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DeGate Vs Binance: You Save on Fees with DeGate DEX!
When it comes to trading cryptocurrencies, fees are a crucial factor. High trading fees can eat into profits, while competitive rates help maximize gains.
Let’s explore how DeGate DEX and Binance compare, with a special focus on the savings DeGate offers in trading Ethereum (ETH).
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DeGate IntroductionDeGate is a decentralized exchange, that is built on Ethereum Layer 2 (L2). There are lots of features about DeGate that make it appealing such as the website’s ability to trade cryptocurrencies directly from wallets without middlemen, cheaper transaction fees, and overall transparency.
This DEX offers decentralized trading opportunities at low costs for those that do not want to use high cost centralized exchanges.
Also Read, CEX vs. DEX: Lessons from the WazirX Incident and the Importance of Self-Custody
Trading ETH on DeGate vs. Binance: Trading Fees Comparison- Binance:One of the most popular centralized exchange charges 0.10% Maker and taker fees for the spot trading. Binance has different fee rates ranging from fixed and the user can decrease the fees to 0.075% if they use Binance’s own coin called BNB. Additional VIP tiers offer further discounts based on trading volume.
- DeGate: The trading fee of DeGate is astonishingly low, which is as low as 0.05% trading fee which is half the normal fee at Binance. This makes DeGate ideal for traders as they are constantly buying and selling large volume of coins especially ETH. It is also, technically, a decentralized exchange, which is likely to mean lower gas fees because it operates on Layer 2, which reduces costs even more.
Fee Comparison Table:
Open Degate Account For lowest Fee Withdrawals: Saving Fees with DeGate- Binance: Binance charges a flat withdrawal fee based on the network and token being withdrawn. For ETH, Binance charges around 0.0012 ETH for withdrawals.
- DeGate: DeGate’s Layer 2 model drastically reduces gas costs, making withdrawals more affordable. As a decentralized platform, DeGate users pay only the necessary gas fees associated with Ethereum L2 transfers, which are much lower compared to Binance’s flat fee. This can translate to significantly lower costs, especially during high Ethereum network congestion.
- Binance: As of this writing, Binance has 431 cryptocurrencies it will allow users to trade, which include a spectrum of tokens across various blockchains. It offers coverage of the leading cryptocurrencies such as BTC, ETH, SOL alongside alternative coins and the newly launched tokens.
- DeGate: Regarding tokens selection, the majority of tokens for DeGate is Ethereum-based tokens since DeGate operates Layer 2 infrastructure. Though the offer is not as vast in comparison to Binance, DeGate provides lower fees for trading ETH and tokens based on the ERC-20 standard, which may be useful to traders using Ethereum-based tokens.
For tokens, features, fee type and a well-organized fee structure, Binance is much better but when it comes to lower trading cost and lower withdraw fee, DeGate is the winner.
For the users concerned with saving fees and trading mostly Ethereum and ERC-20 tokens, DeGate’s decentralized structure and Layer 2 performance provide more cost-savings than Binance.
As you can see if saving on fees is your goal, congratulations, DeGate DEX is your go-to option!
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