The fees for makers are comparatively lower compared to takers. “Makers” refers to orders listed in the order book, awaiting a matching counter order for execution. “Takers,” on the other hand, are promptly executed at the expense of makers. Essentially, makers contribute liquidity to the exchange while takers consume it. Consequently, makers incur lower fees, whereas takers face higher ones.
It is a common misconception among newcomers that takers exclusively involve market orders, and makers solely pertain to limit orders. A maker encompasses any order placed in the order book, awaiting execution, whereas a taker represents an order that matches and executes an order from the order book.