Cryptocurrencies with Lowest Transaction & Withdrawal Fees

Here we are going to discuss why we should pay fees to transfer cryptocurrency and which cryptocurrencies have the lowest transaction fees and the lowest withdrawal fees.

The cryptocurrency transaction fees are attributed to the cryptocurrency network itself. It generally depends on how a cryptocurrency network functions.

Every cryptocurrency runs on blockchain technology. A cryptocurrency can run on its own the blockchain or another cryptocurrency's blockchain. If a cryptocurrency runs on another blockchain then it is called a token. For example, Bitcoin(BTC) has its own blockchain, Ether(ETH) has its own blockchain network, Ethereum and Dogecoin(DOGE) has its own blockchain, which is a hard fork of another chain. But there some tokens like Basic Attention Token(BAT), Chainlink(LINK), OmiseGO(OMG), Uniswap(UNI) which run on Ethereum blockchain.

Ethereum works that way, it enables to create tokens on its blockchain. And there are other cryptocurrencies like NEO, BSC which can host other cryptocurrencies on their blockchain. There are Nodes(Nodes are the computers that are connected to the network), who operate the blockchain, i.e., validate the transactions, build new blocks, execute smart contracts etc. So these nodes are rewarded for running these blockchain networks. The reward structure is not the same for all the blockchains. And the rewards are issued in the same cryptocurrency on which they work. For example, if you are a node on Bitcoin blockchain, you get bitcoins and similarly, if you're a node on Ethereum, you will be rewarded in Ethers.

This is the reason why you have to pay transaction fee while using any of the cryptocurrency networks, you have to pay fees so that nodes can maintain the network. The fee is different for different cryptocurrency networks. So we here made a list of transaction fees and withdrawal fees for various cryptocurrency networks. It can benefit you a lot when you transfer between exchanges and cryptocurrency wallets.

Cryptocurrency with lowest fees

Cryptocurrencies with Lowest Fees

1. Ripple(XRP)

Ripple is the 5th largest cryptocurrency. It is there for the sole reason for making transactions cheaper. Ripple is a payment network built on its own XRP ledger. Validator nodes verify the transactions. At least 80% of the nodes need to verify a transaction to process it.

Price - $0.3981
Market Cap - $18,018,281,001 ($18 B)
Circulating Supply - 45,589,527,373
Transactions/Second - 1500
Average Transaction Fee - 0.0165 XRP ($0.006)

2. Tron(TRX)

Tron is the 22nd largest cryptocurrency. It is a smart contract platform just like Ethereum. You can build Decentralised Applications(DApps) on Tron blockchain. Tron blockchain uses Delegated Proof of Stake consensus algorithm which means nodes have to stake TRX to validate transactions.

Price - $0.0327
Market Cap - $2,338,001,235 ($2. B)
Circulating Supply - 71,660,220,128
Transactions/Second - 2000
Average Transaction Fee - 0.813 TRX ($0.026)

3. Litecoin(LTC)

Litecoin is the 7th largest cryptocurrency. Litecoin blockchain is similar to that of Bitcoin's. Its the optimised version of Bitcoin blockchain. It uses the same Proof-of-Work consensus algorithm. Nodes verify the transactions by using their computer's processing power.

Price - $144.07
Market Cap - $9,747,724,841($9.7 B)
Circulating Supply - 66,413,766
Transactions/Second - 0.95
Average Transaction Fee - 0.048 LTC ($0.007)

4. Dogecoin(DOGE)

Dogecoin is the 12th largest cryptocurrency. Dogecoin is a meme coin. It is not created as a cryptocurrency purpose-fully. It was a fork of Litecoin blockchain. When a blockchain splits into two chains, the protocols of new coins can be changed. So the Litecoin is forked to the original Litecoin and Dogecoin. It is used to tip users on online communities like Reddit and Twitter.

Price - $0.0442
Market Cap - $6,016,392,039 ($6.01 B)
Circulating Supply - 128,233,897,815
Transactions/Second - 0.65
Average Transaction Fee - 1.58 DOGE ($0.07)

5. Bitcoin Cash(BCH)

Bitcoin Cash is the 10th largest cryptocurrency. Bitcoin Cash is a hard fork of original Bitcoin blockchain. It is the duplicate of Bitcoin. It also works on PoW. Bitcoin Cash has less transaction fees than Bitcoin.

Price - $422.12
Market Cap - $7,850,947,059 ($7.85 B)
Circulating Supply - 18,645,537
Transactions/Second - 3.4
Average Transaction Fee - 0.00000520 BCH ($0.0022)

6. Bitcoin(BTC)

Bitcoin is the No.1 cryptocurrency. Bitcoin's market cap comprises of 60-70% of total cryptocurrency's market cap. Bitcoin is the first ever cryptocurrency and the first ever digital cash. Nodes are called Miners on Bitcoin network. Miners verify transactions by spending huge amount of electricity and provide processing power to the network. Hence, it is called Proof of Work. 

With the recent increase in Bitcoin price, transaction fee has gone up a lot. Generally, transactions involving huge amount of money occur using Bitcoins. But there are some alternate ways to transfer your Bitcoin for cheap.

Price - $36,651.54
Market Cap - $680,476,238,879 ($680 B)
Circulating Supply - 18,619,225
Transactions/Second - 3.91
Average Transaction Fee - 0.00024633 BTC ($8.91)

7. Ethereum(ETH)

Ethereum is the 2nd largest cryptocurrency network. The native currency that is used on Ethereum is called Ether. It is a advanced cryptocurrency. We can build Smart contracts, Decentralised Applications, other cryptocurrencies on Ethereum. Ethereum also uses Proof of Work consensus algorithm. To make any transaction on Ethereum network, you have to pay Gas fee in Ethers. Due to recent increase in price, gas fees are at all-time-highs. Ethereum is going to shift its consensus algorithm to Proof of Stake soon.

Price - $1,605.67
Market Cap - $182,462,431,201 ($182 B)
Circulating Supply - 114,534,348
Transactions/Second - 15.37
Average Transaction Fee - 0.0043 ETH ($7.08)

Conclusion

These are the transfer fee on cryptocurrency networks. It doesn't mean you have to pay exactly that amount. Some exchanges charge a fixed amount of fees for transferring your crypto, they may be higher or lower than the network fees. And also cryptocurrencies prices fluctuate wildly. The fees will be generally around those numbers mentioned above.

And in case of wallets, you can customize the fee you are going to pay for the transfer. Customizing in the sense, cryptocurrency nodes process the transactions which have higher fees first. Lower fees mean slower transaction. So it is up to you. If can wait for a bit more time to receive your crypto, you can pay lesser fees.


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