Binance U.S., FTX, OKCoin and Poloniex are the least expensive spot crypto exchanges to use, according to research conducted by The Block's Larry Cermak.
Those exchanges charge the lowest trading fees, or maker and taker fees. Maker fees are usually lower than taker fees as the former is charged for adding liquidity, while the latter is charged for removing liquidity from an exchange's order book.
Cermak analyzed maker and taker fees of 20 leading crypto exchanges and found that FTX is the cheapest exchange for retail traders, while Binance U.S. and OKCoin are least expensive for institutional traders.
Coinbase, bitFlyer EU, Bitstamp and Gemini, on the other hand, are among the most expensive spot exchanges for crypto.
Coinbase, Bitstamp and Gemini, in particular, are expensive for retail traders, though Gemini's rates are on the low side for traders of significant size.
Binance used to be one of the least expensive crypto exchanges, but now it is one of the more expensive ones, especially for bigger traders. For retail traders – which is Binance's largest customer group – it still remains inexpensive.