Not a single one crypto investor or trader will unfortunately get out of it; paying fees, or transaction costs, on a trading platform. However, not every exchange charges the same transaction costs and these percentages can vary quite a bit in practice. The brand new Finnish promises in any case to offer the lowest transaction costs in the Netherlands, and in this article we show that you can certainly feel this in your wallet in the long run.
Finst currently invites people to use the platform completely free of charge, because you pay for the first one €5,000 no trading fees.
Transaction fees on exchanges
Let’s assume an example transaction of 1000 euros for illustration bitcoin (BTC) How much will this transaction cost you on different exchanges in the Netherlands? On average, Dutch crypto investors also make about 20 transactions per year. What did you pay in trading costs on different exchanges at the end of the year?
Here we will compare Finst with Bitvavo, Litebit, Blox and Coinbase to form a realistic picture of the amount you could save with Finst. An important caveat here is that we only use the taker parties discuss. Some exchanges, such as Bitvavo, distinguish between taker and maker fees, with maker fees often being lower.
Bitvavo charges a 0.25% trading fee per transaction. So if you make a transaction of 1000 euros, you have to pay 2 euros 50 to Bitvavo. If you do 20 transactions in a year, this amount will quickly rise to 50 euros in trading costs.
The fees on litebit are 0.70%. The example transaction here will make you 7 euros lighter, and at the end of the year the costs will have risen to 140 euros. On Blox, the fees are 1%. This means that for a transaction of 1000 euros, you pay exactly 10 euros. Over 20 transactions, the trading costs on Blox are around 200 euros!
Coinbase charges the highest trading fees of this list. A fee of 1.49% means that you can pay 14 euros 90 for every transaction of 1000 euros. Do this times 20 and you end up with no less than 298 euros in costs incurred!
Finnish does it differently
Finst’s team recognized that this can and must be done differently. That is why they have extremely low trading costs. At Finst you only pay 0.15% per transaction, which in practice turns out to be 82% lower than the competition.
If you make a transaction of 1000 euros at Finst, you pay a mere 1 euro 50. If you make this transaction 20 times in a year, you will still not pay more than 30 euros.
Compare that 30 euros with the almost 300 euros at Coinbase. That is almost a factor of 10 less in costs that you incur as a user. In addition, of course, there is the fact that with more transactions per year, or higher amounts per transaction, this difference only increases. The costs saved can quickly add up to many hundreds of euros per year.
Anyone who is annoyed by paying trading fees would therefore do well to at least check out Finst. Everyone who is now through this link registers with Finst can also trade no less than 5000 euros completely free of charge.