Average Crypto Trading Fees 2020 – Cryptowisser Finds Industry Leaders Still Have Higher Fees – Press release Bitcoin News

0
58

PRESS RELEASE. Crypto knowledgewho operates the world’s largest crypto exchange listhas published the second part of its quarterly empirical report on trading fees on cryptocurrency exchanges. The fourth quarter of 2020 report analyzes 350 different exchanges and is the largest of its kind, which gives an insight into the development of trading fees.

According to the previous edition of Cryptowisser from Q3 2020, fees should be trending down, falling an impressive 17% over the past three years. However, given the recent surge in cryptocurrency, some exchanges appear to have had enough demand to actually increase their trading fees (if only marginally). For example, it is reported that the average spot trading taker and maker fees both increased by (0.004%) and the average trading fees for contracts also increased by 0.0007%.

Average BTC withdrawal fees

Cryptowisser was also able to pull in fixed BTC withdrawal fees from 324 of its publicly traded exchanges and reported an average withdrawal fee of 0.000643. The report also shows the range with 16 exchanges 0 Withdrawal fees up to an exchange reporting a withdrawal fee of 0.005 BTC ($ 218 on today’s market!). While many exchanges don’t charge any fees at all, you still end up paying network fees to the miners. These “network” fees are also included in the Cryptowissers database.

Crypto Exchange Giants Still Using Their Position of Power?

In the first study, Cryptowisser highlighted some of the higher fees prevalent among big industry players. The report shows that some big industry players are in line with industry averages – Binance and Poloniex, for example, show customer focus and competitive pricing. However, many other reputable big brand competitors seem to be using their brand awareness to their advantage. For example, Coinbase Pro charges both buyers and manufacturers 0.50%, which puts their buyer fees 135% (130.41% in the fourth quarter) above the industry average. Kraken and BitZ have also imposed heavy fees, the report shows

Consumer friendliness compared to the free market

With the financial freedom that cryptocurrency offers, a spectrum of fees and methods can be expected. While the report shows higher fees with the more recognizable company names, the report also shows hundreds of other exchanges showing up in the ranks. With higher fees from the titans, the market opens up for the smaller exchanges to thrive and gives the cryptocurrency landscape a healthy future.

What does the report show for the future?

While the Q3 report predicted an overall decline in trading fees, the biggest surge in cryptocurrency showed that anything can happen in a bull run. Fees increased slightly, but fees are expected to continue to decrease over a sufficiently long period of time.

With some of the leading exchanges that charge trading fees well above the industry average, traders will find that it is fairly straightforward to switch between trading platforms once the market becomes more mature and transparent. As a result, exchanges need to improve their fee offerings to retain existing customers and attract new customers. If not, it is reasonable to believe that they will lose both existing and new customers to other alternatives such as decentralized exchanges or more customer-centric central exchanges.

About Cryptowisser

Cryptowisser is a comparison site for cryptocurrency services with the world’s largest, most updated, and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your buying decisions and service decisions in the crypto world.

Media contact: [email protected]

This is a press release. Readers should conduct their own due diligence before taking any action related to the advertised company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of, or reliance on, any content, goods or services mentioned in the press release.

Photo credit: Shutterstock, Pixabay, Wiki Commons