Crypto Transaction Fees Explained All You Need To Know About Cryptocurrency Fees
We’re proud to announce that Zeply is the lowest fees cryptocurrency exchange that you’re going to come across. But what are cryptocurrency fees and why do you have to pay them? Keep reading to find out.
Cryptocurrency transaction fees are an essential part of allowing you to add cryptos like Ethereum, Bitcoin Cash and Ripple to your crypto wallet. While there’s no avoiding these cryptocurrency fees, you can keep them to a minimum. Take a look below to see why Zeply is the lowest fee crypto exchange.
What are cryptocurrency fees?
There can be a wide number of different fees that can be applied every time that you use a cryptocurrency. Here are the most common and how they apply to cryptocurrency trading at Zeply:
Exchange fees
Zeply will impose cryptocurrency transaction fees every time that you transfer a crypto in or out of your wallet. At the moment, we just feature Bitcoin, but we have big plans to introduce more of digital currencies that have been moving the cryptocurrency charts soon. This means that you’ll face cryptocurrency fees for buying Litecoin, selling Bitcoin Cash, or even trading novel altcoins that have been appearing on the crypto news, such as Dogecoin, for a fiat currency like the euro. Don’t worry, as well keep these transaction fees to be among the lowest on the market.
Network fees
These fees are imposed to pay for verifying each transaction that takes place. Every transaction will need to be verified on a blockchain or any other ledger that’s used for recording how a cryptocurrency has been used over time. Cryptos like Bitcoin, Ethereum, Bitcoin Cash and Litecoin use blockchain technology to record such transactions. An activity called ‘crypto mining’ is required to verify and add these transactions to the blockchain. Fees are used as a form of compensation for the people who have to take the time and effort to ‘mine’ each transaction on the blockchain, a process that is made harder with each time ‘cryptocurrency halving‘ occurs. Again, we’ll ensure that these network fees are kept to a minimum.
As such, any operation you do with crypto, like when you buy cryptocurrency, can generate fees that are dependent on a number of factors. These include things like which cryptocurrency you are trading, and how many transactions are taking place on the blockchain at a particular point in time. For example, buying Ripple incurs lower costs than buying Ethereum. Plus if the blockchain is especially busy, you might get the option to pay a slightly higher fee to ensure that your cryptocurrency transaction goes through quicker. Zeply will always ensure that you get the lowest cryptocurrency fees possible while making sure that your transaction is carried out in an efficient manner.
Who has the lowest fee crypto exchange?
At Zeply, we’ve worked hard to make sure that our cryptocurrency transaction fees are some of the lowest in the business. While we don’t want to include cryptocurrency fees, they are the only way that we can function so that you can keep buying and selling your favourite cryptos. Need proof of how we keep our trading fees so low? Take a look below.
Get fixed low fees at Zeply
The costs of processing transactions on a blockchain will vary according to how busy it is and also what cryptocurrency you are using. However, we’ve made sure that our cryptocurrency network fees are fixed regardless of what’s going on in the network. This means that you’ll always know how much you’ll be paying when you buy and sell a crypto. As a result, you won’t get caught out by any fees and can make an informed crypto trading decision.
Trade the cryptos with the lowest fees
We’ve noticed that certain cryptocurrencies offer lower fees than others. For example, if you buy or sell a coin like TRON, you might find that the trade costs a fraction of that compared to the likes of Monero. At the moment, we only feature Bitcoin on our site. But keep checking back to see when we feature more low-cost cryptos like Litecoin, Bitcoin Cash, EOS and Ripple. Remember that there’s usually a trade-off between security and speed of transaction. This means that transactions with Monero and Dash might cost more, but you’ll get much more anonymity compared to a TRON transaction.
Benefit from Zeply’s popular trading service
Zeply has quickly become a respected name in the crypto trading industry. We’ve already picked up plenty of customers which means that we process a large number of transactions each second. This is important because the more transactions that take place, the lower the average transaction fee will be. Our cryptocurrency exchange has been designed to ensure that there will never be any congestion that could add to the processing times for your trades.
What other fees are there at crypto exchanges?
We’re pretty sure that Zeply is the lowest fee crypto exchange. This doesn’t just apply to our cryptocurrency transaction fees for things like Ethereum and Ripple. We’ve also made sure that you won’t get hit with nasty fees for everything else associated with buying and selling cryptocurrencies.
No signing up fees
You won’t incur any fees for signing up to Zeply. All that we ask is that you provide us with some simple personal information like your name, email address and mobile number. This is all part of our know-your-customer (KYC) procedure. Such a procedure is put in place for your online safety.
No wallet fees
Our Zeply wallet can be used completely free of charge. This means that you won’t have to pay any money for keeping your cryptocurrencies completely safe. You need to use a wallet to store the private keys that keep each cryptocurrency secure. Just because our Zeply wallets are free doesn’t mean that they aren’t safe. This is because we implement a special two-factor authentication process which ensures that only you get to access your account.
Free to use platform and app
Once you have signed up to get your Zeply account, you’ll find that you can navigate around our trading platform free of charge. There may be some fees imposed if your account has somehow remained dormant for a particularly long amount of time, but we don’t think that there’s much chance of that happening. Don’t forget that there will be a Zeply app available soon for iOS and Android devices, and we are working hard to make it the best crypto app available. This will be made available free of charge and it means that you can enjoy convenient mobile trading at the lowest fee crypto exchange. We even let you buy crypto with credit card, and we are working on letting you buy crypto with PayPal.
Low fees for currency conversion
At the moment, we only let you trade Bitcoin against one fiat currency – the euro. But as the Zeply platform continues to grow, we plan to introduce more trading options. If these include more foreign currency trading options, then there is the chance that these may include conversion fees. Don’t worry, as we’ll be sure to keep these low so that you get more from your trading.
Why you won’t get caught out by hidden fees here
Unlike some other crypto exchanges, as any Zeply review would tell you, we are always up-front with our fees. This means that you’ll always know how much you’re paying and when. As a result, you’ll be able to plan ahead to see how the cryptocurrency transaction fees could affect how you trade or invest in cryptocurrency.
We’ll always make sure that you know why those cryptocurrency fees are imposed. This isn’t just us trying to sweeten the pill. We want you to be informed as to how does cryptocurrency work and why fees are such an important part of their operation. After all, each cryptocurrency works in a different way, and it’s these differences that could influence your trading decision.
At the moment we only offer the chance to buy, sell and trade Bitcoin, but it works in a similar way to other cryptocurrencies like Litecoin and Bitcoin Cash. These all use a special kind of ‘memory pool’ where all transactions are kept until they get selected by miners to be added in the next block. If there’s a large number of transactions to verify, the miners will pick the transaction with the higher fees. As such, it might mean that you could get caught out by the changing transaction fees. But we’ve made sure that these fees stay fixed at a competitive average level.
The same applies to all of the other cryptos that we will shortly be introducing on our exchange. The fees for Ethereum are measured in gas that might sound a little different, but it is just a fraction of the Ether coin. If you want to trade Ripple, then you’ll be interested to know that there’s no blockchain technology involved. This means that there will be no miners of the XRP coin which helps to keep those crypto transaction costs especially low. All of which means that you can be sure of competitive cryptocurrency fees at Zeply.
Get more from your crypto trades at Zeply
We realise that nobody wants to have to pay cryptocurrency transaction fees, but they are an essential part of how cryptos function. After all, exchanges like Zeply have operating costs that have to be met somehow, and transaction costs are a big part of this. Thankfully, we’ve managed to keep these costs down so that you get the best value for your trades.
The same applies to network fees. While network fees were initially introduced as one of the Bitcoin fees as part of an anti-spam mechanism, they quickly grew to be a way of keeping miners motivated to add transactions to the blockchain. Such thinking also caused other cryptos like Ethereum and Ripple to introduce fees so as to verify each transaction.
So while you might resist having to pay cryptocurrency fees, remember that they are essential for the safety and swiftness of your crypto trades. Just remember that Zeply is the lowest fees cryptocurrency exchange currently available so you shouldn’t feel too much of a negative impact from the costs at our trading platform
We understand that talking about cryptocurrency fees might not be massively exciting. But we just want to make sure that you’re as kept as well-informed as possible. All of which should help you to get more from your crypto trades.
