How much do exchange fees actually affect your crypto profits?

One thing I think a lot of newer traders underestimate is how much exchange fees can eat into returns over time.

It's easy to focus on the trading strategy, entry and exit, or finding the next coin, while ignoring the cost of actually making those trades.

There are several things I look at when comparing an exchange:

• Maker vs. taker fees
• Bid/ask spread
• Deposit and withdrawal fees
• Spot vs. futures costs
• Whether there are discounts for using an exchange's native token
• Liquidity, because a low advertised fee doesn't mean much if the spread is terrible

I'm also increasingly skeptical of the phrase "zero-fee trading." A platform can advertise 0% commission while making money through the spread or other charges.

For active traders, even a small difference in fees can add up over dozens or hundreds of trades.

How do you compare exchanges before choosing one?

Do you mainly look at the advertised trading fee, or do you also check spreads, withdrawal costs, and liquidity?