Do You Know Your Cryptocurrency Transaction Fees

Jun 01, 2018

As a follow-up to our most recent Crypto QuantShots describing how you can purchase and store cryptocurrencies, today we are providing a brief overview of transaction costs and trading fees that builds upon these two previous posts. Knowing the total cost before Buying and Selling is a must for cryptocurrency investors, especially for those of you who follow our AI Machine Learning "Buy/Don't Own" Crypto Signals and our CryptoFolios.

Transaction fees have two components:

  • The exchange fee for transacting on the exchange
  • The cryptocurrency blockchain fee for transacting on the blockchain

The following table shows transaction fees on fourteen of the top cryptocurrency exchanges based on total trading volume. These fees are what the exchanges currently charge for the smallest transaction amount. Fees may adjust lower if your transaction volume increases.

Exchange Transaction Fees

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EXCHANGE TRANSACTION FEE %
Gemini 1.00%
GDAX 0.30%
Kraken 0.25%
Bitstamp 0.25%
Bittrex 0.25%
Upbit 0.25%
Bitfinex 0.20%
Huobi 0.20%
Bithumb 0.15%
Bibox 0.10%
Binance 0.10%
Bit-Z 0.10%
HitBTC 0.10%
OKEx 0.10%

The table below shows the average blockchain transaction fee charged when you buy, sell, or transfer nine of the top cryptocurrencies. Blockchain transaction fees have notably declined recently as price, trading value and trading volume have declined significantly since the beginning of the year.

Average Cryptocurrency Blockchain Transaction Fees

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CRYPTOCURRENCY FEE (IN USD$)
Monero (XMR) $1.74000
Bitcoin (BTC) $0.77000
Ethereum (ETH) $0.67000
Litecoin (LTC) $0.14000
Dash (DASH) $0.12100
Bitcoin Cash (BCH) $0.09600
Ethereum Classic (ETC) $0.00680
Ripple (XRP) $0.00180
Zcash $0.00004

Acquiring and storing cryptocurrencies is a complex process. It is necessary to be aware of all the fees involved. The exchange transaction fees and blockchain transaction fees shown in this summary do not include "wallet" storage fees. As explained in one of our previous Crypto QuantShots, storing your cryptocurrency in a wallet rather than leaving it on an exchange is critical in maintaining the security and safety of your cryptocurrency investments. In the future, we will be presenting a report on "wallet" fees. 

When the cryptocurrency market was at its highs earlier this year, transaction fees were notably higher. For investments of smaller amounts, this could have represented a significant percent of the total transaction amount. In today’s current trading environment, transaction costs are much cheaper. However, understanding transaction fees is necessary to execute transactions efficiently across the many cryptocurrency exchanges.