Binance is one of the largest crypto exchanges in the world by trading volume. The platform is known for high-speed trade execution and its cheapest trading fees. Though it does not charge any fees for depositing, the trading fees are 0.1%.
For converting 1 ETH to GBP, the investors need to pay a 0.1% trading fee. As of October 2021, 1 ETH is worth 2,490.11 Pound sterling. That means the trading fees on Binance to convert 1 ETH to GBP is 24.90 GBP. If the investor holds BNB in the account, the trading fees will automatically be deducted from the BNB balance.
To withdraw GBP into your bank account, Binance charges a withdrawal fee between $1 to $15 depending upon individual customers’ level.
Gemini is a US-based crypto trading platform and offers more than 40 cryptocurrencies. Besides offering exchange services, it also provides features like Gemini Earn, Gemini Pay, etc. The platform is suitable for both beginners and active traders.
The fee structure of Gemini is complicated to understand. It consists of two-part convenience fees and a transaction fee for converting ETH to GBP. Investors need to pay 0.5% as a convenience fee. In addition to that, investors need to pay a transaction fee of around 2%. The total fees on the Gemini platform range from 0.5% to 3.99%, depending on the payment method.
In addition, Gemini also charges a withdrawal fee of 0.001 ETH, i.e., roughly $3.48. The withdrawal fees on Gemini differ for different digital assets.
The Kraken crypto trading platform supports more than 80 cryptocurrencies and various fiat currencies. It also offers learning tools and how-to guides for beginners. Additionally, the platform allows investors to become market makers for providing liquidity. It has a wide range of features; however, it is expensive when compared to other exchanges.
Kraken charges 0.10% to 0.26% trading fees for converting ETH to GBP. The platform monitors investors’ trading volume in the previous days. The higher the last 30-day trading volume, the lower will be fees charged by Kraken. Depending upon the withdrawal method and processor, the fees charged by Kraken range from nearly $3 to $45.