What are bitcoin exchange fees & network fees?

BTCC, a UK-based cryptocurrency exchange, offers a comprehensive range of services including spot trading, futures trading, and wallet solutions. Its spot trading platform allows users to buy and sell Bitcoin at market prices.

Cryptocurrency exchanges typically levy a fee for trading Bitcoin, encompassing the conversion of USD or EUR into Bitcoin.

The majority of exchanges impose a service charge ranging from 1% to 3% for facilitating this transaction. This fee is levied by the exchange as compensation for providing the service of exchanging fiat currencies for bitcoins.

It's important to note that the exchange fee is distinct from the Bitcoin network fee. The latter is incurred when utilizing the actual Bitcoin blockchain network for transactions.

Bitcoin network fees are paid directly to miners as an incentive for validating and securing transactions on the blockchain. These fees vary depending on network congestion and the complexity of the transaction.