Fees are the cornerstone in the world of cryptocurrency and crypto-trading. All investors have to deal with several types of fees. This is a standard model: you pay for third-party services, just like in the classic stock market.
Besides, due to decentralized nature of cryptocurrency, you must pay for the use of blockchain. In addition to these fees, many wallets and stock exchanges charge their own fee for adding or withdrawing funds from the marketplace.
As a result, there are three types of transaction fees for working with digital assets:
Fee for order execution
Transaction fee
Fee for adding and withdrawing funds
The world of cryptocurrency is full of exchange services and exchanges, each of which has its own fee system. In this article, we will look at several popular resources for BTC/LTC exchange and different exchange amounts in order to understand the difference between atomic swaps and traditional fee system.
Atomic swap fee in Atomic Wallet
Atomic swap operates in a fully decentralized way, which allows you to get rid of two types of fees at once. First, you do not have to pay intermediary fees (to exchange or exchanger) for crypto transaction. Secondly, the wallet itself does not require any payment for transactions. You only have to pay a fixed network fee, which does not depend on the amount of the currency exchanged.
A total fee: 1.4 USD
B total fee: 1.4 USD
Transaction fee is constant for any swap amount in one moment.
Okex fee
Okex is one of the oldest and largest crypto exchanges. The estimated monthly audience is hundreds of thousands of users, and daily turnover exceeds 1.5 billion dollars.
Fees: https://www.okex.com/pages/products/fees.html
Maker fee: 0.15%
Taker fee: 0.20%
1LTC = 93.9 USD*
Poloniex fee
Poloniex platform, one of the largest US-based exchanges, presents another example of crypto-exchange fees.
Fees: https://poloniex.com/fees/
Maker fee: 0.10%
Taker fee: 0.20%
1LTC = 93.9 USD*
Changelly Fee
The next participant of our review is Changelly, a service for instant exchange of cryptocurrency, integrated into some of the largest exchanges, having a monthly turnover of more than $ 500 million.
Fees: https://changelly.com/faq#how-does-changelly-work
Changelly takes 0,5% fee for exchange. For example, if you want to change LTC to BTC:
1LTC = 93.9 USD*
As you can see from the summary table, cryptocurrency exchange using atomic swap technology is beneficial for any transaction amount.
Calculations for exchange fees and Changelly service were made without taking into account the deposit fees. Fixed network fee for atomic swaps allows you to save a lot, while on exchanges the fee becomes higher in proportion to the increase in the amount of exchange.
The technology integrated into Atomic Wallet solves multiple problems for a wide range of crypto-enthusiasts — from novice investors to large whales.
Try Atomic Swap here — https://atomicwallet.io
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*Exchange rates provided by coinmarketcap.com on 14.06.18