Binance, Bybit, LBank cryptocurrency exchange fee comparison

When we want to invest in Bitcoin, in addition to choosing a safe exchange, we must also pay attention to transaction fees, otherwise your profits will be eaten up virtually. you do not believe?

If you plan to invest $1,000 in Bitcoin. Exchange A charges a handling fee of 1% for each transaction, and Exchange B charges a handling fee of 0.5% for each transaction. The actual amount you paid is

Exchange A: 1,000*(1+1%)=1,010 yuan

Exchange B: 1,000*(1+0.5%)=1,005 yuan

If we invest $1,000 in Bitcoin, your investment cost may be $5 more, which is equivalent to missing a McDonald’s meal. What a pity!

Therefore, choosing an exchange with lower handling fees can not only help you effectively reduce transaction costs, but also increase the rate of return, so that our funds can be best used!

I selected 3 safe and legal cryptocurrency exchanges. The fee comparison is as follows:

Binance, Bybit, LBank exchange fee comparison chart

*Supplement: Binance uses U-based contract information

What are Spot and Futures?

Spot trading means that you buy and sell Bitcoin directly in the market, just like you go to a convenience store to buy ice cream and eat it immediately.

is to trade with real money and you will have Bitcoin immediately.

Contract trading means that you will trade at a specified price in the future, just like you pre-ordered Fujiko egg yolk cakes. You have the right to buy but you don't have it now. Make money by predicting the price of Bitcoin and going long or short. You will not own Bitcoin.

From the comparison chart of Binance, Bybit, and LBank exchange fees, we can see that the spot handling fees of the three exchanges are 0.1%, which is significantly higher than the contract handling fees, because spot transactions will actually transfer cryptocurrency, so The handling fee is higher.

Should I choose contract trading to save handling fees? of course not. The most important thing is to choose what suits you.

Then why is it the same contract transaction but with different rates? The key lies in the role!

What are Maker and Taker?

The order maker is the "creator" in the market, taking the initiative to set the expected Bitcoin price for buying and selling, and waiting for others to complete the transaction.

For example: The current price of Bitcoin is US$30,000. I think the price will rise to US$36,000, so I can set a "limit order" to sell when the price of Bitcoin is US$36,000. (Some limit orders will become takers, as explained at the end of the article.)

Takers are "takers" in the market. Regardless of buying or selling, they passively accept the Bitcoin price in the market and directly complete the transaction.

For example: The current price of Bitcoin is 30,000 US dollars. I don’t want to wait until the price of Bitcoin drops to 20,000 US dollars before buying it. I want to hold Bitcoin now. The fastest way is to use the "market price" "Order", purchase at the current market price.

From the comparison chart of Binance, Bybit, and LBank exchange fees, we can see that the contract fees are different among the three exchanges. Among them, the reason why the order maker has lower fees is that he actively provides trading opportunities (so-called liquidity provision) ), making the exchange more attractive. In overall comparison, the handling fees from low to high are Bybit, Binance, and LBank.

Share two common questions:

1. Where can I see exchange fee rates?

Example:

-LBank’s spot transactions are displayed directly on the interface.

#-Binance’s contract transactions are displayed at the bottom, just click on it.

#2. Does a limit order have to be placed by the person placing the order?

Not necessary, please operate according to the requirements of each exchange.

Example:

-Binance: When placing a limit order, be sure to check [Maker only].

-Bybit: When placing a limit order, be sure to check [Passive Order].

Finally, a warm reminder, before investing in Bitcoin, remember to choose an exchange that is safe, legal and has low handling fees, which can effectively reduce transaction costs and increase the return on investment, so that your funds can be best used!

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