Many transactions are carried out across various blockchains daily, attracting heavy fees that are necessary for facilitating transactions. One way to save more and get better value for your transactions is to use a crypto exchange with the lowest fees.
Such fees come variously, with an immense chunk of trading fees imposed on them as trading fees. Identifying the lowest fee on crypto is as vital as ensuring you get fast transactions and premium service.
We look at the top crypto projects with the cheapest blockchain fees.
What is a Crypto Transaction Fee?
A crypto transaction fee is primarily a fee for users when transferring coins from one account to another. A certain transaction fee is taken for the transaction to pass and be recorded in the blockchain. There is a variation of transaction fees between coins, which depends on different factors.
The primary function of a crypto transaction fee is to ensure that transactions are validated to keep the corresponding platform running and developing to secure transactions.
Finding a crypto asset with the lowest transaction fees is more challenging than you think. This is because every project claims to have the lowest fees on the market.
However, if you are a newbie in crypto, investing your money into projects with the lowest transaction fees can significantly impact your return on investment (ROI).
However, when transferring your cryptocurrency from one wallet to another, you need to make sure that you are doing it as cheaply as possible. Here are the top projects that have the lowest transaction fees.
1. Nano ($XNO)
When it comes to crypto coins with the lowest transaction fees, no coin beats Nano. What makes this token unique is that it comes with zero transaction charges. Additionally, it is proof that transactions in crypto can be subsidized or done away with. This can be done even without the need to compromise the coin’s integrity.
In addition to having no transaction fees, Nano still runs speedy transactions. It also has a consensus mechanism that ensures that all transactions are as secure as possible. It also has no risk of inflation.
Stellar is an open-source payment technology whose founder is Jed McCaleb. It has the characteristics of having fast transactions, which are also affordable. XLM acts as the native token for the Stellar Network, providing a platform for stablecoin users to use their coins.
A Stellar transaction costs a mere $0.00000215, being one of the lowest crypto transaction fees. The transaction fee comes as a product of the Stellar Consensus Protocol SPC. SPC makes Stellar transactions fast and cost-effective. It allows individual Stellar users to validate transactions on the platform.
DigiByte is a three-layer cryptocurrency with great potential to dominate the crypto market as it focuses on enabling security within the DigiByte blockchain. The coins also have the feature of being proof-of-work coins, which means that they can be complicated when mining. DigiByte prides itself as a Bitcoin rival. However, DGB has transaction charges, and with such low fees, it still maintains its market value.
A DGB transaction can be as low as $0.0000025. In addition to the transaction’s speed, DGB can be a token that many investors want to keep an eye out for.
Vertcoin is one of the top cryptos with the lowest transaction fees. Like Bitcoin, the coin uses Proof-of-Work consensus, creating new coins and rewarding miners. VTC is not only an affordable coin to transact with but also a solution for crypto miners.
Unlike other cryptocurrencies, VTC has a consensus algorithm that makes it impossible for ASIC mining to occur (mining with integrated circuits). With no ASIC mining, there is a lowering of the gas fee needed to mine VTC. As such, it makes the transaction costs go down. The cost of a single VTC transaction is as low as $0.00075, which saves some cash on transactions and makes it easy to mine.
The coin, XRP, helps users make payments and facilitates asset exchange and remittance systems, is among the crypto with the lowest transaction fees. Despite the legal issue that rocked it, Ripple remains on the top ten crypto list by market capitalization.
One Ripple transaction can only cost a user $0.00000837. Even though this passes as one of the cheapest blockchain fees in the market, some transactions on the network may cost more, which is dependent on the amount of data in bytes it takes up in the block.
Litecoin is one of the earliest cryptocurrencies to emerge in the crypto space. Still, the coin remains one of the cryptos having the lowest transaction fees. It has had these transaction fees in check over the past couple of years. It runs on a PoW consensus and still has the cheapest blockchain fees, with an average of $0.021 per transaction.
7. Tron ($TRX)
Tron is an open-source blockchain network whose creation was mainly for entertainment and content creation. Many crypto enthusiasts always believe that Tron offers zero transaction fees. However, you may still spend a lot of TRX if you do not know for to leverage the perk.
Transactions on the Tron network take bandwidth and energy, changing market conditions. Therefore, one transaction may cost from $0.335 to $20.1, depending on the complexity of the transaction.
With the growth of the crypto space every day, many people are growing the desire to own and transact tokens.
There is a need for every investor to remember that it is essential to find a cryptocurrency that will not take up all the profits through transaction fees. Such tokens may end up drastically reducing funds in their wallets.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.