9 Best Crypto Exchanges & Apps Of January 2024 – Forbes Advisor INDIA

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In India, different cryptocurrency exchanges levies different charges and fees. Let’s have a look in more detail at what these charges are:

Joining Fee

In India, majority of the exchanges like WazirX, Zebpay, Unocoin and Bitbns, have completely waived off the joining fee for its users. However, there may be a small membership deduction in the case of inactive accounts.

Deposit Fee

This fee is charged when the user deposits money or coins to the crypto exchange to initiate the buying or selling. Deposit fee amount depends totally on how the user has transferred the money, whether through payment service providers, credit or debit cards, a crypto wallet, P2P or via net banking transfers.

Trading Charges

Trading charges are the most crucial part of crypto exchange’s fee mechanism. Trading charges may be levied as a flat percentage of the crypto amount that a trader buys or sells, or an exchange may charge based on the orders placed, such as makers and takers, both differently charged. So before going further, it is very important to understand- Maker and Taker fees.

A maker is a party that creates liquidity on the exchange by selling cryptocurrency

A taker is a party that takes it off the liquidity by buying the cryptocurrencies.

Both maker and taker pays a certain amount of fees for the transaction. However, makers generally pay less.

The trading charges vary across exchanges, ranging from almost 0% to 0.25% in most of the exchanges. However, it is to be noted that certain exchanges claim to charge the user zero fees, one must look carefully, that if they are charging in the form of spread — the difference between the rate of buying or selling the cryptocurrency. And, generally this rate is higher as compared to the trading fee.

Withdrawal Fee

Some crypto exchanges charge the user on the withdrawal of money into fiat currency. Withdrawal happens when a user places a sell order on his crypto exchange and then the funds reflect in his or her wallet. The user here can withdraw money partially or completely, into their registered bank account, it can be chargeable. Investors can also choose to make a withdrawal in coins, which also has a cost attached.

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