9 Cryptos With The Lowest Transaction Fees in 2024
Increased trading activity in November 2024 has led to higher gas fees, with Ethereum transactions reaching up to $60. For comparison, XRP offers transaction costs below $0.001. Consider using cryptocurrencies with the lowest transaction fees to navigate the current bull run.
Whether you’re transferring funds, making payments, or engaging in decentralized finance (DeFi) trading, finding the cheapest crypto to transfer can significantly reduce costs and improve efficiency. In this article, we will explore the cryptos with the lowest transaction fees in 2024, providing a detailed overview of their features and benefits.
List of Coins with Lowest Fees
So, what crypto has the lowest fees? Many cryptocurrencies have competitive transaction fees; however, in this guide, we will look at the top 10. Let’s dig deeper into the list of the best crypto with the lowest fees.
| Crypto | Transaction Fee | Transaction Speed | Market Cap |
|---|---|---|---|
| Nano | $0 | Instant | $243.61M |
| IOTA | $0 | Instant | $1.33B |
| TRON | 1 free transaction per day | 3 seconds | $24.60B |
| Solana | $0.00025 | 2.5 seconds | $108.55B |
| Dogecoin | $0.04 | 1 minute | $58.83B |
| XRP | $0.0002 | 4 seconds | $148.63B |
| Litecoin | $0.0025 | 2.5 minutes | $9.66B |
| Monero | $ 0.0010 | 2 minutes | $4.02B |
| Bitcoin Cash | $0.01 | 10 minutes | $10.69B |
9 Cheapest Cryptos to Transfer – Lowest Gas Fees
From our research, these are the cheapest cryptos with the lowest transaction fees.
1. Nano (XNO) – Cheapest Crypto to Transfer With $0 Fees
Nano stands out as one of the best options for those seeking cryptocurrencies with no transaction fees. With its unique architecture, Nano offers zero transaction fees, making it an attractive choice for micro-transactions and everyday use. Nano’s instant transaction speed further enhances its usability, allowing for real-time payments without any cost.
Nano’s zero-fee model is particularly beneficial for users who need to make frequent transfers or small payments as it reduces the cost barrier. The network’s efficiency and low energy consumption also contribute to its appeal, positioning Nano as a sustainable and cost-effective cryptocurrency.
24h7d30d1yAll time
On November 24, 2024, Nano experienced a significant price increase, reaching $1.34, up 23.13% in 24 hours. Its commitment to providing fast, seamless transactions ensures its relevance in a market where transaction costs are a significant concern.
| Transaction Fee | $0 |
| Transaction Speed | Instant |
| Market Cap | $243.61M |
Visit XNO on Binance
2. IOTA (IOTA) – Internet of Things (IoT) Crypto With $0 Fees
Built specifically for the Internet of Things (IoT), IOTA has some of the lowest crypto transaction fees. Utilizing Tangle, which is a revolutionary distributed ledger technology, IOTA facilitates fee-less transactions and high scalability. This unique approach allows for secure and efficient machine-to-machine transactions, making it ideal for applications centered around IoT.
Its zero-fee structure makes it a cost-effective choice for various use cases, from everyday transactions to complex IoT operations. On November 18, 2024, the IOTA Foundation introduced the “IOTA Rebased” proposal, aiming to transition the network’s Layer 1 to a Move-based object ledger. This upgrade is designed to enhance programmability, scalability, and decentralization, enabling over 50,000 transactions per second with sub-second confirmation times.
24h7d30d1yAll time
Concurrent with the Rebased proposal, IOTA launched a public testnet to allow developers and community members to experiment with the new features. The token is available on major exchanges like Binance and MEXC, providing easy access for users who want to buy IOTA tokens.
| Transaction Fee | $0 |
| Transaction Speed | Instant |
| Market Cap | $1.33B |
Visit IOTA on Binance
3. TRON (TRX) – Blockchain Platform Offering One Free Transaction per Day
TRON offers a unique advantage with its one free transaction per day policy, making it a cost-effective option for users. Designed to decentralize the web, TRON enables fast and low-cost transactions. TRON’s focus on providing a versatile platform for various applications, namely for content sharing.
This free daily transaction feature allows users to engage with the TRON network without incurring costs, making it ideal for regular use. TRON’s fast transaction speed, typically around 3 seconds, ensures efficient and timely transfers, further enhancing its usability.
24h7d30d1yAll time
On November 25, 2024, Tether minted an additional $3 billion in USDT stablecoins, with $1 billion issued on the TRON network. This move aims to boost crypto market liquidity and potentially signals bullish momentum for TRON. The token can be purchased on exchanges such as Binance, making it accessible for those seeking a cost-effective cryptocurrency.
| Transaction Fee | $0 |
| Transaction Speed | 3 seconds |
| Market Cap | $24.60B |
Visit TRX on Binance
4. Solana (SOL) – Top 10 Crypto With Fee of $0.00025 per Transaction
Solana is known for being one of the lowest gas fees cryptos, costing close to $0.00025 per transaction. As a high-performance blockchain, Solana offers rapid transaction speeds, often completing transfers in approximately 2.5 seconds. Solana’s scalable architecture supports high throughput, making it suitable for decentralized applications (dApps) and large-scale blockchain projects.
The minimal transaction fees on Solana are a significant advantage, allowing users to perform numerous transactions without worrying about high costs. In November 2024, Solana’s decentralized exchanges (DEXs) achieved a milestone by surpassing $100 billion in monthly trading volume for the first time. This surge was largely driven by the popularity of meme tokens.
24h7d30d1yAll time
Solana is available on major exchanges such as Binance and Coinbase, providing easy access for users. On November 14, 2024, Robinhood announced the addition of SOL to its cryptocurrency trading platform for U.S. users, further enhancing accessibility.
| Transaction Fee | $0.00025 |
| Transaction Speed | 2.5 seconds |
| Market Cap | $108.55B |
Visit SOL on Binance
5. Dogecoin (DOGE) – World’s Largest Meme Coin With $0.04 Fee
Dogecoin, created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer, has grown into one of the most popular cryptocurrencies in the market. Initially based on the popular “Doge” meme featuring a Shiba Inu dog, Dogecoin was intended to be a lighthearted and fun alternative to Bitcoin. However, its strong and enthusiastic community, coupled with high-profile endorsements from figures like Elon Musk, has propelled Dogecoin into the mainstream.
Despite its humorous origins, DOGE offers practical benefits for cryptocurrency users, particularly in terms of transaction costs. The average transaction fee for Dogecoin is approximately $0.04, making it an economical choice for small-scale and frequent transactions. Dogecoin’s relatively fast transaction speed, averaging around 1 minute, further enhances its usability for everyday activities such as tipping, donations, and microtransactions.
24h7d30d1yAll time
Following Donald Trump’s election victory, Dogecoin’s value increased by 88% in one week, reaching a three-year high of 47 cents. This surge was attributed to expectations of reduced regulation and Musk’s appointment to the DOGE department. Still, Dogecoin’s transaction fees remain attractive and among the lowest.
| Transaction Fee | $0.04 |
| Transaction Speed | 1 minute |
| Market Cap | $58.83B |
Visit DOGE on Binance
6. XRP (XRP) – $148.63B Market Cap Crypto Charging $0.0002 per Transaction
XRP is renowned for its low fees, averaging roughly $0.0002 per transaction. Developed by Ripple Labs, XRP aims to facilitate fast and affordable cross-border payments, leveraging its high-speed blockchain technology. XRP’s focus on financial institutions and remittances makes it a key player in the payment processing sector.
The low transaction fees of XRP are a major benefit, allowing users to transfer funds quickly and cheaply. XRP’s transaction speed, typically around 4 seconds, further enhances its efficiency, making it a preferred choice for financial transactions.
24h7d30d1yAll time
In November 2024, an XRP ETF was introduced in Europe and Robinhood announced it’d make XRP available to US users. This, coupled with expectations of more lenient regulatory policies under Trump’s administration, led XRP to surge by more than 177%, reaching $1.60 on November 23. XRP is available on most major exchanges, including Binance and Coinbase, providing easy access for users.
| Transaction Fee | $0.0002 |
| Transaction Speed | 4 seconds |
| Market Cap | $148.63B |
Visit XRP on Binance
7. Litecoin (LTC) – Low Cost Token With Fee of $0.0025
Litecoin offers low transaction fees and is one of the cheapest cryptos to transfer between exchanges, costing nearly $0.0025 per transaction. As one of the earliest cryptocurrencies, Litecoin was designed to provide fast and affordable payments, leveraging a simplified version of Bitcoin’s technology. Litecoin’s quick transaction times, typically around 2.5 minutes, make it a practical choice for everyday use.
The low transaction fees on Litecoin are a significant advantage, allowing you to transact without incurring high costs. Litecoin’s efficiency and speed make it an attractive option for users seeking a cost-effective cryptocurrency. Litecoin is available on most major exchanges, including Binance and Coinbase.
24h7d30d1yAll time
In November 2024, Litecoin’s price surged by approximately 7.40%, breaking above the 61.80% Fibonacci level at $88.84. Technical analysis indicates a bullish trend for Litecoin, with a golden crossover between the 100-day and 200-day moving averages. This pattern suggests potential for continued price appreciation. Analysts anticipate further gains, targeting the $100 mark and potentially reaching $123 in 2024.
| Transaction Fee | $0.0025 |
| Transaction Speed | 2.5 minutes |
| Market Cap | $9.66B |
Visit LTC on Binance
8. Monero (XMR) – Privacy-Focused Crypto With a Low Fee of $0.0010
Monero is known for its focus on privacy and low fees, with an average transaction fee starting from $0.0010. Designed to provide secure and anonymous transactions, Monero uses advanced cryptographic techniques to ensure user privacy. Monero’s commitment to privacy makes it a popular choice for users seeking confidentiality in their transactions.
Monero’s relatively low cryptocurrency transaction fees are an advantage, allowing users to transfer funds securely and affordably. Monero’s focus on privacy and security sets it apart from other cryptocurrencies, making it a unique option for users.
24h7d30d1yAll time
Recent data indicates a rise in Monero transactions, suggesting growing adoption and usage despite ongoing regulatory scrutiny due to its privacy-centric nature. Some exchanges have delisted XMR, impacting its liquidity and accessibility. Still, Monero maintains a market capitalization of $4.02B, showcasing resilience.
| Transaction Fee | $0.0010 |
| Transaction Speed | 2 minutes |
| Market Cap | $4.02B |
Visit XMR on Binance
9. Bitcoin Cash (BCH) – Crypto With $10.69B Market Cap and $0.01 Fees
Bitcoin Cash offers low transaction fees, averaging around $0.003 per transaction. As a fork of Bitcoin, Bitcoin Cash was designed to provide faster and cheaper transactions, leveraging increased block sizes. Bitcoin Cash’s quick transaction times, typically around 10 minutes, make it a practical choice for everyday use.
The low transaction fees on Bitcoin Cash are a significant advantage, allowing you to transact cheaply. BCH maintains a strong positive correlation with Bitcoin, with a daily correlation coefficient of 0.93 as of November 21, 2024. Bitcoin’s approach to the $100,000 milestone has positively influenced BCH’s price trajectory.
24h7d30d1yAll time
As of November 26, 2024, technical analysis indicates that BCH has broken out of key patterns, such as the post-halving consolidation zone and a falling wedge pattern, suggesting potential for further gains. The Relative Strength Index (RSI) remains below 70, indicating room for continued upward movement.
| Transaction Fee | $0.01 |
| Transaction Speed | 10 minutes |
| Market Cap | $10.69B |
Visit BCH on Binance
What Are Transaction Fees in Crypto?
Transaction fees in the crypto world are charges that users incur when they transfer digital assets from one address to another or when they trade on both exchanges (centralized/decentralized). These fees are necessary to reward both miners and validators who maintain and secure the blockchain ecosystem. Essentially, fees ensure that transactions are processed efficiently and that the network remains robust and reliable.
Cryptocurrency transaction fees vary significantly depending on the cryptocurrency and the network’s current demand. High transaction fees can be a deterrent for users, especially during periods of heavy network congestion. Understanding the different types of fees and how to manage them can help users minimize costs and make the most of their crypto transactions.
Different Types of Crypto Transaction Fees
There are various types of fees in crypto, from gas fees to the cost of trading, depositing and withdrawing, and more. It is important to be aware of them and how exactly they are incurred.
Gas Fees
Gas fees are specific to blockchain networks like Ethereum. These fees are paid to miners who validate and process transactions on the network. Gas fees can vary depending on network usage and the complexity of the transaction.
For instance, simple transfers might incur lower gas fees, while more complex smart contract interactions require higher fees. IOTA and NANO are two of the cheapest gas fees cryptos. To minimize transaction costs on higher-fee chains, such as Ethereum, use a gas fee live tracker and calculator.
Trading Fees
Trading fees are charged by cryptocurrency exchanges whenever a user buys or sells digital assets. These crypto exchange fees are typically a percentage of the transaction amount and can vary from one crypto exchange to another.
Some exchanges like Coinbase offer lower fees for high-volume traders or users paying trading fees with the platform’s native token. It is also one of the cheapest ways to send Bitcoin.
Network Fees
Network fees are transaction costs imposed by the blockchain network. They are necessary to maintain the network’s security and efficiency. For example, Bitcoin’s network fee compensates miners for the computational power used to verify transactions and add them to the blockchain. One of the cheapest blockchain networks is Solana.
Exchange Withdrawal Fees
A withdrawal fee is charged when users transfer their assets from a crypto exchange to an external wallet or bank account. These fees can vary widely between crypto exchanges and depend on the cryptocurrency being withdrawn. Some exchanges offer fee discounts for high-volume withdrawals or for using certain cryptocurrencies. Binance has some of the most competitive withdrawal rates, charging 0.01 for SOL withdrawals.
How to Reduce Crypto Transaction Fees
Those who have experience participating in crypto trading will have picked up some tips on how to lower transaction costs. This isn’t often the case for beginners, who usually learn the hard way. However, let’s go through some of these tips with you.
Trade on Centralized Exchanges (CEXs)
Centralized exchanges (CEX) often offer lower transaction fees compared to decentralized platforms. Some even offer zero transaction fees for certain cryptocurrencies. By using centralized exchanges for trading, users can benefit from reduced costs, particularly for high-volume transactions.
Additionally, some exchanges offer fee discounts for using their native tokens or for holding a certain amount of the token. You should factor in the withdrawal fees if you need to transfer to your wallet outside of the exchange, however.
Binance offers fees of 0.1% for regular users with trading volume under $1M, as well as low withdrawal fees.
Use Layer 2 Networks
Layer 2 networks are built to improve the level of scale and efficiency of blockchain transactions. By conducting transactions on Ethereum Layer 2 projects like Polygon or Optimism, users can significantly reduce fees while still benefiting from the security of the underlying blockchain.
Avoid Transfers During High Trading Activity
Cryptocurrency transaction fees can spike during periods of high network activity and volatility. To minimize these costs, try to avoid transferring assets during peak times in the market. Monitoring network congestion and choosing off-peak hours for transactions can lead to lower fees.
Select a Slower Transaction Speed
Many wallets, like Metamask, allow you to choose their transaction speed or priority. Opting for a slower transaction speed can result in a lower transaction fee, although it means the transaction will take longer to process. This option is beneficial for users who are not in a hurry to complete their transactions and want to save on costs.
Which Networks Have The Highest Transaction Fees?
Certain blockchain networks are notorious for their high transaction fees, with Ethereum being the most well-known example. High fees on these networks are often a result of network congestion and the computational complexity of transactions. Users might find it worthwhile to avoid these networks during peak times or consider alternatives with lower fees.
| Network | Transaction Fee | Transaction Speed | Coins Available |
| Ethereum | $10 – $100 | 15 seconds | ETH, ERC-20 tokens |
| Bitcoin | $5 – $10 | 10 minutes | BTC |
| Binance Smart Chain | $0.10 – $0.30 | 3 seconds | BNB, BEP-20 tokens |
Conclusion
Understanding transaction fees in the crypto space is crucial for efficient and cost-effective trading. By familiarizing themselves with the types of fees and adopting strategies to minimize them, users can make the most of their cryptocurrency transactions.
While coins such as NANO and IOTA can have transaction fees as low as $0, there are a range of other major coins with respectably low transaction fees. These include giants such as Solana, Dogecoin and XRP.
FAQs
Which crypto coin has the lowest transaction fees?
Nano typically has the lowest transaction fees, often boasting zero transaction costs due to its unique block-lattice architecture.
What is the cheapest crypto to transfer?
IOTA is one of the cheapest cryptocurrencies to transfer, as it generally has no transaction fees thanks to its Tangle technology.
What is the cheapest way to send Bitcoin?
The cheapest way to send Bitcoin is to use SegWit addresses and choose lower-priority transaction speeds during times of low network congestion.
What is the cheapest blockchain?
The cheapest blockchain depends on the specific use case, but Nano is often cited as the most cost-effective, with zero transaction fees due to its unique block-lattice architecture. Other blockchains like Solana and TRON also offer low-cost transactions, typically under a fraction of a cent.
Are there any cryptos with no transaction fees?
Yes, both Nano and IOTA are examples of cryptocurrencies that typically have no transaction fees.
References
Source: cryptonews.com
