New study reveals significant differences in the total costs of crypto trading for retail investors

An increasing number of retail investors are accessing crypto markets through app-based trading platforms. At the same time, the actual costs of trading crypto-assets are often difficult for investors to assess. Of the nine cryptocurrency trading providers in Germany analysed, Bitvavo has the lowest average total cost at 0.53%, while Coinbase has the highest at 6.45%.

The aim of the study was to create greater transparency regarding the real costs of trading crypto-assets and to analyse differences between providers. For this purpose, the researchers conducted 432 so-called roundtrips – consisting of the purchase and immediate sale of the same crypto-asset – in January and February 2026 using the mobile applications of nine MiCAR-regulated crypto-trading providers. The analysis covered six crypto-assets, namely Bitcoin, Ethereum, Ripple, Solana, Chainlink and Avalanche and two order sizes of EUR 100 and EUR 500.

The results show clear differences in the cost levels between the individual providers. Of the nine cryptocurrency trading providers analysed – Bison, Bitpanda, Bitvavo, Coinbase, flatex, justTRADE, Kraken, N26 and Trade Republic – Bitvavo has the lowest average total roundtrip cost at 0.53%, while Coinbase has the highest at 6.45%. In addition to explicit trading fees, spreads – the difference between the purchase and sale price – play a significant role in determining the total cost of trading. At the same time, the analysis shows that relative costs remain largely stable across the two analysed order volumes.

Professor Co-Pierre Georg, Director of the Frankfurt School Blockchain Center: “Retail investors increasingly access crypto markets through app-based platforms, yet the true costs of trading are often difficult to assess. With this study, the Frankfurt School Blockchain Center aims to provide a transparent and data-driven comparison of crypto-trading costs. By collaborating with intas.tech, we were able to combine academic research with practical market expertise and real transaction data, allowing us to analyse cost structures across providers in a rigorous and systematic way.”

Benjamin Schaub, Managing Director intas.tech: “At a time when crypto-assets are increasingly gaining traction as an asset class and more retail investors are entering the market, the study aims to create greater transparency around costs in crypto-trading. While costs in traditional capital markets are typically disclosed very transparently, they are often still difficult to compare in crypto-trading – especially spreads, which can significantly affect the overall cost of trading.”

The findings are particularly relevant for retail investors trading crypto-assets through mobile platforms. At the same time, they provide valuable insights for providers, regulators and market observers by highlighting how strongly cost structures can differ across platforms and how important transparent cost disclosures are for informed investment decisions.

The full study report can be accessed here.

About Frankfurt School Blockchain Center (FSBC)

The FSBC is a think tank and research center focused primarily on investigating the implications of blockchain technology. In addition to general research and prototype development, the FSBC serves as a networking hub for managers, start-ups, and experts to exchange knowledge and best practices. The FSBC also organises educational opportunities for both students and executives, including on-campus courses, workshops, and conferences. More under: Frankfurt School of Finance & Management

About intas.tech

intas.tech is a consulting firm specializing in the strategic assessment of blockchain use cases as well as the integration of digital assets into existing business models and IT infrastructures. The unique combination of blockchain know-how and deep expertise in the regulatory environment enables a holistic, cross-industry consulting approach. More under: Digital Assets Consultancy | Home | INTAS.tech