Cryptocurrency is difficult. Or at least, it’s difficult if you don’t have the information you need to compare between the alternatives out there. But now you do!
The newly launched comparison site Cryptowisser compares and reviews more exchanges than any other site in the world: more than 350 exchanges with individual reviews for each exchange. In addition to that, they also review wallets, debit cards, merchants and casinos and gives you information on fees, deposit methods, security and user scores. They have a Cryptocurrency Exchange List, Cryptocurrency Wallet List, Cryptocurrency Merchant List and if you’re looking for Cryptocurrency Casinos or a Cryptocurrency Debit Card, they have got a list for that too.
According to a study performed by Cryptowisser, only 1 out of 10 people knew what the trading fees and withdrawal fees were at the exchange they were normally trading at. This is a problem as fees are charged in every trade and in the long term can add up to substantial amounts. For instance, if you would rank the following fees in order of lowest to highest based upon what they charge makers, how would you place them? (answer at the bottom of the article).
- Changelly fees
- Cryptopia fees
- BitMEX fees
- YoBit fees
- Bittrex fees
Another trend identified by Cryptowisser is that newer exchanges are more likely to have lower trading fees, as a way of attracting new customers. Back in 2012-2013, it was not as important to the exchanges to have competitive fees, as there were fewer alternatives out there. For instance, look at Bilaxy. Bilaxy launched in April 2018 and charges 0.10% flat (i.e. both takers and makers in each trade pay 0.10%). These fees are very competitive. If you instead look at exchanges such as BitcoinToYou (launched in April 2012) or Mercado Bitcoin (launched in June 2013), they charge 0.60% flat (6 times the Bilaxy-fees) and 0.50% flat (5 times the Bilaxy-fees). respectively.
To conclude, different exchanges, wallets, debit cards etc. charge very different fees, and it is important to learn about them before choosing one of them rather than after.
Visit Cryptowisser.com to learn more.
Answer to quiz:
Cryptopia & YoBit (both 0.20%)