For Beginners:
- Choosing which exchange to use is often governed by what coin/token you wish to trade.
- Go to https://www.coinmarketcap.com and look up what coins/tokens you want to start trading.
- After finding a coin, go to the ‘Markets’ tab and look up what exchange site it’s on. You probably want to trade on the site with the most volume for the coin/token (as you will get a more accurate depiction of the market direction of the coin and your order will often get filled quicker etc.).
- Details of the most popular/high volume exchange sites with a wide variety of coins/tokens are below (I realise I’ve left out quite a few, most of the other popular ones are in a foreign language), in alphabaetical order.
- Some links may are affiliated! Happy Trading!
Binance (https://www.binance.com/)- Very popular site, has own coin (Binance Coin [BNB]), 0.1% trading fees (taker and maker), standard withdrawal fees [table below].
Image from: https://www.bitfinex.com/feesBittrex (https://bittrex.com/)- Very large trading site, a lot of big names, has 0.25% commission on every trade, standard withdrawal fees (and sometimes more/less depending on network apparently).
Bitfinex (https://www.bitfinex.com/?refcode=79a1LX4qIY)- Massive site, fees range from 0-0.2% and are outlined in more detail below, standard withdrawal fees.
Image from: https://www.bitfinex.com/fees
NB: When you place an order at the market price that gets filled immediately, you are considered a taker. When you place an order which is not immediately matched by an existing order, that order is placed on the order book. If another customer places an order that matches yours, you are considered the maker (and fees are distributed in accordance).Bithumb (https://www.bithumb.com/)- South Korean exchange, highest volume trading exchange currently, 0.15% taker and maker fees, standard withdrawal fees.
Cryptopia (https://www.cryptopia.co.nz/Register?referrer=walkerk)- This is a NZ based company, it will take NZD (for which you will need ID and NZDT/Bank services), probably the best place to get started with NZD. It holds a lot of Alt coins as well as big name coins, and they have their own ‘Marketplace’ where you can use BTC to buy various goods. It has 0.2% trading fees, it's a bit slow to deposit/withdraw sometimes and it has 0.001BTC withdrawal fees (but 0.01 ETH withdrawal fees).
EtherDelta (https://etherdelta.com/)- A decentralised exchange that uses Ether to trade with various tokens. Kind of slow but uses smart contracts and has a lot of tokens that won’t be found anywhere else. Has an 8 gwei default gas price (for trading and withdrawing) which you can change but it’s recommended you keep it as default.
[8 gwei = 0.008 micro ether; so you can use 0.00810^-6 = 0.000000008 ether, then multiply that by the price of ETH; which is normally around $300 USD. So 8 gwei = 0.000000008300*(amount of token you are moving) = amount in USD it will cost, basically cents].GDAX (https://www.gdax.com/)- This is a Coinbase affiliated exchange, BTC/USD trading is not available in Australia (and some other parts), but it will still let you trade between ETH/BTC and LTC/BTC. This site only contains BTC, ETH and LTC (as well as USD, EUR and GBP), but has 0% maker fees! As far as I can find there are no withdrawal fees, the other fee's are outlined below:
Image from: https://www.gdax.com/fees/BTC-USDHitBTC (https://hitbtc.com/?ref_id=59dca404b91d0)- Another large exchange, has some smaller coins. An order which will not be executed immediately will be granted a 0.01% rebate on execution [ie the maker]. Orders executed immediately will incur a 0.1% execution fee [ie the taker]. Also, very cheap withdrawal fees (0.0003 BTC and 0.0013 ETH etc.).
Liqui (https://liqui.io/)- A moderately large exchange with some of it's own smaller coins. The fees are 0.1% for maker fee and a 0.25% for taker fee. I couldn't track down definite withdrawal fee's but the general consensus across forums were that their fees were slightly above average for some coins (and standard for others).
Source: https://bitcoinexchangeguide.com/liqui-io/Poloniex (https://poloniex.com/)- One of the larger exchanges, has margin trading and lending. I found no definite place that shows a withdrawal fee table, but various forums have pointed to them being relatively low (0.0001 BTC and 0.005 ETH). Fees for trading include ~0.15% maker and ~0.25% taker, but are outlined in more detail below (not including fees on lending, follow the image source link/navigate to fee page on Poloniex for more details):
- Image from: https://poloniex.com/fees/YoBit (https://yobit.io/?bonus=lLqKn)- A relatively small exchange with some unique tokens, has some gambling/games features on the site. They have a flat 0.2% fee on all trading and have standard withdrawal fees.
Thanks for making it through, hope this helped a few people out! I'll try answer questions as fast and correctly as possible.