Makers vs Takers: Who Moves the Crypto Market?

Ever wondered why some traders pay lower fees on exchanges? It comes down to two roles: makers and takers.

The Basic Play

Imagine you want to buy Bitcoin. You have two choices:

Taker Route: You execute a market order RIGHT NOW at the current price. Boom—instant fill. You’re “taking” liquidity from the order book. Most rekt traders are takers.

Maker Route: You place a limit order (e.g., “buy 1 BTC at $45,000”) and wait in the order book. When someone else’s market order hits your price, you’re “making” the trade happen. You’re adding liquidity to the market.

Why Exchanges Care

Markets need liquidity to function smoothly. Makers create it, so exchanges reward them with lower fees. Takers pay more because they’re consuming existing liquidity. It’s like shopping—bulk buyers get discounts, impulse buyers don’t.

Real Impact

On most exchanges (including major ones), VIP makers with decent volume pay reduced fees compared to takers. If you’re day trading with market orders all day, you’re bleeding fees. Smart traders use limit orders to flip into the maker role.

One Curveball

Some advanced orders blur the line:

• IOC/FOK orders (API-only) = Taker role (executed immediately)
• GTC limit orders = Can be both (sits in book as maker, but fills at market as taker if price moves through)

The Play: If you want guaranteed maker status, use the “Post Only” option before placing—your order only goes through if it lands in the order book first.

Bottom line: Understanding maker/taker mechanics = understanding how to optimize your trading costs and market impact.