Home Cryptocurrency Average Crypto Trading Fees 2020 – Cryptowisser Finds Industry Leaders Still Have Higher Fees – Press release Bitcoin News

Average Crypto Trading Fees 2020 – Cryptowisser Finds Industry Leaders Still Have Higher Fees – Press release Bitcoin News

by Gordon James

PRESS RELEASE. Cryptowisser, which manages the world’s largest list of cryptocurrency exchanges, has released the second part of its quarterly empirical report on trading fees between cryptocurrency exchanges. The Q4 2020 report analyzes 350 different exchanges and is the largest of its kind to provide insight into trends in trading fees.

According to Cryptowisser’s previous post of the 3rd. Fees are expected to be largely on a downward trend by the first quarter of 2020 – an impressive 17% decline over the past three years. However, with the recent rise of cryptocurrencies, it seems that some exchanges have had enough demand to increase their trading commissions (even if just a little). For example, the average commission for cash traders and and brokers would have increased by (0.004%), and the average commission for contract traders would also have increased by 0.0007%.

Average BTC withdrawal fees

Cryptowisser was also able to obtain fixed costs for BTC withdrawals from 324 listed exchanges and reported an average withdrawal cost of 0.000643. The report also shows a fairly wide range, with 16 exchanges reporting withdrawal fees of 0 to one exchange reporting withdrawal fees of 0.005 BTC ($218 in today’s market!). Although many scholarships do not charge a fee, you must still pay a network fee for minors. These network costs are also included in the Cryptowissers database.

Are the crypto equity giants still in a lucrative position?

In the first study, Cryptowisser highlighted some of the higher fees paid by the big players in the industry. The report shows that some of the major players in the industry are in the middle ground – Binance and Poloniex, for example, demonstrate customer focus and competitive pricing. However, many other reputable competitors to the big brands seem to be using their name recognition to their advantage. For example, Coinbase charges 0.50% per broker and producer, which is 135% (130.41% in Q4) above the industry average. Squatting and BitZ also generated high fees, the report said.

Consumer friendliness versus free market

With the financial freedom that cryptocurrencies offer, you can expect a range of costs and methods. While the report shows that fares are higher for the best known carriers, it also shows that hundreds of other exchanges are moving up in the rankings. With higher fees for titans, this opens the market for smaller exchanges to thrive, giving the cryptocurrency landscape a healthy future.

What does the report show for the future?

While the third-quarter report predicted an overall decline in transaction costs, the biggest rise in cryptocurrencies showed that anything can happen in a bull market. Perceptions are increasing slightly, but perceptions will continue to decline for some time.

As for some of the major exchanges charging far more than the industry average in trading fees, as the market matures and becomes more transparent, traders will find that it is quite easy to switch from one trading platform to another. As a result, exchanges must improve their commission offerings to retain existing customers and attract new ones. Otherwise they risk losing existing and new customers to other solutions, e.g. to decentralised exchanges or more customer-centric centralised exchanges.

About Cryptovisor

Cryptowisser is a crypto currency comparison site with the largest, most frequently updated and most reliable listings of crypto currency exchanges, wallets, payment cards and merchants. With over 1,000 reviews of various exchanges, payment cards, wallets and merchants, they will help you with all your purchase and service decisions in the crypto world.

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This is a press release. Readers should do their own due diligence before taking any action regarding the advertised company or any of its subsidiaries or services. Bitcoin.com shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services mentioned in the press release.

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