As the message of cryptocurrency spreads worldwide, so do the platforms for crypto trading spreads. An estimate from CoinGecko says there are over 215 crypto exchanges worldwide today.
These crypto platforms compete to be the best, have the largest customers, and make the most money. Therefore, they innovate ways of attracting and maintaining their customer base with different perks and incentives. We will look at one such incentive: the zero trading fee.
While we focus on the crypto trading apps with zero trading fees in Nigeria, we will also look at their benefits and the risks associated with such apps and, finally, what tips to know when choosing one of such apps. First, come around and let us learn more about the concept of the zero trading fee.
Zero Trading Fees: The Meaning
When you hear zero trading fees, the exchange does not charge you a fee for making deposits, withdrawals, placing a trade on the spot, futures, margins, listing fees, etc.
You should also know that this ‘zero trading fee’ usually does not apply to all transactions done on the platform.
How it works
- It removes direct charges for cryptocurrency buying/selling.
- It enables trade execution without maker/taker fees.
- It generates revenue through price spread, withdrawal fees, premium services, and ad revenue.
- It operates on a P2P trading model.
- It offers optional features like premium escrow services or tokenized rewards.
- It uses smart contracts for secure, transparent trade execution.
Crypto Trading Apps With Zero Trading Fees in Nigeria
These are some of the crypto platforms that charge zero fees for trading with them. We will also show you where you will not get charged for using them.
- Binance
Binance is the most popular trading app worldwide.
Zero trading fee feature: Binance charges zero fees for specific trading pairs, such as all BTC trading pairs and p2p trading. However, it charges for deposits, withdrawals, and trades in spot, margin, futures, options, and fiat trading.
Availability in Nigeria: Yes, but due to restrictions, it does not support any Naira trading pair or direct deposits and withdrawals with Naira through banks.
- MEXC
MEXC is another leading crypto exchange worldwide and the cheapest, too.
Zero trading fee feature: MEXC has the lowest trading fees of any crypto platform. It charges no maker fees for spot, futures, or specific trading pairs and does not charge for p2p trades. However, it charges 0.1% for spot trading and 0.3% for futures trading in taker fees.
Availability in Nigeria: Yes, but does not support any Naira trading pair or direct deposits and withdrawals with Naira through banks.
- Phemex
Phemex is a secure and user-friendly crypto platform. It offers spot, futures, and margin trade and supports over 300 cryptocurrencies.
Zero trading fee feature: Phemex does not charge for deposits. For spot trading, it does not charge Phemex premium users only.
Availability in Nigeria: Yes.
- Bitget
Bitget is a well-known crypto exchange that is best known for futures trading and airdrops.
Zero trading fee feature: Bitget offers zero trading fees on spot and futures trading on specific trading pairs during promos, not as a permanent feature.
Availability in Nigeria: Yes. But supports no naira trading pair.
- KuCoin
KuCoin is another big crypto platform similar to Binance. It supports over 300 cryptocurrencies that trade on spot, futures, margin, p2p and leverage.
Zero trading fee feature: KuCoin does promotional zero trading fees on spot and futures trading on specific trading pairs.
Availability in Nigeria: Yes. But supports no naira trading pair.
- Bybit
Bybit is a top cryptocurrency exchange known for its advanced derivatives trading and user-friendly features. It is popular worldwide, especially among professional traders who seek low fees, high liquidity, and advanced trading tools.
Zero trading fee feature: Bybit does not charge fees for its P2P trading, on-chain crypto deposits, internal transfers, and unfilled or canceled orders. Bybit also charges zero trading fees for some spot trading pairs but for promotional purposes.
Availability in Nigeria: Yes. But supports no naira trading pair.
- OKX
OKX is another crypto trading platform in Nigeria, just like the ones mentioned earlier.
Zero trading fee feature: OKX does not charge for p2p trading. During promotions, specific trading pairs also get zero trading fees.
Availability in Nigeria: Yes. But supports no naira trading pair.
Summary
| Exchange | Zero trading fee feature | Availability in Nigeria |
| Binance | Zero fees for BTC pairs & P2P trading | Yes, but no NGN trading pairs or direct bank deposits/withdrawals. |
| MEXC | Zero maker fees for spot, futures, and P2P | Yes, but no NGN trading pairs or direct bank deposits/withdrawals. |
| Phemex | Zero deposit fees; spot trading is free for Phemex premium users. | Yes |
| Bitget | Zero fees on spot and futures for specific pairs during promos, not permanent. | Yes, but there are no NGN trading pairs. |
| KuCoin | Promotional zero fees for spot and futures on specific pairs. | Yes, but there are no NGN trading pairs. |
| Bybit | Zero fees for P2P trading, on-chain deposits, internal transfers, and some spot pairs (promo-based). | Yes, but there are no NGN trading pairs. |
| OKX | Zero fees for P2P trading; some trading pairs get zero fees during promos. | Yes, but there are no NGN trading pairs. |
Benefits of Zero Trading Fees
Zero trading fees in crypto apps offer several benefits, including:
- You get all your profits in full.
- Zero trading fees encourage you to trade more on the platform.
- It attracts new users to the platform.
- Zero fees will benefit you as a scalp or day trader, making your trading strategies more profitable.
- Zero trading fees increase trading activity on a platform, leading to higher liquidity and easier buying or selling of assets quickly at stable prices.
- Though some platforms hide fees in spreads or withdrawal charges, true zero-fee trading promotes trust and clarity.
- More people are likely to adopt crypto when trading is cost-free, leading to wider mainstream adoption.
FAQs on Crypto Trading Apps With Zero Trading Fees In Nigeria
- How Do Crypto Exchanges With Zero Trading Fees Make Money?
Crypto platforms that offer zero trading fees earn money through other means, such as spread marks, withdrawal fees, premium subscriptions, stake and lending, market making, listing fees, advertising and partnerships, futures and margin trading fees, NFT sales and royalties, payment processing fees, and data monetization.
These platforms offer advanced trading features and act as market makers, earning from trade price differences.
- Are There Any Risks For Exchanges With Zero Trading Fees?
Yes, of course. Zero trading fees in crypto apps pose risks and challenges to you as a user and the platform itself.
These include hidden costs, lower platform revenue, market manipulation, lower security investment, an unsustainable business model, spread-based pricing, encouraging user overtrading, limited features or support, data monetization risks, and declining service quality.
Due to these risks, management needs to define where trading fees apply or not clearly.
- What Should I Look Out For When Choosing A Crypto Exchange With Zero Trading Fees?
To choose a good crypto platform with zero trading fees;
- Look for spread markups, withdrawal, or deposit fees that offset zero trading fees.
- Choose platforms with strong security measures, audits, and good user reviews.
- Ensure smooth trade execution and minimize price manipulation risks.
- The platform should support the cryptocurrencies you want to trade.
- Go for a regulated platform for better legal protection and reduced shutdown risks.
Conclusion
Crypto apps with zero trading fees bring rewards such as whole profits to you and increase trading volumes to the platform. Nonetheless, possible hazards like fraudulent transactions and market manipulation are real. In your choice of platform, pay attention to its security and trading fee structure, and know the trading pairs that come with no charge
Zero trading fees are enticing, but strike a balance between the benefits and the risks before making your choice to make the most of your trades.
