ZenLedger was established in 2017 keeping crypto traders and tax professionals in mind. In this technological paradigm of decentralized assets, they seek a solution to streamline the crypto tax accounting system.
Taking into account the fact that an average crypto investor might be using a number of different cryptocurrency exchanges, wallets, and other services, ZenLedger has directly integrated with over 400 exchanges, 40 blockchains, and 20 DeFi protocols to make crypto taxing a smooth experience for you.
Crypto Exchange Fees Comparison
Since crypto users use a number of different exchanges, the fee exchanges add to the difficulties. When it comes to cryptocurrency trading, traders have a lot of alternatives, but many exchanges hide cost structures in the tiny print and mislead customers with redundant charge schemes and incentives.
So we have compiled a list of trading fees, funding fees, and discounts of all the popular crypto exchanges. But before that, let’s brush up on our basics on what the various types of crypto exchange fees are.
Crypto Exchange Fees
- Trading Fee: The major source of earnings for crypto exchanges is trading fees. They are usually applied to both fiat-crypto and crypto-crypto transactions.
- Deposit and Withdrawal Fees: Deposits and withdrawals are subject to fees on some exchanges. Deposit costs vary on the basis of deposit type. But the more common fee is the withdrawal fee. This is because exchanges aim to encourage consumers to replenish their accounts.
- Interest, Borrowing, and Liquidation Fees: Crypto margin trading is available on several exchanges, and you can lend more funds to raise your position and generate leverage.
Additional fees are usually charged depending on the quantity loaned on margin and a rate of interest dictated by the quantity of money available.
Crypto Exchange Discounts
- Market Makers & Volume Discounts: Market makers set the bid and offer prices, also known as buying or selling prices. To encourage exchange liquidity, several exchanges provide cheaper trading costs to "market makers," traders who place limit orders rather than high volume traders and market orders.
- Exchange Token Discounts: A number of exchanges have their native token, which entitles customers to discounts if they possess it. Huobi, Bibox, and Binance, for example, have chosen to lessen the amount of the offer every year until it is phased out totally after four to five years.
Crypto Exchange Fees Comparison
Here’s a complete crypto exchange fees comparison that’ll help you decide better.
To summarise, always study the fee schedule at your favourite exchange and factor in any relevant volume or use reductions when calculating fees.
You can easily integrate your exchange account with ZenLedger to get complete tax information as well.
ZenLedger can help you easily calculate your crypto taxes, and also find opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!
