Press release. Cryptic, Who runs List of the largest cryptocurrency exchanges in the world, Has released the second part of a quarterly experience report on transaction fees between cryptocurrency exchanges. The fourth quarter of 2020 report It analyzes 350 different exchanges, the largest of its kind, and provides insight into the development of transaction fees.
According to Cryptowisser’s upfront payment from the third quarter of 2020, expenses will generally show a downward trend, with a sharp drop of 17% in the past three years. However, with the recent surge in cryptocurrencies, it seems that some exchanges already have enough demand to actually increase their transaction fees (albeit slightly).For example, according to reports, the average cost of spot transaction receivers and manufacturers All Increased (0.004%), and the average contract transaction fee also increased by 0.0007%.
BTC average withdrawal fee
Cryptowisser was also able to charge a fixed BTC withdrawal fee from its 324 listed exchanges and reported an average withdrawal fee of 0.000643.The report also shows a considerable range of 16 exchanges The withdrawal fee to an exchange is up to 0.005 BTC withdrawal fee ($218 in today’s market!). Although many exchanges do not charge any fees at all, you still end up paying network fees to the miners. These “network” fees are also included in the Cryptowissers database.
Are crypto exchange giants still using their positions of power?
In the first study, Cryptowisser highlighted the higher fees generally charged by some large industry players. The report shows that some large industry players are in line with the industry average-for example, Binance and Poloniex both show customer-centricity and competitive advantages. However, many other well-known big brand competitors seem to be using their brand awareness to their advantage. For example, Coinbase Pro charges a 0.50% fee to recipients and manufacturers, making their recipient fees 135% higher than the industry average (130.41% in the fourth quarter).According to the report, Kraken and BitZ are also expensive
Consumer friendly and free market
With the financial freedom provided by cryptocurrency, a range of fees and methods can be expected. The report shows that as the company’s name becomes more well-known, the fees also increase, but the report also shows that hundreds of other exchanges have risen in rankings. Titan charges higher fees, which opens the market for smaller exchanges to flourish and provides a healthy future for the cryptocurrency sector.
What does the report show for the future?
Although the third quarter report predicts that trade costs will fall overall, the largest increase in cryptocurrencies indicates that anything can happen in a bull market. The cost has increased slightly, but in a long enough time, the cost is still expected to decrease.
For some leading exchanges that charge trading fees that are much higher than the industry average, once the market becomes more mature and transparent, traders will find it easy to switch between trading platforms. As a result, the exchange will need to improve its fee-based services to retain existing customers and attract new customers. Otherwise, it seems reasonable to believe that they will lose existing and new customers and lose other options, such as decentralized exchanges or customer-centric centralized exchanges.
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