Cryptocurrency can be called a new global currency of the modern age. We pay grocery and cell phone bills with crypto. Gone are those days when the term "crypto wallet' seemed like something that came to us from another planet. With a growing number of people adding crypto coins to their wallets and integrating digital assets into their business operations, more often than not, we start wondering, "What crypto has the lowest fees?" Agree that paying extra fees when transferring crypto from one wallet to another is the last thing you want to do. Choosing the cheapest cryptocurrency can be tricky since different projects have different fees. This article outlines the 8 cheapest cryptos to transfer in 2024.
Crypto transaction fees explained
Crypto transaction fees are charges you pay while transferring digital assets from one address to another or when you trade on crypto exchanges, either centralised or decentralised. Crypto transaction fees are needed to reward miners and validators who secure the blockchain network.
The fees vary greatly based on the crypto coins you transfer and the network's currency demand. Transaction fees may be extremely high during heavy network congestion. Whenever looking for a coin with the cheapest transfer fees, it's vital to understand the difference between the major types of fees and how you can minimise crypto transfer costs.
Types of crypto transaction fees
Before discussing which crypto exchange has the lowest fees, let's figure out the major types of crypto transfer fees in the market.
- Gas fees. This type of crypto gas fee is specific to the networks like Ethereum. The fees are paid to miners processing transactions. The fees depend on the transaction's complexity and the network usage. Simple transactions may involve cheaper transaction fees.
- Trading fees. Crypto exchanges charge such fees whenever you buy or sell crypto coins. Crypto transfer fees typically make up a percentage of the transaction amount, which may differ depending on the digital asset you are dealing with.
- Network fees. This type of transaction fee is needed to compensate miners for the computational used to verify transactions on the blockchain network. Network fees are imposed by blockchains and differ based on the network you use. Solana is a vivid example of blockchains with the lowest network fees.
- Exchange withdrawal fees. The name speaks for itself. You pay these fees when transferring crypto assets from your crypto exchange to an external bank account. The fees differ based on the chosen crypto exchange. Consider using Binance if you want an exchange with the lowest crypto transfer fees.
What crypto has the lowest fees in 2024?
Many factors determine the price you pay for crypto transfers. But how can we determine what crypto has the lowest fees in the market? Our article outlines the 8 cheapest crypto coins to transfer in 2024. These are:
- Nano (NANO) has free transactions with near-instant settlement times of less than a second.
- Stellar (XLM) has extremely low transaction fees of just $0.0000035 and fast 3-5 second settlement times.
- ReddCoin (RDD) has very low transaction fees of $0.000073 and 58.9 second settlement times.
- Monero (XMR) has low transaction fees of $0.00014 and 2-minute settlement times.
- Ripple (XRP) has low transaction fees of $0.0011 and fast settlement times of 3- 5 seconds.
- Bitcoin Cash (BCH) has low transaction fees of $0.0024 and 10-minute settlement times.
- Dash (DASH): has low transaction fees of $0.0043 and fast 1-2 second settlement times.
- Litecoin (LTC) has low transaction fees of $0.03 to $0.04 and 2.5-minute settlement times.
That said, let's discuss each of these projects offering low crypto fees in detail.
Nano (NANO)
Transaction fee: $0
Transaction speed: Instant
Nano is an excellent choice for those seeking the cheapest crypto coin to transfer. Its unique architecture allows for zero transaction costs, making it ideal for micro-transactions and everyday use. Nano's instant transaction speed enables real-time, cost-free payments. This is especially beneficial for frequent or small transfers, eliminating cost barriers. Nano's network is also efficient and low-energy, enhancing its appeal as a sustainable cryptocurrency.
Stellar (XLM)
Transaction fee: $0.0000035
Transaction speed: 3 to 5 seconds
Stellar (XLM) offers the lowest crypto transaction fees and the fastest transactions. It serves as the native token for the Stellar Network, a platform for stablecoin users. Thanks to the Stellar Consensus Protocol (SCP), each Stellar transaction costs only $0.0000035, one of the lowest fees in the crypto world. SCP ensures swift and cost-effective transactions by allowing individual users to validate transactions.
ReddCoin (RDD)
Transaction fee: $0.000073
Transaction speed: Instant
For crypto investors who enjoy tipping their favourite vloggers and streamers, ReddCoin (RDD) offers an ideal solution with the cheapest crypto transfer fees. As a digital social currency, ReddCoin enables users to support social media content creators easily. The average transaction fee is just $0.000073, making it highly cost-effective. This allows crypto enthusiasts to appreciate their favourite creators without significant expense.
Monero (XMR)
Transaction fee: $0.00014
Transaction speed: 2 minutes
Securing crypto transactions does not need to break the bank, especially with Monero (XMR). Designed for enhanced privacy and default anonymity, Monero offers top-notch security features without the hefty price tag. Remarkably, a Monero transaction costs just $0.00014, and there are no wire transfer hassles or lengthy holding periods. It's a straightforward, privacy-centric token with the lowest crypto transaction fees attached.
Ripple (XRP)
Transaction fee: $0.0011
Transaction speed: 3-5 seconds
Ripple Lab's native token, XRP, is one of the top penny cryptocurrencies, largely due to its low transaction fees. Serving Ripple users in payments, asset exchange, and remittances, XRP boasts some of the crypto world's most economical fees. With a mere $0.0011 per transaction, XRP facilitates seamless transactions at a fraction of the cost. Despite Ripple's reputation for high transaction fees, XRP's simplified mining process, including pre-mining, ensures affordability. This positions XRP as one of the cheapest crypto to transfer, making it an attractive choice for investors.
Bitcoin Cash (BCH)
Transaction fee: $0.0024
Transaction speed: 2-3 seconds
Emerging from Bitcoin's roots, Bitcoin Cash (BCH) aimed to address Bitcoin's energy-intensive mining process by increasing transaction throughput with larger blocks. Beyond transaction speed, BCH now supports leading BRC-20 tokens like CashToken and boasts minimal transaction fees. Users can execute transfers for as little as $0.0024 on average. While BCH's utility may be limited compared to other cryptocurrencies, its ability to save users on transaction costs remains noteworthy, warranting attention despite fewer daily transactions.
Dash (DASH)
Transaction fee: $0.0043
Transaction speed: 2-3 seconds
Dash (DASH), a Bitcoin derivative, boasts the lowest crypto transaction fees. Positioned as a Proof-of-Stake (PoS) coin, Dash utilises "masternodes" for mining and its treasury to reward miners. This results in an average transaction fee of $0.0043. Concerns over Dash's treasury system potentially centralising the coin persist among investors. However, Dash remains decentralised and continues to offer one of the lowest transaction fee structures in the cryptocurrency realm.
Litecoin (LTC)
Transaction fee: $0.03 to $0.04
Transaction speed: 2.5 minutes
Litecoin, an early entrant in the crypto arena, retains its status as the cheapest crypto to transfer. With fees ranging from $0.03 to $0.04 per transaction, Litecoin remains impressively affordable. While newer currencies may surpass it in market capitalisation, Litecoin's robust network ensures its cost-effectiveness. Unlike many competitors, Litecoin's network doesn't rely on transaction fees for miner rewards, further cementing its position as one of the cheapest options for sending crypto.
StormGain, the platform with the cheapest crypto transfer fees
StormGain has made its name as a cryptocurrency trading platform offering the lowest crypto transaction fees. There are several types of commissions charged on StormGain. These are:
- An exchange commission is charged when one crypto is converted to another.
- A transaction commission on trades made with leverage is charged the moment you open/close the trade.
- The financing rate is charged and paid out several times a day, at specific intervals of time, which are outlined in our dedicated FAQ article.
- Deposit fees with a credit card through Simplex are 3.5% and 4% through Koinal, but there are no deposit fees charged for adding funds to your StormGain account from a crypto wallet;
- Trading fees make up 10% of profit sharing on profitable transactions only.
Feel free to refer to our page for a complete list of commissions and fees on StormGain.
Register Now
