Bitcoin
RankFi Study Reveals Huge Fee Discrepancies Across Canadian Crypto Exchanges By Chainwire
Toronto, Canada, July 21, 2024, Chainwire
A new study reveals that some Canadian cryptocurrency platforms charge up to 19x more in fees
RankFi, an independent comparison platform, has released its latest study on cryptocurrency exchange rates, highlighting substantial cost differences between 18 Canadian trading platforms. This comprehensive analysis aims to help cryptocurrency investors find the best deals to buy and sell in Canada.
The study identified two major challenges faced by crypto investors: high fees that reduce returns and the overwhelming task of comparing multiple platforms. RankFi’s analysis provides crucial insights into where users can find the most cost-effective crypto platforms.
Key findings of the study include:
- The average total fee for buying Bitcoin across 18 Canadian exchanges was 1.90%, with the selling fee averaging 2.13%.
- Rates varied significantly, with the cheapest option being 19 times cheaper than the most expensive for total sales rates.
- While the average trading fee was 0.72%, trading fees alone do not reflect the total cost. Notably, none of the exchanges offering 0% trading fees were ranked as the cheapest to buy Bitcoin.
“Cryptocurrency investors often face high fees that can eat away at their returns. Our study was created to shed light on where Canadians can find the best deals,” said Alex, founder of RankFi. This marks RankFi’s fourth annual review highlighting fee discrepancies between platforms.
About RankFi
RankFi is a comparison site that provides detailed reviews and ratings of cryptocurrency platforms worldwide. Our mission is to provide clear and unbiased information to help cryptocurrency investors find the best platforms for their needs.
For more information, users can visit RankFi.com.
ContactAlex DabekRankFihello@rankfi.com