In this lesson
- understand when you are a maker and when a taker
- learn to read an exchange's price list
- find out why it pays to withdraw crypto less often
- see on a practice panel when you pay the maker fee and when the taker fee
A market is like a marketplace. Someone puts goods on the counter and waits for a customer – that is the maker. Someone comes and takes the goods straight off the counter – that is the taker. The exchange likes a full marketplace, so it rewards those who put goods out with a lower fee.
Maker or taker?#
- Maker – your order does not fill straight away and waits in the order book. Typically a limit order below the current price when buying, or above it when selling. You add liquidity to the market.
- Taker – your order fills immediately against orders already in the book. A market order, and a limit order at a price that can be filled right away. You take liquidity.
All the costs of a trade are covered in the lesson What a trade costs.
How to read the price list#
The price list (Fees or Fee schedule) is usually a table by volume over the last 30 days:
| 30-day volume | Maker | Taker |
|---|---|---|
| up to 10,000 € | 0.10% | 0.20% |
| 10,000–50,000 € | 0.08% | 0.16% |
| over 50,000 € | 0.06% | 0.12% |
A sample table – real rates differ by exchange.
At these rates a 1,000 € trade costs you 1 € as a maker and 2 € as a taker. You pay the fee again both when buying and when selling.
Some exchanges offer a discount on fees if you pay them with their own token. The discount is nice, but you have to hold the token – and its price may fall by more than you save.
The withdrawal fee#
Besides trading fees, you pay for withdrawing crypto from the exchange. It is usually a fixed amount depending on the network, not a percentage. A fixed fee worth, say, 2 euros is 10% of a 20-euro withdrawal – but only 0.1% of a 2,000-euro one. So withdraw less often and in larger amounts.
The most expensive trade is an unnecessary one
A lower fee tempts you to trade more. But ten unnecessary trades with a low fee cost more than one well-thought-out trade with a higher one. The cheapest trade is the one you do not make.
Try it: maker or taker?#
The practice panel uses the same fees as the table above: maker 0.10%, taker 0.20%. The last price is 60,000 euros.
- Enter a limit buy at 59,000. The order waits in the book – when it fills, you are the maker.
- Enter a limit buy at 60,100. It executes at once at the book's offers – you are the taker, even with a limit.
- Enter a market buy. The preview shows the taker fee in euros.
Common myths#
- "A limit order is always a maker." Only if it does not fill straight away. A limit buy above the current price is a taker.
- "0.1% is negligible." It adds up with frequent trading – and you pay it on both buying and selling.
- "Withdrawing a small amount is free if the fee is small." A fixed fee is highest in percentage terms on small amounts.
Summary
- A maker adds an order to the book and pays less; a taker takes from the book and pays more.
- The price list follows 30-day volume; you pay the fee on both buying and selling.
- A discount for paying with the exchange's own token means holding another risky asset.
- The withdrawal fee is usually fixed – withdraw less often and in larger amounts.