Maker vs taker: the maker-taker fee model explained
“Maker” and “taker” are the two roles in every trade on an order-book exchange: the maker’s order was already waiting in the order book, and the taker’s order matched it immediately. In the maker-taker model, exchanges charge each side a different fee, and takers usually pay more because they remove liquidity instead of adding it.
You don’t choose a role when you sign up. You become a maker or a taker with every order, depending on how you place it.
Maker vs taker: what is the difference?
The difference between a maker and a taker is timing. A maker places an order that rests in the book, such as a limit order below the current market price. A taker places an order that is executed immediately against existing orders, such as a market order.
| Maker | Taker | |
|---|---|---|
| Typical order | Limit order away from the current price | Market order, or a limit order that crosses the spread |
| Effect on the order book | Adds liquidity | Removes liquidity |
| Execution | Only when someone trades against it | Executed immediately |
| Fee | Usually lower | Usually higher |
| Main risk | The order may never fill | Paying the spread and slippage |
Every trade has both: one maker and one taker. When you buy bitcoin with a market order, you are the taker, and the person whose sell order you hit is the maker.
How the maker-taker model works
The maker-taker model works through the exchange’s order book, the live list of buy and sell orders at each price. Picture a simplified bitcoin book in euros:
| Bids (buy orders) | Asks (sell orders) |
|---|---|
| 0.30 BTC at €59,980 | 0.25 BTC at €60,010 |
| 0.50 BTC at €59,950 | 0.40 BTC at €60,050 |
If you place a buy limit at €59,900, nothing matches. Your order joins the bids and you are a maker. If you place a market buy for 0.10 BTC, it immediately matches the cheapest sell order at €60,010. You are the taker, and the seller who posted that order is the maker.
A limit order isn’t automatically a maker order. A buy limit at €60,050 would match existing sell orders at once, so the taker fee applies. Many crypto exchanges offer post-only orders, which are cancelled instead of executed if they would take liquidity. That protects your maker status.
Why exchanges use maker-taker pricing
Exchanges use maker-taker pricing to attract liquidity. Market liquidity means there are always buy and sell orders close to the current price, so other traders can execute trades immediately at a reasonable price. A deep book means narrower spreads and less slippage, which brings in more traders and more volume.
The model started on electronic stock trading venues in the United States and spread to centralised crypto exchanges. Large investment firms and high frequency traders act as professional market makers: they keep buy and sell orders in the book all day and earn the spread between them. In return, exchanges give high volume traders reduced maker fees, sometimes zero, and some venues make maker-taker payments in the form of rebates.
For you, the effect is mostly positive: other people’s maker orders are what give you a fair price when you are the one taking liquidity.
Maker and taker fees in euros
Maker and taker fees are a percentage of your trade value. This is what buying and later selling €1,000 costs at the entry tier on two MiCA-licensed exchanges, as we checked their fee pages on 23 October 2026:
| Exchange | Maker | Taker | Round trip as maker | Round trip as taker |
|---|---|---|---|---|
| Bitvavo (EUR markets) | 0.15% | 0.25% | €1.50 + €1.50 = €3.00 | €2.50 + €2.50 = €5.00 |
| Crypto.com Exchange | 0.25% | 0.50% | €2.50 + €2.50 = €5.00 | €5.00 + €5.00 = €10.00 |
Neither the fee rate nor the gap between maker and taker is the same everywhere. Gemini’s ActiveTrader schedule starts at 0.60% maker and 1.20% taker, high for an order-book exchange, and Gemini closed its EEA accounts in April 2026. Binance charges 0.10% to both makers and takers at its standard tier, and isn’t licensed under MiCA for EU residents. For the maker side in detail, see our maker fee explainer.
Volume tiers and other discounts
Most maker-taker fee structures get cheaper as you trade more, with your 30-day trading volume deciding your tier:
- Bitvavo: EUR markets drop from 0.15%/0.25% to 0.10%/0.20% at €100,000 of monthly volume, down to 0.00%/0.02% above €100 million. USDC markets cost 0.05%/0.05%.
- Crypto.com Exchange: tiers by 30-day volume, for example 0.08%/0.18% from $500,000. Holding 50,000 CRO or more gives 0% maker fees and 12% off taker fees.
Spot fees and derivatives fees are separate schedules. Futures often have lower maker-taker rates, but leveraged products add funding costs on top, and the exchanges we track largely restrict them for EU retail clients. Don’t trade more just to reach a lower tier: the extra trades cost more than the discount saves.
Maker and taker on brokers and DEXs
Not every platform uses the maker-taker model. Most European stock brokers charge a fixed fee per order, whatever the order type. Trade Republic charges €1 per order with Best Price or €2 with Direct Price, and DEGIRO charges €3.90 plus a €1 handling fee on Xetra under its Dutch price list. Many stock trading venues do use maker-taker pricing, but they bill their member firms, not you.
On decentralised exchanges there is usually no order book. In decentralised finance you trade against liquidity pools and pay a swap fee, which goes to the liquidity providers who deposited the tokens. They play the maker role, with very different risks.
Should you be a maker or a taker?
Be a maker when the price matters more than speed, and a taker when speed matters more than the price. Neither approach makes a trade profitable on its own.
- Makers are patient: regular buyers, people setting take-profit levels, traders in small coins with wide spreads. They pay lower fees, but their orders may never fill.
- Takers need instant orders: exiting a position, reacting to news, trading a liquid pair where the spread is tiny. They pay a higher fee, plus slippage when the market falls or rises fast.
Market takers tend to pay more per trade, but a missed trade can cost a maker far more than the fee difference. Crypto-assets are highly volatile, short term price movement can easily outweigh a 0.10% fee gap, and you can lose everything you invest.
Maker-taker and EU rules
In the EU, crypto exchanges need a MiCA licence, and the operator of a trading platform must keep its fee structure transparent, fair and non-discriminatory. That’s why licensed exchanges publish full maker and taker fee tables. For stocks and ETFs, MiFID II best execution rules apply to your broker instead. Compare total costs, including spreads and deposit fees, on our low-fee exchanges page before you choose.
Questions people ask
What is maker-taker trading?
Maker-taker trading is the fee model most order-book exchanges use. Traders whose orders wait in the book first (makers) pay a lower fee than traders whose orders fill immediately against existing orders (takers).
What is the difference between a maker order and a taker order?
A maker order rests in the order book before it is filled, for example a limit order below the current price. A taker order fills immediately against an order that was already there, like a market order.
Do market makers get paid?
Professional market makers earn the spread between their buy and sell prices. High-volume makers often get reduced or zero maker fees, and some exchanges pay them rebates for adding liquidity.
Do makers always pay lower fees?
Usually, but not always. Some exchanges charge makers and takers the same rate at the entry tier, such as Binance at 0.10% for both, so check the fee schedule of the exchange you use.
How do I know if my order was a maker or taker order?
Your trade history or order details show the fee charged for each fill, and most exchanges label it maker or taker. A partly filled order can have both.