The most suitable crypto exchanges are ranked based on usability, trading fees, security, and liquidity. Whereas, most people are more focused on liquidity and trading fees.
Choosing the best trading fees model
The only way you will make an informed choice for a proper exchange is by understanding your individual trading needs. Additionally, you will need to evaluate the trading fees of the exchange and be sure if its fees model aligns with your preferences.
Now take, for instance, the following types of exchange fees, trading fees, margin fees, trading spreads, withdrawal, and deposit fees.
Generally, the most affordable crypto exchanges have no deposit or withdrawal fees. Sometimes, an exchange will charge deposit and withdrawal fees and have a no trading fee model. This model makes regular trading cheap and affordable. It becomes even cheaper when the spread is bid, and ask price’s spread is tight.
A regular trader might find “a no trading fees” model suitable. While someone who is just using cryptocurrency as a means of payment might consider “a no deposit/withdrawal fee” model suitable. However, each fee structure has its individual benefits and limitations.
Again, while considering the best fee structure of a bitcoin exchange, ensure you look at its preferred payment method. Most exchanges support the following payment options: credit cards, debit cards, wire transfers (e.g. SEPA, ACH, and SWIFT), and internet payment providers (e.g. Skrill, PayPal, and Neteller).
Minimizing exchange costs
Minimizing exchange costs could mean combining the lowest deposit fees with the lowest spreads on bid/ask price. Mostly, wire transfers charge the least when depositing. You will part with more fees if you choose to deposit cash into an exchange through an alternative payment method such as PayPal, Payoneer, and credit cards. Usually, the high deposit fees arise due to alternative companies providing chargebacks(a feature for buyer’s protection). While a cryptocurrency transaction is not reversible (blockchains are immutable), hence, there is no need for buyer protection.
The role of the Aurix Exchange is to make cryptocurrency trading painless and easy for everyone. The exchange wants average financial service users to be able to make crypto transactions and rely on digital currencies for their day-to-day payment needs.
Aurix transaction costs and cashbacks
Aurix aims at providing its users with the best user experience to the extent of even paying users for trading on the platform. This section will dissect the various cashbacks and how they apply to every tier of users and the reward for each tier.
There are seven membership tiers on Aurix exchange that define the user experience of each site user. These memberships are labeled from VIP 0 to VIP 6. Each member is awarded membership to a particular tier, depending on their volume of trades in the past 30 days. Here is a table outlining the membership tiers, their requirements, and their inherent benefits.
Majed Mohsen is the CEO of the Aurix Chain Ecosystem. This platform comprises a digital currency exchange, a mobile version of the platform, an eCommerce plugin, and a native token (Aurix Token).