Once cryptocurrency is ready to be purchased or sold using an exchange, there is still the matter of maker fees and taker fees
Taker FeesCharged to traders when they add a market price trade request on an exchange order book that gets immediately filled..
For an exchange to function, it needs as many users as possible to be able to effectively fill orders and provide a working market.
To encourage more traders to use their platform, exchangers advertise low fees and favourable trading conditions, like added security or speed.
Once a trader is using an exchange, they are encouraged to continue using the platform and help it improve its performance by rewarding certain users.
These users are called makers, and they can be any trader on the platform if they place unique bids on the orderbook.
This is usually done in the form of limit orders or stop loss orders, because they are more likely to be unfilled offering other buyers and sellers opportunities to mingle and shop for price.
Takers usually come in the form of market orders matching with pre-existing orders and removing bids from the orderbook.
These orders are instantly filled and clear trading traffic from an exchange.
The more orders outstanding on an orderbook, the busier an exchange.
All users are charged fees for the use of an exchange, but makers are charged reduced fees, while takers are charged more.