Introduction
"The cheapest exchange" does not exist — only the cheapest exchange for your profile. A saver mostly pays spread and EUR conversion costs; an active trader mostly fees; a whale wins or loses on yield and VIP tiers.
Ranking per profile
- Saver (€500/month purchases): ranking dominated by spread + free SEPA.
- Active trader (€5M/month volume): fees + spread − yield.
- Whale / VIP ($10M+/month, large balance): top-tier fees, maker rebates and max APY decide.
How we compute the ranking
Net true cost = fees + spread − yield − lending yield, always compared at the same volume and tier. All input data and timestamps: see the methodology page. Affiliate relationships have no influence on rankings.
What the winners share
Across profiles, venues score well that: (1) keep spreads tight through professional market makers, (2) pay yield on collateral, and (3) offer direct EUR rails without conversion margins. In practice, fully licensed venues (MiCA + MiFID II + PSD2) also tend to deliver the sharpest total costs for EU users.
Frequently asked questions
Is the cheapest exchange also the best?
Costs are one factor. Weigh licences, Proof of Reserves explained and products too.
How often does this ranking change?
Spreads and yield refresh weekly; the ranking can shift accordingly.