If you’re here, you probably know that in investing, there is a necessary transaction fee you must pay for each transaction you make.
Also, you know that there are certain cryptocurrencies you can use to skip paying that fee (or to reduce crypto transaction fees), but you don’t know exactly which cryptocurrencies, right?
Well, because we are willing to help, in this article we will delve into the cheapest crypto you can use for transfers. Let’s dive in!
Finding the Cheapest Crypto to Transfer to Your Wallet: Why It Matters?
Sending crypto can sometimes come with a fee, similar to a charge for using a service. These fees can vary depending on the type of crypto and the transfer method.
If you’re just starting out with crypto or you’re transferring small amounts, those fees can take a bit of a chunk out of what you’re sending. Finding a cheaper way to transfer crypto means you get to keep more of it for yourself. This can be a big deal, especially for new investors.
Another reason to care about fees is if you want to use crypto for everyday purchases, like buying a coffee. If the transfer fee is too high, it might not make sense to use crypto for small transactions. By finding a cheaper transfer method, crypto becomes more practical for everyday use.
However, remember that there are also other things to consider besides just the price. For example, how fast does the transfer need to happen? Some cheaper options might take a little longer. Also, is the transfer method safe and secure? You want to make sure your crypto is protected while it’s being moved. Finally, is this a reliable way to transfer crypto? You don’t want to use a method that has a history of problems.
In short, finding a cheap way to transfer crypto can save you money, but it’s important to make sure it’s also fast, secure, and reliable. And for these things, we are here to help you discover the best options.
Coindoo’s Picks on Top 10 Cheapest Crypto to Transfer in 2024 and Beyond: In a Nutshell
In a nutshell, our top 10 projects are presented here, and they are renowned for offering low transaction fees while maintaining the capacity to validate transactions effectively.
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Top 10 Cheapest Crypto to Transfer in 2024 and Beyond
1. IOTA
- Transaction Fee: 0$
- Current TPS (Transactions Per Second): 1000 TPS
- Market cap (May 28, 2024): $735M
IOTA is our top choice at the time of writing when it comes to the cheapest crypto to transfer. Unlike traditional blockchain systems that rely on miners and incur associated fees, IOTA utilizes a new distributed ledger technology called Tangle.
This system enables a collaborative environment where users contribute to network security by validating a couple of other transactions while creating their own. This eliminates the need for transaction fees entirely. Basically, when you make a transaction, you also help verify two other transactions on the network as a community effort to keep things secure without needing miners and transaction fees.
Designed with the Internet of Things (IoT) in mind, IOTA’s fee-less structure is ideal for the microtransactions that will power interconnected devices in the future. Additionally, Tangle boasts impressive scalability, ensuring efficient transaction speeds even as the network grows.
With its unique technology and zero fees, IOTA is a great choice for anyone who wants to avoid transaction costs when sending or receiving crypto.
2. Stellar (XLM)
- Transaction Fee: 0.00001$
- Current TPS (Transactions Per Second): 1000 TPS
- Market cap (May 28, 2024): $3.1B
Due to its efficient network design, Stellar (XLM) is an affordable cryptocurrency for transfers. Sending Stellar tokens (XLM) typically costs less than a cent, making it a very budget-friendly option for everyday transactions or even moving money internationally.
Stellar achieves its affordability through a unique system called the Stellar Consensus Protocol (SCP). This protocol allows for fast transaction confirmation times, usually within seconds, while still maintaining a secure and decentralized network. Essentially, SCP works by having trusted network members verify transactions, keeping things efficient without compromising security.
Beyond its low fees, Stellar has a social mission: financial inclusion. The project aims to make cryptocurrencies accessible to everyone, particularly those who lack access to traditional banking services. With its incredibly low transaction fees and fast transfer speeds, Stellar empowers people worldwide to participate in the digital economy, regardless of their location or financial background.
3. Ripple (XRP)
- Transaction Fee: $0.0011
- Current TPS (Transactions Per Second): 3400 TPS
- Market cap (May 28, 2024): $29.1B
XRP boasts a longer history (launched in 2012) and a specific purpose: facilitating efficient cross-border payments. However, due to its focus on real-world applications and established technology, XRP is also a great budget-friendly crypto for transfers.
This efficiency comes from XRP’s unique design. It operates on the XRP Ledger, a separate blockchain from Bitcoin, that utilizes the Ripple Protocol Consensus Algorithm (RPCA) instead of energy-intensive mining. RPCA allows for rapid transaction confirmation times, typically within seconds, significantly faster than traditional bank transfers, which can take days.
Beyond speed, XRP transactions boast one of the lowest crypto transaction fees ($0.0011). This makes XRP ideal for small value transfers and microtransactions, a feature attractive for emerging markets where mobile payments are on the rise. However, it’s important to note that some within the crypto community raise concerns about XRP’s level of decentralization due to a large portion of the supply being held by Ripple, the company behind the technology.
Despite these concerns, XRP’s established presence, focus on speed and affordability, and tailored design for cross-border payments make it a strong contender for those seeking a practical and cost-effective way to transfer value internationally.
4. Monero (XMR)
- Transaction Fee: $0.0014
- Current TPS (Transactions Per Second): 1700 TPS
- Market cap (May 28, 2024): $2.6B
While security and privacy are often associated with high costs in the crypto industry, Monero (XMR) stands out for offering both at a very reasonable price.
Designed with anonymity as a core feature, Monero utilizes advanced technology like Ring Confidential Transactions (RingCT) and Ring Signatures to obscure transaction details. This means the sender’s address, recipient’s address, and even the transaction amount are hidden, providing a high level of confidentiality.
This focus on privacy makes transactions with Monero difficult to track or analyze by third parties, potentially reducing the risk of fraud and enhancing overall security. But unlike some privacy-focused coins, Monero doesn’t come with a hefty price tag. Crypto transaction fees are typically quite low, costing around $0.00014.
Additionally, Monero (XMR) avoids additional charges associated with traditional financial systems, such as wire transfer fees, holding periods, or clearing costs. This makes it a straightforward and budget-friendly option for those who prioritize both affordability and privacy in their crypto transactions.
5. Solana (SOL)
- Transaction Fee: 0.00025$
- Current TPS (Transactions Per Second): 2323 TPS
- Market cap (May 28, 2024): $74.8B
Solana is another ideal option based on our research, as it represents a very affordable crypto for transfer, thanks to its innovative architecture.
Unlike some blockchains where fees can be high and fluctuate, Solana boasts incredibly low and consistent transaction costs. On average, sending Solana (SOL) tokens, custom SPL tokens built on Solana’s network, or even NFTs costs a mere $0.00025 – practically negligible. This makes Solana a compelling option for users priced out of DeFi or NFT activity on other, more expensive networks like Ethereum.
This affordability isn’t just a marketing tactic. Solana is a high-performance blockchain with a unique design that allows it to process thousands of transactions per second while keeping fees exceptionally low. This is achieved through a combination of Proof-of-History and Proof-of-Stake consensus mechanisms, which streamline the process and ensure network security. The result? Transactions, along with those minuscule fees, are completed in a remarkable 2.5 seconds on average.
This combination of speed and affordability makes Solana a strong contender for both developers and users. Developers can build complex decentralized applications (dApps) without worrying about excessive gas fees, while users can experience the benefits of blockchain technology without significant financial constraints.
6. TRON (TRX)
- Transaction Fee: $0.000005
- Current TPS (Transactions Per Second): 2000 TPS
- Market cap (May 28, 2024): $9.6B
TRON is another good option if you’re looking for a project with extremely low transaction fees. It utilizes a Delegated Proof-of-Stake (DPoS) consensus mechanism, allowing it to process transactions very efficiently and cheaply.
This efficiency translates to significantly lower transaction fees compared to Ethereum. As a result, TRON has become a popular choice for users who frequently trade stablecoins like USDT (Tether).
While the number of decentralized applications (dApps) on TRON isn’t as extensive as some competitors, it’s still a viable option for those seeking a cost-effective way to explore the potential of DeFi and other blockchain functionalities.
It’s important to note that TRON’s focus on content sharing and entertainment might not appeal to everyone. However, its innovative approach and exceptionally low transaction fees make TRON a strong contender for users prioritizing affordability and accessibility when entering the exciting world of decentralized finance.
7. ReddCoin (RDD)
- Transaction Fee: $0.000005
- Current TPS (Transactions Per Second): 5 TPS
- Market cap (May 28, 2024): $2.4M
ReddCoin (RDD) stands out on our list for its focus on social interactions and microtransactions.
Designed as a social currency, ReddCoin aims to simplify and reduce the cost of small online transactions, particularly for tipping content creators. RDD’s impressively affordable transaction fees help a lot in this regard. Sending RDD tokens typically incurs minimal fees, making it a budget-friendly option for sending small tips and donations.
ReddCoin leverages a unique consensus mechanism called Proof of Stake Velocity (PoSV). This system is energy-efficient and environmentally friendly compared to many cryptocurrencies’ traditional Proof of Work (PoW). PoSV encourages users to hold and stake their RDD coins, contributing to network security and consensus while reducing the computational burden associated with PoW.
While ReddCoin primarily focuses on social media and microtransactions, its almost zero transaction fees, fast confirmation times, and strong community focus make it attractive for anyone seeking a cost-effective way to transfer value within online communities and social platforms.
Despite ReddCoin having potentially lower transaction fees than the coins we previously discussed, its small market cap and limited recognition resulted in it being ranked number 7.
8. Dogecoin (DOGE)
- Transaction Fee: $0.04
- Current TPS (Transactions Per Second): 33 TPS
- Market cap (May 28, 2024): $23.7B
Dogecoin (DOGE) might have started as a lighthearted meme in 2013, but it has evolved into a surprisingly practical cryptocurrency with a devoted following. While its origins as a Shiba Inu dog internet joke might raise eyebrows, Dogecoin offers some genuine benefits for users, especially when it comes to transaction costs.
Sending DOGE has an average transaction fee starting from only around $0.04, making it an economical choice for frequent, small-scale transactions. This affordability is further enhanced by Dogecoin’s relatively fast transaction speed, typically around 1 minute. This combination of low transaction fees and quick transfers makes Dogecoin a viable option for everyday activities like online tipping, donations, and microtransactions.
However, it’s important to note that Dogecoin’s transaction fees can fluctuate depending on network activity. During periods of high demand, fees might increase, though they historically haven’t surpassed $1. For users seeking the absolute lowest fees at all times, other options on this list might be more suitable.
9. Litecoin (LTC)
- Transaction Fee: $0.03-$0.04
- Current TPS (Transactions Per Second): 50 TPS
- Market cap (May 28, 2024): $6.2B
Despite being one of the first cryptocurrencies to emerge (launched in 2011), Litecoin remains a strong contender when it comes to low transaction fees. Sending LTC typically costs between $0.03 and $0.04, making it perfectly fit into the category of top crypto with the lowest transaction fees.
With confirmation times typically around 2.5 minutes, Litecoin offers a practical solution for everyday use. Whether you’re making online purchases or sending money to friends, Litecoin ensures quick and affordable transactions.
While some newer cryptocurrencies offer additional features like smart contracts, Litecoin remains focused on its core strength: facilitating fast and cost-effective peer-to-peer transactions. This focus, combined with its established presence in the crypto market, makes Litecoin a compelling choice for many users.
10. Nano (XNO)
- Crypto Transaction Fee: $0
- Current TPS (Transactions Per Second): 1000 TPS
- Market cap (May 28, 2024): $165M
Nano (XNO) is among our top choices because of its revolutionary approach to transaction fees: there simply aren’t any. Launched in 2015 (originally as RaiBlocks), Nano prioritizes efficiency above all else.
Nano utilizes a unique architecture called a Directed Acyclic Graph (DAG), that eliminates the need for miners, a key element in most blockchains responsible for transaction validation and often associated with fees. With the DAG structure, Nano achieves instant settlements without any transaction fees, making it significantly faster and cheaper compared to most cryptocurrencies.
However, it’s important to consider Nano’s relative newness to the crypto space. While the technology behind Nano offers undeniable advantages, it hasn’t yet achieved widespread adoption compared to more established cryptocurrencies. This means its market capitalization is currently lower than some competitors.
Despite the limited adoption, Nano remains a compelling option for users who prioritize speed and cost-effectiveness for their crypto transactions. If you’re looking for a way to send and receive money instantly and completely free of charge, Nano’s innovative fee-less design is worth exploring.
What Are Transaction Fees in Crypto?
Transaction fees in crypto are costs that users pay when they move digital assets from one address to another or trade on exchanges, whether centralized or decentralized.
These fees are important because they compensate miners and validators who help maintain and secure the blockchain network. In essence, transaction fees ensure that transactions are processed smoothly and that the network stays strong and reliable.
Different Types of Crypto Transaction Fees
In the crypto industry, there are several types of fees, including gas fees, trading fees, network fees, and withdrawal fees. Understanding these fees and how they are incurred is crucial for managing costs effectively.
Gas Fees
Gas fees are specific to blockchain networks like Ethereum. These fees are paid to miners who validate and process transactions. The amount of gas fees can vary based on network usage and the complexity of the transaction. Simple transfers usually incur lower gas fees, while more complex interactions with smart contracts require higher fees.
Trading Fees
Trading fees are charged by cryptocurrency exchanges whenever users buy or sell digital assets. These fees are typically a percentage of the transaction amount and can differ from one exchange to another. Some platforms, like Coinbase, offer lower fees for high-volume traders or for users who pay with the platform’s native token.
Network Fees
Network fees are transaction costs imposed by the blockchain network to maintain its 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. Solana is noted for being one of the cheapest blockchain networks in terms of network fees.
Exchange Withdrawal Fees
Withdrawal fees are charged when users transfer their assets from a crypto exchange to an external wallet or bank account. These fees can vary widely between exchanges and depend on the cryptocurrency being withdrawn. Some exchanges offer discounts for high-volume withdrawals or for using specific cryptocurrencies.
How to Reduce Cryptocurrency Transaction Fees?
Reducing transaction fees in the crypto space can be a challenge, especially for beginners. Here are some practical strategies to help you lower your costs:
Use Centralized Exchanges
Centralized exchanges (CEX) usually have lower transaction fees than decentralized platforms. Some even offer zero fees for specific cryptocurrencies. Moreover, many exchanges also provide discounts if you use their native tokens (enjoy 10% trading fees also with promo codes) or hold a certain amount of these tokens.
Utilize Layer 2 Solutions
Layer 2 networks are designed to improve the scalability and efficiency of blockchain transactions. Using Layer 2 solutions can help you significantly reduce fees while maintaining the security of the main blockchain.
Avoid Peak Trading Times
Transaction fees often rise during periods of high network activity and market volatility. To keep costs down, try to avoid transferring assets during these busy times. By monitoring network congestion and choosing off-peak hours for transactions, you can benefit from lower fees.
Opt for Lower Priority Transactions
Many wallets, like MetaMask, allow you to set the speed or priority of your transactions. Choosing a lower priority can result in lower fees, although your transaction will take longer to process. This option is ideal if you’re not in a rush and want to save on fees.
FAQs
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.
Are There Any Cryptos with No Transaction Fees?
Yes, both Nano and IOTA are examples of cryptocurrencies that typically have no transaction fees. To take advantage of these cost-effective options, explore exchanges that support these cryptos and start exchanging with low trading fees and trade now.
Where Can You Trade the Cheapest Crypto to Transfer?
This kind of cryptos can often be found on centralized exchanges (CEX), which typically offer lower transaction fees compared to decentralized platforms. Exchanges like Binance, Coinbase, and Kraken are known for their competitive fee structures. To take advantage of the lowest crypto exchange fees, it’s essential to compare the fee structures of different exchanges and consider any discounts they offer. Explore these options and start swapping with low trading fees and trade now.
Are There Other Ways I Can Have Zero Transaction Fees?
Yes, you can have zero transaction fees by using the code provided during promotional offers on certain exchanges. Additionally, some exchanges offer zero fees if you trade using their native token or qualify for volume-based discounts.
Conclusion
Navigating the world of cryptocurrency transfers can be daunting, but with the right knowledge, you can minimize transaction fees and optimize your investment strategy.
In this article, we’ve provided insights into the cheapest cryptocurrencies for transfers. Our picks were selected based on a thorough analysis of transaction fee structures across various projects, considering factors such as network efficiency, scalability, and user benefits.
By leveraging these insights, you can make informed decisions and maximize your returns in the crypto market. Happy trading!
