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If I have an ethereum based token and I wish to send/trade it with some other person, what will be the transaction cost that I'll have to pay. Will it be paid in ethereum or using the token that I am trading.

Also, if I have 5000 tokens in my account and I have zero ether balance, then how can I trade or use these tokens?

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You will need to pay transaction fees in ether (and any fees your token also imposes). You can send ether to your account that has 5000 tokens in order to use the tokens. See also How do ERC-20 Tokens work?

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