Maker and taker fees, explained
Why two orders on the same market can pay different fees, how basis points work, and how to estimate the cost of a trade before you place it.
3 min read
Every spot trade involves two orders: one that was already waiting in the order book and one that arrived and matched against it. Exchanges commonly charge these two roles separately, and knowing which role your order plays helps you estimate costs accurately.
Makers and takers
A maker is an order that rests in the book before it is filled. By waiting, it adds liquidity: it becomes one of the prices other traders can trade against. A taker is an order that matches immediately against something already in the book, removing liquidity.
Market orders are always takers. Limit orders can be either. If your limit price crosses the spread when you submit it, the part that matches straight away is a taker fill, and anything left over rests in the book and becomes a maker fill when someone trades against it later.
Basis points in one minute
Fees are usually quoted in basis points, or bps. One basis point is one hundredth of a percent, so 10 bps is 0.10% and 100 bps is 1%. Quoting fees this way avoids long strings of decimals when rates are small.
Working out a fee
The fee is a percentage of the amount that changes hands. On Cexchange, it is deducted from the asset you receive in the trade:
- Buying BTC with USDT: the fee comes out of the BTC you receive.
- Selling BTC for USDT: the fee comes out of the USDT you receive.
As an illustration only, at a rate of 10 bps a buy of 0.5 BTC carries a fee of 0.0005 BTC, so 0.4995 BTC arrives in your balance. Always check the live rate for the market you are trading rather than relying on an example.
Why the two rates can differ
Resting orders make a market easier to trade for everyone, because they narrow the spread and add depth. Some exchanges reflect that by setting the maker rate at or below the taker rate. Rates are configured per market, and our fees page lists each one.
Keeping costs predictable
- Ask yourself whether you need an instant fill. If not, a limit order that rests in the book is charged as a maker when it fills.
- A large market order can fill across several price levels, so the average price can be worse than the last price you saw.
- Count both legs. Buying and later selling pays a fee each time.
- Withdrawal fees are separate from trading fees and are set per asset, so include them if you plan to move funds off the exchange.
Try it with demo funds
New accounts get a demo balance, so you can practise without risking real money.