the document. For trading fees I always took the highest one which correspond to the lowest trading volume, but indeed you might have lower ones if you trade more.

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Nice work !

In general, the table would gain from being a bit more uniform. For example, the first column should read “Free” for Binance but it goes into the details for each crypto. Alternatively, it should detail for bitfinex.

Concerning Kraken, the Ethereum deposit is free, unless you count the transaction fee which happens in any case. I confirm that the deposit in CHF is 0.75.

A word of caution to the readers:
This is a comparison of fees. These exchanges are not comparable in terms of respectability, trust and track records.

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From your point of view: which platform do you prefer? I agree that there are big differences in terms of trust and track records.

To add my 2 cents to the topic: Kraken was one of the first exchanges I used, and so far I didn’t have issues in terms of trustability. BUT: if there is high demand (e.g. BTC price surged), you can’t reach their website. Or, you can reach the login page, but then you can’t log in. Happened to me several times with Kraken. Also sending out mails seems to be a big problem for them. It sometime took more than 2h to receive the mail, and it wasn’t because of my mail provider. It was because of a sh***y Kraken infrastructure.

Binance is more reliable from my point of view, but I also had one occasion where I couldn’t log in.

I haven’t seen a reliable exchange so far which I would really trust.

Additionally, they had recently some mega wicks. I have some small size buy orders set at 50% of the price (not one fulfilled yet, but you never know).

I personally use Kraken or Bitstamp (which would probably deserve a row in your table). Kraken has been around for close to 10 years without a recorded hack, which is quite amazing. Bitstamp fell victim 5 years ago but reacted swiftly and the losses were small and handled professionally. Kraken is set in the US, it is a regulated exchange and a bank (I let people judge whether it is a pro or a cons).

My gut feeling concerning Binance is not 100% positive. They keep moving from one country to another. Bitfinex makes me uncomfortable. They are not transparent with regards to Tether.

Last but not least, I use Bitcoin Suisse for staking ETH. At least they are in Switzerland but they are pretty new and thus I cannot say much about how trustable they are. You could also add them to the table.

I would personally keep this table as a pure quantitative comparison as you started it.
Thank you for your work and sharing it.

PS: I don’t day-trade and thus was never in the situation where I cannot reach Kraken. I always got their emails swiftly.

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@Dago explained it really well here and I do agree with that.

It really depends on your needs. Do you want to trade regulary? Only major cryptos or also most different alts? Or mostly HODL or even have the possibility for staking?

For active trading lot of coins, Binance and Kraken fulfill this purpose. If you only HODL major coins, I would chose Swissquote, because it is a bank in Switzerland with licence and everything. Swissborg or Bitcoin Suisse are both fresh on the market, so not a really long track record.

For me, once we turn into a bear market, I will transfer most of my coins from the exchange to my wallet, just to a) push to trade less and b) minimize the risk that Binance would be hacked.

With Binance I like that you have this 3x security walls (Email, SMS, 2FA) and really low trading fees of 0,1%. FIAT money transfer to my bank literally is done withing a few hours - made the transfer at midnight and received an email at 8am from Swissquote that the money arrived.

I don’t agree with this statement. If Kraken is not reachable, I can’t trade. Also, sometimes you can log on, but it doesn’t show you any account information. Plus, I had several occassions where orders were not sent (even though that was in 2018 - so it might have gotten better in the meantime).

Still, so far I haven’t seen any good crypto exchange which is stable also during high market volatility (my personal experience).

I don’t know how many coins (= equivalent FIAT money) you are holding on Binance, but I would STRONGLY recommend to only leave a little bit of your total crypto assets on exchanges. There is a long list of hacks for different (see here), and I would not leave to much money on an exchange. The security walls don’t help you if it’s an insider job or hackers find different ways of getting access.

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Yes, I updated it to be more consistent. I initially did not make this document thinking it would be shared. That’s why it was a bit raw. I also added Bitstamp.

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Honestly for trading I really like Binance. I think it is reliable and safe. They got hacked for sure, but they also refunded everything and as stated you should not keep important amounts on an exchange. What is the amount you guys feel comfortable leaving on the exchange ?

To me the only downside of Binance is is does not support CHF. You have to convert in EUR which is not that bad, but when it comes to withdrawing, I’d rather have it directly sent to my swiss bank than Revolut. In case I need more active trading, I am thinking about selling to a stable coin and then to Kraken for withdrawals in CHF.

Nice! I would only suggest to add Swissquote. Which has a general fee of 1% and decreases to 0.75% and 0.5% on higher amounts.
I have accounts in several of them, and Swissquote offers the benefit of cold storage and security for your crypto if you do not want to bother with hard wallets and the risk associated of seeds/passphrase etc. I personally use hard wallets, just to be clear. Swissquote uses cold storage but to my knowledge they can only be responsible of 100,000CHF if something happens… cold storage SQ sounds good, but you never know!


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