The short answer
- In short
- You pay the taker fee when your order fills straight away against orders already waiting. You pay the maker fee when your order waits and someone else fills it. The maker rate is usually the lower of the two.
- The catch
- A limit order is not automatically a maker order. If its price matches an order that is already waiting, it fills at once and is charged as a taker.
- Depends on you
- On a small, occasional purchase the gap between the two rates is minor next to the other costs of the trade. It starts to matter when you trade often or in size.
Where the two names come from
An is the list of buy and sell orders waiting at different prices. Each one is an offer that anyone can accept. Together they are the market’s liquidity. The more orders waiting near the current price, the easier it is to trade without moving it.
An order that joins the queue adds to that liquidity, so it “makes” the market. An order that fills against the queue removes some, so it “takes”. Exchanges want full order books, which is why they tend to charge makers less.
Maker vs taker, and which fee your order pays
The fee follows what the order does, whatever you called it when you placed it. A market order always takes, because it fills at once at the best prices available. A limit order makes only if it sits in the book first.
| Order | What happens | Fee |
|---|---|---|
| Market order | Fills immediately at the best prices in the book | Taker |
| Limit order priced away from the market | Waits in the book until someone fills it | Maker |
| Limit order priced at or through the market | Fills immediately against waiting orders | Taker |
| Limit order that fills partly at once | One part fills now, the rest waits | Taker on the first part, maker on the rest |
Many exchanges offer a “post-only” setting. It cancels the order if it would fill immediately, so you cannot pay the taker rate by accident.
A worked example with made-up rates
Take an imaginary exchange that charges makers 0.10% and takers 0.20%. These figures are for illustration only and are not any platform’s rates.
You want to buy $1,000 of a coin. A market order pays the rate, so the fee is $2. A limit order that waits and fills later pays the rate, so the fee is $1. The saving is real but small, and it has a price of its own, because the market may move away and your limit order may never fill.
Why your rate may differ from the headline
Most fee tables are tiered. Your rate depends on how much you traded over a recent period, commonly the last 30 days, and both rates fall as that volume rises. Some exchanges add discounts for holding their own token or paying fees in it.
Work out which tier you would really be in. The lowest rates on a fee page usually apply to volumes far above what one person trades.
What maker and taker rates leave out
The fee table covers one cost of a trade. Others can outweigh it.
Costs outside the fee table
- The spread, which is the gap between the best buy and sell prices and is crossed every time you take
- Slippage, when a large market order works through several price levels and fills at a worse average
- Withdrawal and network fees when you move the coins out
- Currency conversion if you deposit in one currency and trade in another
Simple “buy” and “convert” screens work differently again. They often quote one price with the cost built into it, and no maker or taker rate is shown at all. Compare the quoted price with the order-book price before assuming the simple route is cheap.
How to use this when you trade
If you are not in a hurry, a limit order placed slightly away from the market usually earns the maker rate. If you need the trade done now, a market order is the right tool and the taker fee is what certainty costs.
Before comparing exchanges on fees, write down what a typical trade of yours looks like, meaning the amount, how often, and whether you would wait for a fill. Then read each fee schedule for that case, on the official page for your country, and note the date you checked.
What is a maker fee?
The fee charged when your order rests in the order book and is later filled by someone else. Because the order added liquidity, the rate is usually lower than the taker rate.
What is a taker fee?
The fee charged when your order fills immediately against orders already in the book. Market orders always pay it.
Read more: Maker vs taker, and which fee your order paysCopy link
Are maker fees always lower than taker fees?
Usually, but not always. Some exchanges charge the same for both, and the rates change with your trading volume. Check the current schedule for your tier.
Read more: Why your rate may differ from the headlineCopy link
Does a limit order always pay the maker fee?
No. A limit order priced at or beyond the current market fills at once and is charged as a taker. Only the part that waits in the book pays the maker rate.
Read more: Maker vs taker, and which fee your order paysCopy link
How do I avoid taker fees?
Place limit orders away from the current price, or use a post-only setting where one exists. The trade-off is that the order may take time to fill, or not fill at all.
How we research · Educational content, not investment advice. Cryptoassets are high risk and you could lose all the money you invest. Rules and availability vary by country.
