It’s hard to find a person who likes paying fees. No matter what we are talking about – exchanging Bitcoins or parking. Cryptocurrency is partially meant to eliminate the need to pay gigantic fees for value transfers. If you look into banking fees, the amounts you need to pay for simple transactions are much higher than a humble 1-2 bucks. Of course, cryptocurrency has its own network or service fees, but in general, they’re much lower. In this article, we will break down the notion of exchange fees, when and why they appear and find the services helping to avoid paying more for your transactions.
The fees for crypto transactions may vary depending on the network conditions, transaction speed and the currency of choice. Besides, if we’re talking instant Bitcoin and altcoin exchanges, the services take fees for crypto swaps themselves. Usually, the fees for processing transactions are pretty small, but it is important to know that they exist as such. Usually, the service fee is already presented in the exchange rate. So, if you’re looking to avoid paying more for your exchange, you can use aggregation services like Swapzone. When you create an order, we compare the deals available on a variety of crypto exchanges and present the best swap options. Here is how you exchange cryptocurrency with low fees using our service:
There are two types of cryptocurrency exchanges – floating rate (the one you usually see on crypto swap platforms) and fixed rate. The difference between those two lies in either relying on the market conditions in one case (floating rate) or getting a fixed amount of crypto coins or tokens after the exchange. Floating rate exchanges may affect the final sum majorly. When the crypto space is going through some changes at the moment of a swap, you might end up with drastically more or, well, drastically less than the original sum in mind. The fixed-rate usually has a difference in the exchange rate itself, but you definitely know what you will get. Let’s talk about it in a little bit more detail now.
Fixed-rate crypto exchanges were invented for one single purpose – to avoid volatile conditions. We all know that the crypto market is hugely hype-based. Hence, if something happens out there on Twitter or reddit, the prices can go up and down in almost a second. Sometimes crypto price changes can be a benefit – who doesn’t want to receive more on their Bitcoin swaps, right? However, if one needs to have the exact amount of Ethereum when performing Bitcoin to ETH exchange, it can be pretty challenging to just live at the moment. So, fixed-rate swaps were introduced for the cases when there is a need for precision. As a rule, exchanges of this type are accompanied by increased commission – the services explain this notion by having to have insurance in case of high market volatility. For those willing to try exchanging cryptocurrency at a fixed rate – you can choose toFixed-rate exchanges are available at our service, too. They are marked “Fixed-rate” right at the first screen (choice of exchange partners).
When talking about low exchange fees and swapping Bitcoin for cheap, it is important to remember about basic cautiousness. The world of cryptocurrency exchanges is wide and vivid, but there are people out there who want to scam others. Due to this, we are spreading the warning on how to avoid cryptocurrency scams.
If it is the first time you are hearing about a service, be careful – check the website, social networks and reviews on the exchange. This is exactly why we think it is important to have the reviews showcased for our service providers.
There are many opportunities to exchange or cash out cryptocurrency in a truly decentralized way – from person to person. However, if somebody is messaging you on Telegram and asks whether you want to buy Bitcoin from them, it’s really better to ignore this deal. Never trust – verify.
Even when using a trustworthy crypto exchange or wallet, it is important to check the website address or application developer name. There are numerous cases of scammers impersonating team members, support lines or even whole projects for one sole purpose of gaining profit.
So, you’ve got this fishy email from a service provider that you really like and trust. You are not 100% sure that the text is genuine and the gut feeling says that there’s something very wrong about the information you’re seeing. There is an easy way out of this doom – ping the team on Twitter or Telegram! Ask whether it was them! There is nothing wrong in being unsure when dealing with finance, and it’s really better to be safe than sorry.
There are many ways to exchange cryptocurrency. Hundreds of swap services are available locally and worldwide, operating 24/7 for the good of the crypto community. Despite the fact that the choice range is so wide, it’s still important to think about fees, rates, exchange reviews, reliability and much, much more. Hopefully, we did an excellent job explaining the basic notions and showcasing the possibilities of cryptocurrency exchanges with best rates and low fees. Now, it is your time to proceed and test everything out.