Cryptocurrencies have taken over the world by storm. At this point, there is hardly any other investment option hotter than cryptocurrencies.
You can buy different cryptocurrencies from numerous crypto exchanges. Once you do, it’s easy to start trading with them. Crypto pairs are available for all the popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Monero (XMR), and many others.
However, the one thing that irks most crypto traders is the relatively high transaction fee charged by popular cryptocurrencies. Thankfully, there are several cryptocurrencies that charge a remarkably low transaction fee. Here are 10 of them.
1. Stellar (XLM)
Stellar is one of the hottest cryptocurrencies to buy. The Stellar blockchain is incredibly fast, and payments are verified and settled within a few seconds at most. The average transaction costs are also jaw-droppingly low, coming around to 0.00001 Lumen, which is Stellar’s token.
This means that you are going to pay roughly $0.0000035 for each transaction based on Lumen’s current pricing. That is one of the main reasons why Stellar is fast becoming a popular choice for people who want to transfer large sums of money online. It’s also the reason why Stellar’s number one on this list.
2. IOTA (IOTA)
IOTA is one of the most eco-friendly cryptocurrencies on this list. IOTA is described as an “open and feeless data and value transfer protocol.” The IOTA Foundation, a non-profit organization based in Berlin, heads development of the IOTA token.
IOTA doesn’t charge any transaction fee at all. There are no miners on the IOTA network either, and each transaction can be completed without requiring any serious computing power. This also negates the need to pay any gas fee.
Now, with no transaction fee, what drives the price of this token? The answer is simple: demand. As more transactions are completed on the network, it continues to get faster. More importantly, confirmation times are still relatively low, averaging between 10 and 12 seconds.
3. NANO (NANO)
Just like IOTA, NANO doesn’t charge a transaction fee. All transactions are validated and finalized in a second, which makes it a fantastic cryptocurrency to use for people who need to move large sums of money quickly.
Unlike the conventional blockchain where miners vie against each other to add blocks, each user on NANO operates their own blockchain that they can grow. NANO calls it the Block Lattice. This makes NANO more transparent and scalable, without adversely affecting the network.
4. Cardano (ADA)
Cardano is an incredibly popular cryptocurrency that is fast, incredibly scalable, and above all, eco-friendly. However, compared to the names above, ADA still charges a sizeable transaction fee, which is generally between 0.15-0.18 ADA.
Cardano’s blockchain has attracted quite a bit of attention due to its rapid development. Goguen development brought smart contracts to Cardano, which lets users build DApps on Cardano’s highly transparent network.
With low transaction fees, practical applications, and a solid foundation, Cardano has quickly become one of the most popular cryptocurrencies amongst the DeFi community.
5. Litecoin (LTC)
Litecoin was originally designed for payments, which should give you an idea that the developers have taken steps to keep the transaction fees as low as possible.
The transaction fee on average is around $0.0070 per transaction, and it takes around two minutes to settle each transaction. Litecoin is also considerably popular as it’s one of the oldest cryptocurrencies in the market right now.
It’s virtually identical to Bitcoin, which is one of the reasons why there’s been consistent demand for it since it was first released.
6. Dash (DASH)
Dash, which is simply an abbreviation for “Digital Cash,” is fast becoming a popular choice amongst crypto investors and users. The average transaction fee for Dash is between $0.2 and $0.3, which is significantly cheaper than Bitcoin.
More importantly, transaction speeds are significantly higher on Dash. It’s a fork of Litecoin essentially, which in turn is a fork of Bitcoin. Many merchants and exchanges now accept Dash, making it an increasingly appealing option.
7. Tron (TRON)
TRON was created in 2017, and within a couple of years, its market cap rose to $1.6 billion. Inspired by Bitcoin, TRON was created to improve on the latter’s original structure.
Currently, the average transaction fee is a fraction of a cent, making it a fantastic option for sending or receiving money. USDT, the stablecoin issused by Tether, is also available on the TRON network, so you can easily send and receive sums with zero transfer fees and almost instant transfers.
8. EOSIO (EOS)
EOSIO is an open-source blockchain platform that was designed to build and support digital infrastructures. As a cryptocurrency, EOS is incredibly popular. Its initial coin offering raised $4.1 billion in 2018, when it was first launched.
Many consider EOS to be a direct competitor to Ethereum, but with better performance. Technically, you don’t have to worry about any transaction fees when sending or receiving EOS. However, it will use some key resources, such as CPU, RAM, and your network bandwidth to validate the purchase.
Even then, transaction fees are virtually negligible.
9. Zilliqa (ZIL)
Zilliqa is a blockchain platform that’s designed primarily to supplement the creator economy and the DeFi community. It allows blockchain developers to start building DApps on their platform, and uses the ZIL token.
Currently, the transaction fee is 0.1 ZIL, so you’ll be paying less than a cent per transaction. If you want to create, buy, or sell NFTs, Zilliqa is definitely worth your attention.
10. Digibyte (DGB)
Digibyte is a fast-growing open-source blockchain platform that takes great pride in its decentralized nature. Blocks are mined every 15 seconds, allowing up to 1066 on-chain transactions in a second.
The transaction fee is also incredibly low, coming in at $0.0005 per transaction. It’s a proof-of-work coin, so it’s also eco-friendly. However, it takes around five minutes to confirm a transaction on the blockchain.
Be Careful When Buying Cryptocurrencies
While cryptocurrencies have come a long way in the past decade, it’s still important to exercise caution before you put your hard-earned money into any cryptocurrency.
There have been numerous cases where projects have been abandoned by developers, who run away with the investors’ money. This is known as a “rug pull.” Always do your research before you put your money in any coin.
About to take the plunge into cryptocurrency? Stop! Make sure you research before parting with any of your hard-earned cash.
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