For every crypto trader, a key consideration is which platforms to use for trading. These platforms often differ in the services they offer. However, the most crucial factor influencing the final choice is the cost structure associated with trading on a particular centralized exchange.
This article examines the fee systems of five top cryptocurrency exchanges. The comparisons below will also help you determine if a specific platform aligns with your preferences, including support for deposits and withdrawals in FIAT currencies like PLN or EUR, which is important for many users.
We will analyze the following platforms: Binance, Bybit, Kraken, Gate.io, and Bitget—exchanges that hold the highest ratings.
Quick Summary of the Most Affordable Exchanges
To save you time, here is a summary of the results broken down by specific use cases.
Where to Buy Bitcoin and Other Cryptos with FIAT (PLN/EUR) the Cheapest
If you've decided to buy cryptocurrencies but only have funds in your bank account and want a quick, seamless purchase, your best options are Binance, Bybit, or Gate.io. They offer payment gateways that allow you to buy crypto even with Polish Złoty (PLN) at a favorable rate and with a low commission.
The Most Affordable Exchange for HODLing Cryptocurrencies
In this case, we consider two types of costs: the cost of purchasing cryptocurrencies with FIAT and the cost of withdrawing them to an external wallet (safety first!). For this, we can recommend Bybit and Gate.io, which have low purchase costs and also offer fairly cheap cryptocurrency withdrawals. Binance is also a decent choice here. Remember that withdrawal fees are fixed, so if you plan to withdraw cryptocurrencies of higher value, even a cost of 0.00085 BTC won't be as daunting.
Where to Trade Cryptocurrencies (SPOT) the Cheapest
If you intend to trade on the SPOT market with various types of tokens, you should definitely look at Binance (0.08%), Bitget (0.09%), and Bybit (0.1%). They offer the lowest commissions (below 0.1%) for both Maker and Taker orders.
The Most Affordable Exchange for Futures Trading
If you plan to trade with leverage, our favorites in this comparison are Gate.io (0.0135% Maker and 0.045% Taker), Binance (0.018% Maker and 0.045% Taker), and Bitget (0.018% Maker and 0.054% Taker), with Gate.io standing out for having the lowest fees.
The Overall Most Affordable Cryptocurrency Exchange
If we were to choose the cheapest exchanges overall, our ranking would look like this:
- Binance (5/6)
- Bybit (4/6)
- Bitget (4/6)
This ranking is based on the frequency of each exchange appearing in the TOP 3 of the rankings in the further sections of this article.
Deposits – Cost Comparison and Available Options
It's important to remember that not all exchanges allow you to hold FIAT currencies on their platform. Therefore, the table below includes the cost of purchasing cryptocurrencies through the payment gateways built into the exchanges. Additionally, most exchanges only allow the use of FIAT gateways and general fcurrency support after completing identity verification.
Let's start with the world's largest exchange, Binance. The good news is that for deposits of Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, the exchange does not charge any additional fees. As you can see in the table above, this is standard on most crypto exchanges.
Another convenience is the ability to fund your account in your national currency, the Polish Złoty (PLN). This option is available through ZEN, for which a fee of 1% of the deposited amount is charged. The situation is analogous for euro deposits via ZEN. It's worth adding that you can purchase cryptocurrencies through Binance P2P, where the commission is lower (0.1%), and you can use payment methods like BLIK.
If you want to fund your account in EUR via Visa, the commission is 2%. An alternative is standard SEPA, where the cost is 1 EUR. If you deposit funds through SEPA via Open Banking, the fee ranges from 0.12% to 0.5 EUR.
For Bybit, the system for PLN deposits looks identical to Binance—a 1% cost for transfers through ZEN. If you want to deposit euros, there are many more paths. ZEN charges a 0.92% commission; SEPA is much cheaper (only 0.19%); a classic bank transfer is only 0.08%; and completely free deposits of the European currency are available for users of the Advcash wallet. A quick purchase of cryptocurrencies and a P2P exchange are also available here, where you can buy cryptocurrencies for złoty using, for example, a bank transfer, without commission.
Kraken also does not charge extra fees for depositing the two largest cryptocurrencies. Although you cannot transfer any PLN to this American exchange, deposits in EUR are available, and moreover, they are free!
Bitget's offer differs from Kraken's in that for funding our accounts in EUR using a SEPA transfer, a fee of 0.5% of the amount is charged. However, the exchange also offers RAMP payment gateways, where this commission is not charged at all. However, comparing the actual transaction result, the exchange rate is slightly worse than on other exchanges.
Gate.io performs quite well compared to the competition, mainly due to its own payment gateway, Gate Connect, where you can deposit funds by card or through Apple/Google Pay practically without commission. However, if you want to pay PLN by bank transfer, only the coinify gateway remains, where the exchange rate difference can reach 2-6%. This difference does not occur for EUR deposits. Without a doubt, Gate.io has one of the best offers in terms of available payment gateways, both in terms of costs and quantity.
Where Can I Buy Cryptocurrencies for PLN or EUR the Cheapest and Fastest?
Simulation of a quick USDT purchase for 1000 PLN (transaction as of January 25, 2024):
- Gate.io – 244.98 USDT (Credit Card – Quick Buy)
- Binance – 244.85 USDT (Blik – Express P2P)
- Bybit – 242.71 USDT (Bank Transfer – P2P)
- Bitget – 233.89 USDT (Credit Card – Quick Buy)
On Kraken, it is not possible to buy cryptocurrencies using PLN, even through quick card payments. Therefore, payment by card in EUR is necessary. Assuming that today 1 EUR can be bought for 4.39 zł, for 1000 PLN you would get 227.79 EUR. Consequently, for this amount, you can get 232.77 USDT.
As you can see, Gate.io, Binance, and Bybit perform best in terms of quick purchase, where the commissions are significantly lower than on Kraken or Bitget.
Withdrawals – Cost Comparison and Available Options
As is known, exchanges mainly sustain themselves through fees, hence the aforementioned landscape of a low cost threshold for entering such a platform with your capital cannot be maintained everywhere.
Exchanges want to keep as much capital as possible on their platforms, which affects the level of liquidity, daily trading volume, and the degree of trust from market participants. Therefore, every platform will want its clients not to withdraw their cryptocurrencies too often.
One way to discourage us from transferring our digital assets outside exchange wallets is through higher withdrawal fees. Let's look at the costs imposed by our "top five" exchanges for transfers outside their platforms.
Binance charges 0.00085 BTC for each withdrawal of this cryptocurrency made on its main network. If we do it via BEP2, the commission is 0.000003 BTC. For ether transfers outside this platform, we must reckon with a cost of 0.0032 ETH when using the ERC20 option, and choosing the BEP2 network variant, the commission is 0.000059 ETH.
Again, we have good news for enthusiasts of our Polish FIAT currency, as withdrawals in PLN are completely free! Similarly, when we want to transfer funds held in euro through ZEN, we do not incur additional costs. However, if we want to withdraw euro via SEPA, the system charges a 1 EUR commission. For the Open Banking option, it ranges from 0.12% to 0.5 EUR.
Note on ZEN: It's worth remembering that while Binance does not charge an additional commission here, ZEN may charge one, depending on the plan we have on that platform.
On Bybit, transferring bitcoin off the exchange can only be done via its main network and will cost around 0.0003 BTC. As for ether, when withdrawing via the ERC20 network, the commission is 0.0027 ETH, and the alternative in the form of Mantle is free! For FIAT, złoty withdrawals are free of additional charges, and euro can be transferred to our bank accounts in two variants. One is SEPA, and here the transfer cost is 1 euro (transfer takes 1 to 3 days), but ZEN also reigns here, which does not charge any fees and is much faster (a matter of hours).
Kraken, for bitcoin, charges 0.0004 BTC for a standard withdrawal, but there is no talk of additional costs if you do it through Bitcoin's layer 2 network, the Lightning Network. What costs do ether withdrawals generate? For a transfer via the ERC20 network, it is 0.003 ETH, but we also have the option of using the Polygon network, where we can save, as the commission is then 0.002 ETH. Transfers in EUR look like this: cost 1 EUR (SEPA) and 5 EUR (SWIFT).
Gate.io charges the following fees for withdrawals of the king of cryptocurrencies: 0.0005 BTC (BTC network), but a much cheaper solution would be a transfer via the BEP20 network, which will cost only 0.00002145 BTC. A definite plus for this platform is the wider range of available ether withdrawal options. A standard transfer via the ERC20 network is 0.00125 ETH. However, you will pay only 0.00022 ETH if you use alternatives such as Arbitrum Nova, Optimism, or Linea.
The topic of FIAT withdrawals is somewhat problematic in this case. Withdrawals are possible via the Banxa gateway, but the commission level changes from time to time. Currently (as of January 2024), this level is 3.99% with a minimum withdrawal of 30 EUR. In practice, you are not so much withdrawing FIAT from the exchange as you are selling cryptocurrencies held on the exchange through the Banxa gateway, incurring a hefty commission.
Bitget charges 0.0005 BTC for a classic bitcoin withdrawal, and the second option is BEP20, which only consumes 0.0000051 BTC. Ether can be withdrawn at a price of 0.002 ETH on the main Ethereum network. A much cheaper solution would be L2s, such as Arbitrum One or Optimism, for which you will pay only 0.0001 ETH. For FIAT withdrawals in EUR via SEPA, you will pay a commission of 0.5%.
Where Can We Withdraw BTC from an Exchange the Cheapest?
Via the BTC network:
- Bybit – 0.0003 BTC
- Kraken – 0.0004 BTC
- Gate.io / Bitget – 0.0005 BTC
- Binance – 0.00085 BTC
Using alternative networks:
- Kraken – 0 (LN Network)
- Binance – 0.000003 BTC (BEP2)
- Bitget – 0.0000051 BTC (BEP20)
- Gate.io – 0.00002145 BTC (BEP20)
- Bybit – 0.0003 BTC (BTC Network)
Where Can We Withdraw PLN or EUR from an Exchange the Cheapest?
We omit P2P payments here because, first, they require a bit more effort in placing orders and finding a buyer. Second, in practice, you are selling cryptocurrencies there and receiving a payment into your account, not withdrawing FIAT.
- Binance / Bybit – 0 PLN/EUR (ZEN)
- Kraken – 1 EUR (SEPA) / No PLN
- Bitget – 0.5% (SEPA)
- Gate.io – 3.99% (Banxa)
Spot and Futures Trading – Commissions on Exchanges
And finally, we come to the most important part of using cryptocurrency exchanges: trading our digital assets. Starting with good news: using a referral code can make your task easier, as you will receive an appropriate discount on trading fees!
Binance: For the spot market, both for the maker and taker sides, the commission is 0.1%. A discount using a referral code lowers the commission to 0.08%. For futures trading when placing offers (maker), it's 0.02% (0.018% with a referral discount), and the other side (taker) must bear a cost of 0.05% (0.045% with a referral discount).
Bybit, on the other hand, presents an identical offer for the spot market as Binance (0.1% Taker and Maker). For futures, the charged commission is 0.02% for the maker, and 0.055% for the taker.
Kraken is a slightly more expensive exchange regarding transaction fees. For the cash market, the imposed commissions are 0.16% for the maker, and the taker must reckon with an additional fee of 0.26%. The futures market looks like this: 0.02% for the maker, and a 0.05% commission from the taker.
Gate.io also has slightly higher commissions, but a referral discount is available. For spot transactions, the system is as follows: maker – 0.2% (0.18% with a discount), taker – 0.2% (0.18% with a discount). And in the case of the futures market: maker – 0.015% (0.0135% with a discount), taker – 0.05% (0.045% with a discount).
Bitget: for traders moving in the spot market, the situation is as follows: maker – 0.1% (0.09% with a discount), taker – 0.1% (0.09% with a discount). Regarding futures contracts: maker – 0.02% (0.018% with a discount), taker 0.06% (0.054% with a discount).
The Cheapest Exchange for SPOT Trading
Here, undoubtedly, the best offer, especially after including a 20% discount, is offered by the Binance exchange. Right behind on the podium are Bitget and Bybit.
- Binance – 0.08% Maker and Taker (with discount)
- Bitget – 0.09% Maker and Taker (with discount)
- Bybit – 0.1% Maker and Taker
- Gate.io – 0.18% Maker and Taker (with discount)
- Kraken – 0.16% Maker and 0.26% Taker
The Cheapest Exchange for Futures Trading
In the case of futures contracts, Gate.io comes to the forefront, followed closely by Binance and Bitget, all assuming that you use fee discounts.
- Gate.io – 0.0135% Maker and 0.045% Taker (with discount)
- Binance – 0.018% Maker and 0.045% Taker (with discount)
- Bitget – 0.018% Maker and 0.054% Taker (with discount)
- Kraken – 0.02% Maker and 0.05% Taker
- Bybit – 0.02% Maker and 0.055% Taker
Frequently Asked Questions
What is the cheapest way to buy Bitcoin with a credit card?
Based on our simulation for a 1000 PLN purchase, Gate.io and Binance offered the best rates for quick credit card or Blik purchases, yielding the highest amount of USDT for your local currency. It's always best to compare the final amount of crypto you receive, as rates and fees can vary.
Why are withdrawal fees for cryptocurrencies sometimes so high?
Withdrawal fees are often network transaction fees paid to miners or validators to process the transaction on the blockchain. Exchanges sometimes add a small premium. Using alternative networks (Layer 2s or other chains like BEP20) can significantly reduce these costs, as seen with Kraken's Lightning Network offering free BTC withdrawals.
Is it safe to keep my cryptocurrencies on an exchange to avoid withdrawal fees?
While convenient for trading, keeping large amounts of crypto on an exchange is generally not recommended for long-term storage ("HODLing") due to potential security risks like hacking. It's safer to withdraw to your own private wallet, even if it incurs a fee. 👉 Explore secure storage strategies
How do Maker and Taker fees work?
A Maker adds liquidity to the order book by placing an order that isn't immediately filled (e.g., a limit order to buy below the current price). They usually pay a lower fee. A Taker removes liquidity by placing an order that executes immediately against an existing order (e.g., a market order). They typically pay a slightly higher fee.
What's the difference between SPOT and Futures trading fees?
SPOT trading involves buying and selling the actual cryptocurrency asset. Futures trading involves contracts speculating on the future price of an asset, often using leverage. Futures markets can have different, sometimes lower, fee structures than SPOT markets to attract high-volume traders, as seen in the lower Maker fees for Futures on exchanges like Gate.io.
Can I avoid deposit fees entirely?
Yes, in many cases. Depositing cryptocurrencies (like BTC or ETH) from your own wallet to an exchange is usually free. Some exchanges, like Kraken, also offer free SEPA deposits for EUR. Using P2P platforms or specific payment methods (like Advcash on Bybit) can also result in zero deposit fees for FIAT. 👉 Get advanced deposit methods