Despite the rising popularity of cryptocurrencies all over the world, there is a lot that the average person doesn’t know about them. For instance, there’s the fact that the majority of cryptocurrencies have fees attached to their network. At the time of writing, Bitcoin’s average transaction fee is 2$ while Ethereum’s average transaction fee is 3-5$. With such high average fees for processing transactions, it begs the question; are there any feeless cryptos? In this article, we take a look at the kind of fees you may encounter in the cryptocurrency market. You’ll find out what feeless crypto is and how to exchange feeless crypto on Swapzone.
Crypto Transaction Fees: What is it?
In total, there are about three crypto transaction fees that you may come across in the cryptocurrency market. They include:
- Exchange Fees: This kind of fee is charged by exchange platforms for using their services. It’s similar to paying a commission for being able to buy or sell orders. This fee varies wildly across many exchange platforms. It’s also variable based on your trading activity. Traders who transact higher dollar amounts usually tend to incur reduced transaction fees. Therefore, it’s always recommended that you do diligence before settling on an exchange platform.
- Network Fees: This is the fee that the network charges you to process your transactions. For instance, in the Bitcoin network, miners are tasked with verifying and validating transactions. Therefore, for making sure that tokens aren’t spent twice and transactions are true, they charge network fees. The amount of fee charged varies by network. However, the lower the transaction fee you are willing to pay, the longer a transaction could take to be validated.
- Wallet Fees: Since you are going to need to store your cryptocurrency assets in a wallet, you may end up paying fees. Software used to develop, run, and update wallets isn’t free.
With Ethereum and Bitcoin transaction fees soaring high, the biggest question on everyone’s mind is which crypto has the lowest transaction fees. After conducting our own research, we have come up with a better option: feeless cryptos! Imagine not needing to pay even a small fee when transacting. With that said, let’s take a look at the top 5 feeless cryptos.
- What is nano crypto?
Nano was launched in 2015 by the Nano Foundation to facilitate instant payments between users. Unlike other blockchains where miners compete against each other to add blocks, users on the nano blockchain operate their own blockchain known as a Block Lattice. XNO is the platform’s native token.
- Nano Transaction Fee
Transactions for nano crypto are absolutely free! Not to mention transactions are confirmed and validated in mere seconds. It takes just 0.14 seconds to confirm a transaction making it the best choice crypto to move large sums of money quickly.
- What is IOTA?
IOTA is a scalable distributed ledger built to enable the seamless transfer of data between humans and machines in IoT. IOTA utilizes a blockless technology known as the Tangle that doesn’t depend on blocks, miners, or even chains. The platform’s native token is MIOTA, otherwise known as IOTA coin.
- IOTA Transaction Fee
There are no transaction fees on IOTA crypto. Instead of depending on mining for confirming and validating transactions, every transaction confirms two previously unconfirmed transactions.
- What is EOS Crypto?
EOS crypto or EOS coin is the native crypto of the EOS network. EOS is exceedingly popular and is said to be a direct Ethereum competitor with better performance. The EOS network was created to facilitate the development and deployment of dApps.
- EOS Transaction Fee
There are no transaction fees for sending or receiving EOS tokens. This is because EOS runs on its own chain which happens to be open-source. You’ll only use resources such as CPU, RAM, and network bandwidth to facilitate transactions.
- What is STEEM Crypto?
STEEM Crypto or STEEM coin is the native crypto of Steemit; a blockchain-based media platform. Steemit is similar to Reddit where users can publish their content and get rewarded for it using STEEM coins. Since the platform is decentralized, there is no censorship, no downtime, no central authority, and no data abuse.
- STEEM Transaction Fee
There are currently no transaction fees on the Steem network. However, you will encounter network fees when you transfer STEEM to an exchange and convert it to another crypto.
Nearly Feeless Crypto: NEO Coin
- What is NEO Crypto?
NEO coin is the native token of the NEO network. The NEO network prides itself on being eco-friendly, developer-friendly, and community-friendly. The NEO network is built on two tokens; NEO and GAS. The GAS tokens are fuel for the NEO network and are also used to reward users for maintaining the network.
- NEO Transaction Fee
Some transactions of the NEO network may require some fees. There are two kinds of fees on the network; network fees and system fees. Both of these are paid with the native GAS utility token. Network fees are optional when the transaction is below 1024 bytes.
How to Exchange Feeless Crypto?
Now that you are aware of all the crypto with the cheapest transaction fees and no fees, you might want to top it off by utilizing a zero-fee crypto exchange. Swapzone offers great exchange rate offers without any of the hidden fees or registration hoops. Not sure how to exchange crypto on Swapzone? Here’s a detailed tutorial on how to use Swapzone to exchange crypto with low fees:
Step 1. Launch Swapzone on your browser.
Step 2. In the “select pair” tab pick the kind of cryptocurrency and amount you wish to exchange.
Step 3. In the “get up to” section, pick any of the feeless cryptos.
Step 4. You will see different exchange rate offers from different exchanges.
Step 5. Filter through the different exchange offers by price or transaction time.
Step 6. Once you locate an offer that you want, simply select the offer and click on “exchange”.
Step 7. Enter your correct wallet details and then click on “proceed to exchange”.
Step 8. Wait for the transaction to complete.
Step 9. Once the transaction finalizes, rate the experience and leave behind an honest review.