What is a maker fee and taker fee?
Maker fees apply when an order adds liquidity to the book; taker fees apply when an order immediately removes liquidity.
The short version
A maker order rests on the order book and adds liquidity. A taker order executes immediately against existing orders and removes liquidity. Exchanges often charge lower maker fees and higher taker fees because liquidity helps the market function.
Maker example
If you place a limit buy below the current market and it waits on the book, you are making liquidity. If someone later sells into your order, your fill is usually charged the maker fee.
Taker example
If you use a market order or a marketable limit order that fills instantly, you are taking liquidity. You get speed and certainty, but often pay a higher fee and may also face slippage.
Why it matters
Fee tier, spread, and execution style all affect the real cost. A low advertised fee can still be expensive if you cross a wide spread or trade into a thin order book.
How to use it
Use limit orders when patience matters, market orders when speed matters, and always compare the fee schedule with the spread and liquidity. For small trades the difference may be minor; for active trading it adds up quickly.