#CryptoFees101 : Understanding Cryptocurrency Fees

Cryptocurrency fees are charges incurred when making transactions or using blockchain networks. These fees vary depending on the blockchain, network congestion, and the type of transaction. There are three main types: network fees, exchange fees, and wallet fees. Network fees, often called gas fees, compensate miners or validators for processing transactions. For example, Ethereum gas fees can fluctuate widely depending on demand. Exchange fees are charged by trading platforms for buying, selling, or withdrawing crypto. Some platforms offer tiered structures based on trading volume. Wallet fees may include transaction charges or costs for using certain wallet services. Always check fees before transacting, as they can significantly impact profitability.