Three taxi traps that quietly drain your cryptocurrency profits - Cryptocurrency Fees 101
THT_CRYPTO
June 7
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Understanding cryptocurrency fees is not optional - it’s the difference between keeping your profits and having them vanish into the digital void.
Maker fees vs taker fees: A trading game of dance
Here's how it looks in practice: If Bitcoin is priced at $100,000, and I place a buy order with a limit of $99,900, I am a “maker,” adding liquidity. On Binance, this costs only 0.1%. But if I hit the “buy at market price” button for $100,000, I am a “taker,” paying 0.15%. On a $1,000 transaction, that’s the difference between $1 and $1.50 - small amounts that add up quickly.
Gas fees: The tax on Ethereum
Gas fees on Ethereum can vary widely depending on network demand. During the NFT boom in 2021, I watched as simple ERC-20 token transfers cost $80. Today, sending ETH can cost $8 during peak hours, but drops to $2 on weekends. Complicated DeFi operations like yield farming can easily reach $100-200 per transaction.
