I’ve always treated fees as one of the first filters when choosing an exchange. lately I’m wondering if I’ve been looking at the wrong number.
The posted maker/taker fee is easy to compare, but the actual cost seems to come from a mix of:
1. spread and slippage
2. withdrawal fees
3. liquidity during fast moves
4. fee tiers that only become competitive at higher volume
If you trade spot regularly, what has mattered most in practice? Have you ever switched to a “cheaper” exchange and ended up paying more overall?