📊 #CryptoFees101 — What are crypto fees and how to avoid them? 💸🔍

In the world of cryptocurrencies, fees are the charges you pay for transactions, token exchanges, or using decentralized platforms. There are several main types:

🔹 Gas Fees (Ethereum, BNB Chain, Polygon): this is the cost of processing your transaction on the blockchain. High fees occur during times of network congestion.

🔹 Trading Fees: charged by the exchange (e.g., Binance or Coinbase) for buying/selling cryptocurrencies.

🔹 Withdrawal Fees: for withdrawing funds from the exchange to an external wallet.

🔹 Protocol Fees (DeFi): the fee for using smart contracts (e.g., on Uniswap or Aave).

💡 How to reduce costs?

– Use blockchains with low fees: Solana, Avalanche, Polygon.

– Make transactions during off-peak hours.

– Choose exchanges with discount programs (e.g., using the exchange's native token).

– Monitor the Gas Tracker before making large transactions ⛽