Best Cryptocurrency Exchanges in India for 2022 – Forbes Advisor INDIA
In India, different cryptocurrency exchanges charge different fees and charges. Let’s take a closer look at what these fees are:
Majority of cryptocurrency exchanges in India such as WazirX, Zebpay, Bitbns and Unocoin have waived the joining fee entirely. However, inactive accounts may incur a very small membership fee.
This fee is charged when the user deposits funds or coins with the crypto exchange to initiate the purchase or sale. The amount of the deposit fee depends entirely on how the user transferred the funds, be it through payment processors, Mobikwik, a crypto wallet, UPI, Net Banking or bank transfers.
Trading fees are the most important part of the cryptocurrency exchange fee mechanism. Trading fees can be charged as a flat percentage of the amount of crypto a trader buys or sells, or an exchange can charge based on orders placed, such as orders placed. B. manufacturers and buyers, charge different fees. So before proceeding, it is important to understand maker and taker fees.
A maker is a party that creates liquidity on the exchange by selling cryptocurrency
The taker is the party that deprives it of liquidity by buying the cryptocurrencies.
Both maker and taker pay a certain fee for the transaction. However, manufacturers usually pay less.
Trading fees vary by exchange, ranging from almost 0% to 0.25% on most exchanges. However, it should be noted that certain exchanges claim not to charge the user any fees, it is necessary to pay close attention to the fact that when they charge in the form of spreads – the difference between the price of buying or selling cryptocurrency. And in general, this rate is higher than the trading fee.
Some exchanges charge the user to withdraw funds in fiat. Withdrawing funds occurs when a user places a sell order on the exchange and then the funds appear in their wallet. The user can withdraw money here in full or in part to their registered bank account for which he or she may be charged. The user also has the option to withdraw in coins, which also comes with a cost.