The Block spokesman Larry Chermak conducted a study according to which Binance US, FTX, OKCoin and Poloniex turned out to be the cheapest spot crypto exchanges.

These platforms charge the lowest trading fees (maker and taker commission). Commissions from makers are usually lower than fees from takers, since the former are charged for adding liquidity to the exchange, and the latter negatively affect the liquidity of the order book.

Chermak analyzed the commission fees of 20 leading crypto exchanges and found that FTX is the cheapest exchange for retail traders, while Binance US and OKCoin are the most profitable for institutional representatives.

Coinbase, bitFlyer EU, Bitstamp and Gemini, by contrast, are among the most expensive spot exchanges in the crypto industry.

In particular, using Coinbase, Bitstamp and Gemini is expensive for retail traders, although Gemini rates are relatively low for large participants:

Previously, Binance was one of the cheapest platforms, but now the leading exchange is one of the most expensive, especially for larger traders. For a small retail trader group that remains the target audience for Binance, Changpen Zhao's product is still inexpensive.