In this guide, we go over the latest information regarding what crypto trading platforms offer lowest deposit fees. The article offers an explanation of platforms that provide both types of transactions, crypto, and fiat. We also include a brief summary of other costs that traders should seek out to accurately determine profit margins.
Types of Deposits
There are several types of deposits, each with its own fee structure that you should be aware of. Below, you can find a list of the most commonly used channels to fund balances within trading platforms.
Crypto-only: here, bitcoin, Ethereum, Litecoin, and all other altcoins carry their network fees. These range in terms of speed and cost level. In most cases, platforms have nothing to do with them, as blockchain itself would charge you instead.
Bank Transfers: Commonly used, bank transfers come with long periods of waiting time but also very low fee structure. Practically every platform that accepts fiat offers this channel for clients to fund their accounts.
Credit Cards: Nothing beats (except maybe e-payments) credit cards in terms of speed and security. However, they do come with high price tags. Most platforms offer them as an option of funding if fiats are part of the trade marketplace. You can check out different platforms with their own fee structure in the table below:
As for the CFD platforms, they do not charge you fees for credit cards. However, spreads take over, which indirectly include costs of deposits/withdrawals.
E-payment Systems: PayPal, Skrill, Payoneer, Neteller, and others come with somewhat high fee structure but are mostly instantly carried out. Platforms consider them risky and put them on the luxury tier, driving costs higher than at channels.
Additionally, in many cases, you need to use third party’s services, as some platforms are not crypto-friendly, such as PayPal. For example, Neteller is possible to use through BitPanda. You transfer coins/funds from your trading platform to exchange that accepts Neteller.
Always Include Other Fees
Traders should keep in mind that platforms do not charge only deposit fees. You also have trade costs or spreads that need to be part of your profit/loss analysis. You should read our separate guide about these, to gain better idea which platforms offer the lowest trading fees.
Apart from direct costs, there are hidden fees, expressed as exchange rate. Cryptocurrencies are decentralized, meaning that each paltfomr can put its own value policy upfront. The difference form the industry average is squally between 1 to 2%, though it can go up to 5% at some platforms.
Platforms with Lowest Deposit Fees
There are numerous platforms that offer similar programs. Thus, we divided them into categories, as per their deposit strategies.
Binance, Poloniex, BitMEX, CoinEX – The aforementioned platforms are crypto-to-crypto oriented only. Thus, fiat deposits are not available while digital coins do not come with any fees on their own. It is completely free to put cryptos into these websites. The only costs are the blockchain fees, depending on the cryptocurrency you wish to trade.
CFD Platforms – Contract for difference (CFD) marketplaces usually offer a large selection of deposit channels. Most are free of charge, as spreads make up for the revenues. Plus500, Robinhood, Markets.com, SimpleFX, eToro, AvaTrade and InstaForex all do not hold deposit fees, apart from trade spreads.
Bitfinex & Kraken – On the side of regular cryptocurrency trade platforms, the cheapest options in the industry are Bitfinex and Kraken. The reason is simple – they only offer bank transfers. Bitfinex has 0.1% deposit fee while Kraken charges €10 for SEPA and nothing for Wire transfers. You can check out Bitfinex’s deposit page, including four fiat currencies available for the deposit.
CEX.IO, Coinbase, Bitstamp, EXMO – These four websites offer other payment methods, apart from bank accounts. Out of them, CEX.IO has the lowest credit card fee (2.99%) while bank transfers, alongside with cryptos, are free.
Coinbase (credit card 3.99%, banks 0% to $10)
Bitstamp (wire transfer 0.05%, SEPA 0%, credit cards 5%)
EXMO (credit cards 6%, Skrill and Neteller 3.5%, AdvCash and Payeer 1.95%, banks transfers 0% to €5)
In this guide, we answered what crypto trading platforms offer lowest deposit fees. As seen from the investigation, it is hard to pick one platform out of the lot. Many offer similar deposit programs, where fees are similar.
You should read our other articles regarding trading fees and leverages, to get the complete picture of cryptocurrency trade.