Top 10 Cryptocurrencies with Cheap Transaction Fees
Transaction fee is important for the transaction to be successful and recorded on the blockchain. Crypto with low low fees include XLM, SOL, and more.
One of the drawbacks of prominent cryptocurrencies like Bitcoin and Ethereum is their high transaction fees. Transaction fee simply refers to the fees a platform charges you when transferring your crypto assets from one account to another. This fee is important for the transaction to be successful and recorded on the chain. These fees aren’t static. They vary. Most crypto traders are put off by the high fees of Bitcoin and Ethereum. However, there are other alternatives with little or no transaction fees. This article features a list of 10 cryptocurrencies with cheap transaction fees.
Crypto Transaction Fees Compared
NameAverage Transaction Fee
Stellar
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0.00001 XLMVisit
Ripple
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0.00001 XRPVisit
Solana
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$0.003Visit
Dogecoin
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0.0025 DOGEVisit
Litecoin
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0.0063 LTCVisit
Nano
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Zero transaction feesVisit
Dash
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Between $0.2 – $0.3Visit
Algorand
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0.001 ALGOVisit
Ethereum Classic
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0.000067 ETCVisit
IOTA
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No Transaction FeesVisit
Stellar
Buy XLM
Stellar is a leading cryptocurrency project that spun off from XRP. Stellar uses a pretty similar consensus algorithm to XRP, which basically means it’s all about making transactions super cheap and lightning fast. The average transaction fees for the XRP token is around 0.00001 XLM. This means 1 XLM can cover up to a hundred transactions.
Ripple
Buy XRP
Ripple is one of the oldest blockchain networks and one of the earliest projects to focus on transactions. Ripple is also known for fast transactions and low fees. This is all thanks to its use of the XRP Ledger Consensus Protocol instead of Proof-of-Work. While Ripple’s perceived lack of decentralization is considered one of its biggest drawbacks, Ripple makes up for it with the low fees associated with its XRP token. The average transaction fee is reportedly around 0.00001 XRP. This makes Ripple one of the cheapest cryptocurrencies to transfer
Solana
Buy SOL
Solana currently trends for the booming memecoins within its ecosystem. But the SOL token is also famous for being one of the cryptocurrencies with cheap transaction fees. An average Solana transaction costs around $0.003, which is one of the cheapest within the crypto space. Solana also focuses on providing highly fast transactions. It boasts a transaction speed of 65,000 transactions per second. Solana is pretty ideal for users seeking to save cost on transaction fees.
Dogecoin
Buy DOGE
Dogecoin is one of the earliest crypto memecoins and arguably the most successful. Dogecoin introduced a light-hearted and fun approach to cryptocurrencies, building one of the strongest crypto communities. Doge’s use cases go beyond providing fun and cheer to its users. It can also be used for peer-to-peer payment. Interestingly, DOGE is one of the best cryptocurrencies in terms of cheap transaction cost. You’ll be paying an average of 0.0025 DOGE for each transaction. It’s important to note that fees can vary based on network conditions. However, you can save a lot on transaction fees by using DOGE.
Litecoin
LTC
Litecoin emerged in 2011 as an upgrade to some of the perceived problems of the Bitcoin Network. The developers designed Litecoin for payments. So, part of the coin’s design was to ensure fast and cheap transactions. The average cost of each transaction fee is around 0.0063 LTC. Litecoin is heavily similar to Bitcoin, but with a few differing areas. However, Litecoin is a good option for users who fancy the idea of Bitcoin but want to avoid its associated high fees.
Nano
NANO
Nano provides fast transactions with no associated fees. Nano is pretty suitable for users who want to move bulky sums of money as it validates all transactions in a couple of seconds. How does this platform support this feature? Nano uses an architecture known as a DAG (directed acyclic graph). This design doesn’t only support feeless transactions, it also makes them fast.
Dash
Buy DASH
Dash has been around since January 2014, making it one of the OGs in the crypto scene. Dash stands for “digital cash” and it’s all about being a decentralized peer-to-peer currency that’s quick and cheap enough for your everyday needs. Dash aims to get into the hands of regular crypto users, teaming up with businesses and ensuring people use DASH for their daily purchases. A Dash transaction costs around $0.2 – $0.3, and if you’re all about speed, you can get those transactions confirmed in under 2 seconds with the InstantSend feature.
Algorand
Buy ALGO
Algorand is one of the leading smart contracts platforms. The project is also one of the most eco-friendly crypto projects. One of Algorand’s biggest appeals is that it supports low transaction fees. Transferring ALGO has an average fee of 0.001 ALGO. This simply means that holding 1 ALGO can possibly cover up to 1,000 transactions.
Ethereum Classic
Buy ETC
Ethereum Classic is an inexpensive blockchain that enables developers to build and deploy smart contracts. The Ethereum Classic split from Ethereum in 2016 due to ideological differences. A major difference between both platforms is that Ethereum Classic is incompatible with the updates on the ETH blockchain. Transactions involving the Ethereum Classic are also way cheaper than ETH. They cost an average of 0.000067 ETC.
IOTA
Buy IOTA
IOTA is another feeless project and one of the best to transfer to another wallet if you do not want to spend big on fees. IOTA simply provides the architecture that enables business, individuals and organizations to access Web3. IOTA was designed to help facilitate internet of things transactions. Interestingly, IOTA does not require miners and is considered more energy-friendly than Bitcoin.
Crypto transfer costs explained
Crypto transfer costs are fees you pay during transactions. For example, crypto networks require users to pay a certain amount as fees when transferring assets to other wallets. These fees are used to keep the network running and also incentivize people providing validating services. As mentioned earlier, Bitcoin and Ethereum have pretty high fees. This sometimes reaches up to $20, depending on the network congestion. But, opting for cheaper cryptocurrencies is a good way to save funds. However, it is important to only use coins with strong fundamentals.
