Crypto fees, also known as transaction fees, are charges associated with buying, selling, or transferring cryptocurrencies. These fees can be paid to exchanges or to the network itself, depending on the type of transaction.
Understanding the Three Big Fee Categories
👉Exchange Fees:💱
These are fees charged by cryptocurrency exchanges for facilitating trades, deposits, and withdrawals.
🔸️Trading Fees
🔸️Order Fees/Transactions Fees
🔸️Spread(hidden fee)
👉Maintenance Fees⚒️
In addition, most exchanges charge fees when you transfer money. Either into, off-of, or even internally in their exchange. Here are a few of the main fees:
🔸️Deposit/Withdrawal Fees
🔸️Wallet/Transfer Fees
🔸️Staking Fees
👉Blockchain Fees⛓️
In addition to exchange fees, you generally incur fees whenever you transfer funds between wallets and that transaction is validated and recorded in the blockchain ledger (this is also called an on-chain transaction).
🔸️Ledger Transactions fees
🔸️Off-chain Fees
Don't let fees eat your gains! 🚫💰 Know where your money's going and make smarter moves! 💪🧠
What's your biggest fee horror story or money-saving hack? Share below! 👇💬
