Alright, sisters! It's time for the working folks to take a break! Today, let's talk about something heart-wrenching yet practical—revealing trading fees 💸 This is something we workers in the cryptocurrency field can't avoid on our 'brick-moving' journey (I exaggerated, but it really hurts!).
Every time I painstakingly calculate the timing, feeling like I'm about to take off, only to check the transaction record… Goodness, the fees directly gnaw away at my money for a meat bun! 🥹 This feeling is like ordering takeout with excitement, only to find the delivery fee is more expensive than the meal! Damn!
First, understand what these 'vampires' are?
Order fee (Maker Fee) / Taking fee (Taker Fee): This is the 'service fee' charged by the exchange.
Order fee (Maker): You're like a patient fisherman 🎣, placing buy and sell orders there waiting for others to 'bite' (for example, you set a buy order lower than the current market price or a sell order higher). Since you're providing 'liquidity' to the market (making buying and selling easier), the exchange gives you some discounts, and the fees are usually lower.
Order fee (Taker): You're an impatient eater 🍜, seeing ready orders in the market, you directly 'consume' and complete the transaction (for example, buying/selling at the current market price immediately). Because you 'consume' the liquidity provided by others, the exchange charges you a higher fee. Simple memory: placing an order = creating liquidity = discount price; taking an order = consuming liquidity = slightly more expensive.
Miner fees/Network fees (Gas Fee / Network Fee): This is not charged by the exchange but by the blockchain network (like Bitcoin, Ethereum, BNB Chain) as 'fuel' ⛽️. If you want to withdraw your coins from the exchange to your wallet, or directly engage in DeFi or buy NFTs on-chain, you have to rely on miners (verification nodes) to help you package and confirm this transaction. The more congested the network (the more transactions), the busier the miners are. Want to cut in line? Sure, just give a bigger 'tip' (Gas Fee)! Especially on Ethereum, during peak times, that Gas Fee… can make you instantly understand what 'land is precious'. 😭
Withdrawal fee (Withdrawal Fee): This is the 'toll' 🛣️ that the exchange charges when you withdraw coins (to another exchange or your own wallet). This fee is not charged proportionally but is a fixed amount of coin! For example, withdrawing 1 ETH and withdrawing 0.1 ETH might both have a fee of 0.001 ETH (specifics depend on the exchange's rules). So, small withdrawals are particularly unprofitable! Moreover, withdrawal fees vary greatly between different chains (like ERC20, BEP20, TRC20)!
As a humble 90s female worker, who is most often 'cut' by?
Taking fee! Impatient is my nature! When I see an opportunity, I want to rush, but I'm often a 'Taker', paying a bit more every time I transact. It adds up, sisters! Just like that, the price of a cup of milk tea is gone! 😤
Withdrawal fees! Especially for small withdrawals! Want to withdraw that little bit of money you earned to keep in your wallet, but when you see the fee… Goodness, they take away 20% directly! My heart is bleeding! 💔 Also, when choosing the wrong chain (like accidentally using ERC20 to withdraw USDT), the fees can be so high that it makes you question life.
Miner fees! Especially when playing on-chain projects (like meme coins, or NFT Mint), particularly on Ethereum. Those Gas Fees can spike, making your heart race more than a roller coaster (the kind that makes your wallet bleed). Now I’m smarter and know to check the Gas Tracker.
Money-saving (survival) tips for workers! 🧠💪
Having been cut too many times, shouldn’t we summarize some survival wisdom? Here are my 'stingy' insights:
Be a 'Maker' instead of a 'Taker'! Hold on! Control your hands! Don't always think about completing the transaction immediately. Use limit orders more often, set your prices slightly away from the current price (for example, set a buy order lower and a sell order higher), and patiently wait for the market to fluctuate to your set price. Once executed, you are the Maker, and you save on fees! Saving is earning!
Understanding exchange VIP? For those with high trading volumes, many exchanges have VIP levels. The higher the trading volume, the greater the fee discount (for both Maker/Taker). See if you can work hard to reach a level; saving a lot in the long run. Some exchanges (like Binance) offer additional discounts for paying fees with platform tokens (BNB)! 🤑
Withdrawal fees are significant, so be frugal!
Choose the right chain! Want USDT? Prefer TRC20 or BEP20 (BSC)! Fees are several times cheaper than ERC20 (Ethereum)! The speed is also not slow. (Provided that the recipient supports that chain!)
Save up a bit before withdrawing! Don’t think about withdrawing with a little bit of change; the small withdrawal fees are too high and not worth it! Save up to a worthwhile amount before proceeding.
Pay attention to events! Exchanges sometimes have withdrawal fee reduction events, so stay alert.
Miner fees? Pick the right time, check the tools!
Avoid peak hours! Weekends and daytime in Europe and America are usually high congestion periods on the blockchain. Try operating in the early morning (local time) or during non-peak hours on weekdays, and Gas Fees will be much lower.
Make good use of Gas Tracker! Many tools (like Etherscan's Gas Tracker) can show you the current recommended Gas Price in real-time. Don't blindly use the highest price set by your wallet; manually set a safe but lower Gas Price, and patiently wait for miners to package it. Although it might be slower, you can save a lot!
Consider Layer2! If you mainly play on Ethereum, consider transferring assets to Layer2 networks like Arbitrum or Optimism, where Gas Fees are cheap to the point of being negligible! The experience is smooth!
To summarize:
Fees are like air, invisible but everywhere. As 90s laborers in the crypto world, every penny is hard-earned (all from overtime work!), so we must be frugal! Understand the rules, control those impulsive hands, and make good use of tools and strategies; every bit saved counts! The saved fees can buy another cup of milk tea 🥤 to treat yourself, isn't that nice!
