Gemini Coinbase Kraken - Why Are All Crypto Exchanges Charging High Fees?

Gemini Coinbase Kraken - Why Are All Crypto Exchanges Charging High Fees?

You want to trade your coins, but you don't know how much it will cost you in exchange fees.

You are not alone! CryptoElate explains a lack of transparency is an industry-wide problem because of the complex processes involved with exchanges.

The systems being used lack transparency. Are you aware competition must increase for transparency to increase?

CryptoElate states in its new report that each crypto exchange is different, which makes them hard to compare.

In addition, each blockchain uses a unique process to calculate transaction fees, which adds to the complexity.

The newly launched report aims to help you better understand why it is so challenging to establish the crypto and blockchain exchange fees you will incur per transaction.

For instance, you may not be aware that centralised exchanges use different structures compared to decentralised exchanges.

While challenging now, CryptoElate states transparency around crypto exchange fees will improve.

The crypto market is still in its infancy in relative terms. Although it uses advanced technology and processes, overtime, they will improve to increase the speed of exchanges and reduce the costs.

A company spokesperson said: “Crypto exchanges have an edge over traditional trading and financial platforms because they use crypto wallets, while traditional platforms use banks to back the money.”

Disclaimer: This information does not constitute investment advice or any other kind of advice.

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