#BigTechStablecoin
#CryptoFees101
#CryptoFees101 – A Quick Guide to Understanding Crypto Fees
💸 1. Fees are not just deductions!
In the crypto world, every transaction (buying, selling, transferring, withdrawing) has fees. But they vary based on the platform, network, and type of transaction.
🔁 2. Types of fees:
Trading Fees:
When you buy or sell a currency, the platform takes a small percentage (usually between 0.1% – 0.5%).
👥 Sometimes it varies between Maker (the one placing the order) and Taker (the one executing the order).
Gas Fees:
Used by networks like Ethereum to run transactions.
⛽ The price depends on network congestion. You might pay $1 or $50!
Withdrawal Fees:
When you withdraw your currency to an external wallet. Varies by network (TRC20 is often cheaper than ERC20).
Network Fees:
Like gas, but can sometimes appear in transfers from wallets like MetaMask.
🧠 3. Tips to reduce fees:
Use cheaper networks (like BNB Smart Chain or TRON).
Trade larger amounts to make the fees a smaller percentage.
Take advantage of platform discounts (like the discount if you pay fees using BNB on Binance).
🚨 4. Beware!
Some currencies automatically deduct fees when withdrawing or transferring (like Burn Fees), so don't be shocked if you receive a lower amount. $USDC
