Best Сryptocurrency Exchanges for Low-Cost Trading in Nigeria

What Are the Cryptocurrency Exchange Typical Fees?

Trading Fee

Trading fees on cryptocurrency exchanges are fees that you must pay in order to trade on a platform. This is often how the exchanges make their money and keep their platforms running.

So, how much does it usually cost to trade on a cryptocurrency exchange? Most cryptocurrency exchanges charge between 0% and 1.5% per trade. However, these percentages depend on whether you’re a maker (buyer) or taker (seller). Fees also vary by exchange.

To understand how much you’ll have to pay in trading fees, it helps to look at an example. So, if you end up paying 0% and 1.5% trade and you invest $1,000 of your money into crypto, you’ll end up paying anywhere from $0 to $15 in fees.

Taker and Market Fee Difference

Another key aspect of trading on cryptocurrency exchanges is maker-taker fees. These fees are transaction costs that occur when orders are placed and filled.

Trading fees depend on the type of order placed. For example, if you’re a maker, you’re “creating or making” the market for other traders, bringing liquidity to the exchange.

On the other hand, if you’re a taker, you’re removing liquidity by “taking” available orders that are filled immediately.

Usually, taker fees are slightly higher than maker fees. Cryptocurrency exchanges that implement lower maker fees do so to incentivize market makers.

Deposit and Withdrawal Fee

Beyond trading fees, investors of cryptocurrency might also have to pay deposit or withdrawal fees, depending on the platform they choose. Often, deposit fees vary based on the type of deposit. However, only some crypto exchanges charge deposit fees.

The exchanges that forego withdrawal fees choose to do so because it might disincentivize traders from funding their accounts. Therefore, deposit fees tend to be less common than withdrawal fees.

For cryptocurrency withdrawals, many exchanges charge a flat fee regardless of the amount withdrawn. However, some might take an additional fee based on your country or the type of withdrawal (i.e. whether it’s crypto or fiat).

Other Fees

There are other fees on certain crypto exchanges that you may run into. For example, you might have to pay borrowing fees on crypto exchanges that offer margin trading.

With margin trading, you can borrow additional funds to increase your position and create leverage. So, if you’re trading on margin, you may have to pay additional fees based on the amount you borrow.

You might also be subject to paying an interest rate, which is typically based on the supply of funds available. You might also be responsible for liquidation fees if your trade goes upside down and the position is liquidated.

Cryptocurrency Exchanges With Lowest Crypto Trading Fees in Nigeria

Below are the cheapest cryptocurrency exchanges (spot):

Below are the cheapest cryptocurrency exchanges (futures):

Cryptocurrency Exchanges Non-Trading Fees Comparison:

Cryptocurrency Exchanges With Low Fees: How Do They Compare?

Bybit

Bybit Review

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Bybit is an intelligent and user-friendly crypto trading platform that offers low trading fees. Many crypto traders prefer it because it has innovative features that allow for instant buying and selling. The exchange provides a comprehensive suite of professional trading tools and services to meet the needs of all traders regardless of experience levels.

The exchange boasts over 10 million users globally and offers access to over 100 different assets and contracts, including spot trading, crypto derivatives, and NFT marketplace, among others. They also have an impressive uptime record even through volatile market periods. The platform also has 24-hour round the clock multilingual support and is built on customer-centric values.

Users access over 300 spot trading pairs featuring some of the top digital assets. You can trade BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, etc. They also charge fair rates for trading fees, withdrawal fees, and even deposit fees. Bybit charges maker/taker fees depending on whether the user is adding or taking liquidity from the market.

For spot trading, the maker fee rate is 0% and the taker fee rate is 0.1% for all pairs. The exchange also offers maker rebates to encourage more market-making activities and provide better market depth. New users receive a $50 discount on deposits made within 48 hours, and a $10 discount after 48 hours. On Bybit, depositing BTC earns you a $5 bonus. You also receive a $5 coupon for following Bybit on social media.

Binance

Binance Review

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Binance is another popular cryptocurrency exchange offering some of the cheapest fees. The exchange is one of the largest in terms of trading volumes. It supports over 150 cryptocurrencies and coins including the most popular ones like BTC, ETH, LTC and its own BNB coin. The exchange is also available to clients in Europe, Africa and Australia. It boasts over 100 million global users.

The platform is a safe crypto exchange and offers its clients almost instant transaction execution. The fees charged by Binance are among the lowest in the industry. This is good news for crypto traders who want to keep costs as low as possible.

Users are typically charged a fee of 0.015% to 0.1% t to trade crypto on the platform. It is one of the most robust crypto exchange platforms in the industry. Users can also save more by trading using the exchanges’ native coin (BNB). Trading Bitcoin on Binance also has a 0% meaning that you can save when trading one of the most popular crypto coins globally.

Huobi Global

Huobi Review

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Huobi Global is another crypto exchange with low fees, charging all traders (both makers and takers) a 0.2% base fee. And if you’re a Huobi Global token (HT) holder, you can receive a discount on trading fees, which decreases the more HT you have in your exchange wallet.

The platform also offers a tiered structure that allows you to save on trading fees. The higher the tier, the lower your trading fees. For example, as a Professional Trader on Huobi Global, you can enjoy a flat discount on the handling fee by holding 2,000 HT instead of 5,000.

You can also benefit from a 30% discount on spot market crypto trading and interest rate for leverage trading without having to worry about an extra HT handling fee.

The platform also supports margin trading in bitcoin (BTC) and Litecoin (LTC) with 5x leverage and a fee of 0.1% for 24 hours.

OKX

OKX Review

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OKX is a centralized crypto exchange and wallet platform with their headquarters in Seychelles. Formerly known as OKEx, the exchange is popular for crypto spot and crypto futures trading. It has a list of over 350 cryptocurrencies and supports more than 500 trading pairs. It is available in over 200 countries, including the United States through its sister exchange OKCoin.

What makes the crypto exchange stand out is that it offers users diversified crypto investment opportunities for those who want to do more than just crypto swapping, normal and margin trading of crypto. There are options to invest in crypto through mining pools, lending, perpetual futures, and DeFi.

The exchange charges active trading fees starting from 0.1% (taker) and 0.8% (maker). This figure reduces to 0.08% (taker) and 0.06% (maker) depending on the trading volume and the amount of native token – OKB – owned. VIP account owners enjoy taker fees of between 0.08% and 0.02%, and maker fees of between 0.06% and -0.05%.

When you use instant payment methods like Visa and Mastercard then you get additional charges of up to 4% per transaction.

Kraken

Kraken Review

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Kraken trading fees are relatively low compared to competitors, with fees ranging from 0% to 0.26% per trade. And the platform’s maker-taker fees are amongst the lowest in the industry.

Kraken also offers a Pro account option, which consists of a tiered fee structure that allows high-volume traders to save on trading fees. So, for example, if you’re a trader with 30-day volumes of less than $50,000, you’ll pay as low as 0.16% in maker fees and 0.26% in taker fees.

But if you’re a trader with 30-day rolling volumes of over $10 million, maker fees can drop as low as 0%, and taker fees can drop as low as 0.10%. Beyond its low cryptocurrency trading fees, Kraken is also a great choice for traders because it supports a large number of cryptocurrencies and is a highly liquid exchange.

How to Choose a Low-Commission Cryptocurrency Exchange

There are many types of cryptocurrency exchanges available to choose from. But if you’re trying to minimize your trading fees as much as possible, how can you find exchanges that offer low commissions?

We’ve put together a step-by-step guide to help you find cryptocurrency exchanges with the lowest fees on the market.

1 Step 1

Research different cryptocurrency exchanges that are available in your country. Make a list of possible exchanges.

2 Step 2

Go on each exchange’s website to look at their fees. Under each exchange, write down their fee structures. This might include commissions, trading fees, maker-taker fees, or margin trading fees. Other fees you might consider are potential liquidation fees. Also, if withdrawal and deposit fees are something you’re concerned about, check whether potential exchanges charge these fees.

3 Step 3

Using the information you’ve gathered about potential exchanges, create a comparison table. List out the different exchanges.

Create columns/rows for different fee categories, including commissions, trading fees, maker vs. taker fees, any margin trading fees, liquidation fees, or deposit and withdrawal fees.

Looking at the comparison table, determine which platforms offer the most favorable trading conditions and the lowest fees.

It’s a good idea to eliminate the ones that offer trading fees higher than 1.5%. Anything lower than 1.5% is considered low when it comes to trading fees. So, by sticking to this rule, you can narrow down your choices to just a few exchanges.

4 Step 4

Consider if the different platforms offer tiered accounts, which provide you with opportunities to decrease your trading fees.

Some crypto exchanges offer professional accounts that allow you to get discounts for your trading fees. However, other platforms don’t offer these opportunities. So, be sure to do your research and compare.

5 Step 5

Some crypto exchanges have their own native coin like Binance (BNB), OKEx (OKB), Huobi Global (HT), and many more.

Usually, these platforms allow you to reduce your trading fees by staking a certain amount of their native coins.

The more coins you stake, the more you can save in trading fees. If this sounds like something you’re interested in, be sure to keep this factor in mind when considering low commission crypto exchanges.

6 Step 6

As you consider the many factors in regards to trading fees for different cryptocurrency exchanges, you might come across a few with a similar fee structure.

To help you narrow your list down further, you can consider other features beyond trading fees. There are other things that can make your trading experience a positive one.

For example, a platform’s ease of use, security, the number of supported cryptocurrencies, whether the platform offers margin trading, whether the exchange is under regulation by financial authorities, the available trading platforms, and the method of purchasing coins.

You might also consider the minimum amount you can deposit to open your account. Some platforms have high deposit minimums, while others allow you to deposit a small amount of money to get started.

You can also see if the exchanges you’re considering have sign-up offers and other deals that give you access to free cryptocurrency.

For example, some exchanges may offer a certain number of free Bitcoin or even give you money upon creating a new account. This will, in turn, reduce the fees in your portfolio balance.

With these features, you can create another comparison table. Only this time, you’ll be listing out the exchanges you’ve narrowed down. And the columns and rows will have the different features offered by each platform that doesn’t have to do with trading fees. This can help you narrow down your choice further.

7 Step 7

Looking at the comparison table, consider which features mean the most to you. For example, if you’re interested in margin trading, and only one platform in your list offers it, then choose that platform.

Follow the same principle for features that you’re most likely to use. From there, you should be able to settle on one or two exchanges.

How Do I Exchange Cryptocurrencies Without Fees or With Low Fees?

Our Methodology

Traders Union applies a rigorous methodology to evaluate brokers using over 100 both quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

• User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified

• Trading instruments. Brokers are evaluated on the breadth and depth of assets/markets available to trade

• Fees and commissions. A comprehensive analysis is done of all trading costs to analyze overall cost to clients

• Trading platforms. Brokers are assessed based on the variety, quality and features of platforms offered to clients

• Extra services. Unique value propositions and useful features that provide traders with more choices for yield generation

• Other factors like brand popularity, customer support, education resources are also evaluated