This article will reveal a crypto industry secret that has been kept hidden for a long time: a way to buy crypto with no transaction fees.
One of the best things about the cryptocurrency revolution is that it can cut out the middleman.
If we eliminate the middleman, why do people still want to pay the high prices they have to pay when they use other methods? To make a living as a day trader, you must find ways to save money on fees.
Well, we have a way for you to buy Crypto without paying fees.
You didn’t make a mistake; there are NO charges. Even though this method could save money, 95% of consumers still pay transaction fees of 1% or more that they don’t need to. For example: if each transaction costs you 4%, and you do four of them, you will lose 16% of your profit.
People make this common mistake when they want to invest in cryptocurrencies. Enough with the intro; let’s get down to business and find out how to get cryptocurrency for free.
How to Trade Cryptos Without Fees
If you use an approved exchange and follow the rules, you can trade without paying any fees (for example, Bitcoin only on Binance).
Even though the details of free cryptocurrency trading may differ on each platform, we’ve laid out how to start trading Bitcoin on Binance. This guide will show you how to move money between your bank account and Bitcoin without paying any fees. This could work well for both Binance and Binance.us.
- Send money from your bank account to your Binance account. Even though deposits from most countries are free, you may have to pay if you have to use PayPal or if your country charges fees for deposits.
- Spend $1 to buy one Bitcoin.
- Send the Coin you just bought to the new place where you can trade.
- Change back your Bitcoins to dollars.
- The withdrawal process from Binance is done. Again, you may be unable to make free withdrawals in all countries.
So, using this method, you can freely change dollars into Bitcoin on Binance.
Best Cryptocurrency Exchanges That Don’t Charge Fees
Bybit
Bybit is a well-known and widely used platform for buying and selling cryptocurrencies on a speculative basis. On its spot market, the best margin exchange has made trading cryptocurrencies for fiat currency and other digital assets safe and easy. Since it is one of the top 20 spot exchanges in the world, the Bybit spot exchange is a great choice for current customers.
Users not interested in participating in the company’s options and futures markets may still take advantage of the deal by accessing the company’s social network, copy-trading platform, and grid trading bot at no cost to themselves. So, that means there are no transaction costs for Bybit traders to learn from and imitate the actions of the most successful investors and traders on the platform. Thus, since there are no transaction fees, Bybit is a great way to buy and sell cryptocurrency.
Pros
- A reliable and popular platform that has expanded its offerings over time.
- The world’s five largest markets for crypto derivatives
- Offers serious traders access to many markets, including spot, perpetual, and Futures.
- Highly sophisticated, user-friendly, and feature-packed trading platform that allows for simple, one-click interactions.
- Lacks a user-against trading desk (like other platforms)
Cons
- Confusing for newcomers
- The absence of backing for Fiat (limited to 5)
- The market for NFTs is small.
Robinhood
You can trade options, stocks, ETC; and cryptocurrencies on Robinhood’s platform, which is very flexible. A user-friendly structure with no fees makes investing in bitcoins easy and free.
ETFs and stocks are just two of the many ways to invest that are out there. The program helps users figure out what they want to do with bitcoin. Robinhood needs to catch up regarding the number of cryptocurrencies it offers.
If you use Robinhood or trade Grayscale trusts (like GBTC) or Bitcoin ETFs (like BITO) with some brokers (some brokers charge fees, so check with yours), you can still trade cryptocurrencies without paying a commission. It is different from a cryptocurrency exchange that doesn’t charge fees. So, it will be good enough for many people.
Pros
- Robinhood is well-known for its ease of use.
- Widespread cryptocurrency acceptance with no added fees or discounts.
- In the Learn section of Robinhood (accessible without creating an account), there are some truly talented authors.
Cons
- While many other brokers provide data and analysis at no cost, Robinhood adds a $5 monthly premium for this service.
- Trading actively is difficult due to a lack of available resources.
Binance
Binance is the world’s biggest and most active cryptocurrency exchange as of this writing. So, it is the best place for new and experienced investors to buy cryptocurrency using fiat or other cryptocurrencies. It is because the exchange has the highest trading volume and the most liquid spot and futures markets. Binance has more than 1,664 trade pairs and supports 391 different cryptocurrencies.
Binance has always been one of the cheapest places to buy and sell cryptocurrencies because it has low fees (0.1% per trade) and many customers.
Pros
- Highest trade volume and liquidity of any exchange in the world
- Fees of only 0.1% plus volume and stake discounts plus negligible slippage
- Top-tier viewing charts and making trades for desktop and mobile
- The integrated system offers numerous goods and services
- Approved in a wide variety of nations
Cons
- It needs to be more user-friendly for novice traders and investors.
- Difficult to navigate for casual crypto buyers and holders.
- Many nations’ governments are exerting pressure on the company.
- Poor customer service with slow response times
Phemex
In 2019, a group of eight former Morgan Stanley executives started Phemex. Their goal was to build a reliable digital platform and become the leading financial services provider for cryptocurrencies. Since it started, over 2 million people from places like the US, Canada, and the UK have joined Phemex.
Phemex’s zero-fee spot exchange is a major factor in the company’s meteoric rise to fame. There are no transaction fees for trading between Bitcoin, Ethereum, stablecoins, and countless other pairs. The commission cost will be deducted from the trader’s funds when the order is placed on the spot exchange, but it will be returned to the trader’s wallet shortly after the deal is completed. That’s right. There won’t be any commission charged to the trader. The number of commission-free trades a given account may make is capped and scales with the user’s VIP status.
Pros
- Trading does not require KYC.
- Platform with adequate stability and liquidity
- Use Phemex Earn’s products to earn a return on your cryptocurrency holdings.
Cons
- Does not provide a staking function for cryptocurrencies.
- Unfortunately, Phemex is not available to people in the United States.
KuCoin
KuCoin is a popular cryptocurrency exchange that wants to serve customers worldwide by making it easy to trade digital money. Since KuCoin’s launch at the end of 2017, more than 700 different crypto assets have been added to its platform. Kucoin is considered the best altcoin exchange because it has a lot of high-quality projects to choose from.
KuCoin Convert shows the most popular assets to trade, but the number of supported assets accessible to switch without fees is rather restricted compared to the actual exchange. It is generally the best platform to trade cryptocurrencies without paying any commissions. KuCoin is our runner-up choice for the best no-cost crypto exchange due to the convenience of its extensive selection of products and features.
Pros
- Popular and reputable cryptocurrency trading platform serving users all around the world
- Over 700 different cryptos are available for trading, and the market is extremely liquid.
- Ideally suited for professional crypto traders and investors.
- Trade whenever and wherever you choose with our cutting-edge, intuitive, and responsive mobile app
- Trading fees are as low as 0.1%, with a 20% refund for KuCoin token holders
Cons
- It costs more to buy cryptocurrency through an intermediary.
- The US market is now unavailable for traders.
- Prohibits the withdrawal of funds from a bank
Crypto.com
Crypto.com is an online store where you can buy and sell goods and services with bitcoins. In the past few years, the exchange’s platform has grown to have more than 10 million users. It is well-known that people worldwide, including in the USA, can buy and sell cryptocurrencies. In a nutshell, it’s a great software for getting started with cryptocurrency on your phone.
Crypto.com is always coming up with new crypto services and products for its customers to speed up the spread of blockchain technology and improve the cryptocurrency user experience. With Crypto.com and its suite of products, it’s never been easier to buy crypto, trade, sell, earn interest on, and spend crypto.
Pros
- One of the most rapidly expanding cryptocurrency markets, Binance boasts a sleek, user-friendly smartphone app ideal for newcomers.
- You may purchase and trade over 250 different cryptocurrencies.
- The App and Exchange have surprisingly low trading costs.
- Extensive options such as cashback cards, staking, interest accrual, and NFTs.
Cons
- In early 2022, hackers stole more than $34 million.
- Unfortunately, Crypto.com does not allow for trading between different cryptocurrencies within the app.
- Interactions between the App and the Exchange could be clearer.
- Limited instructional resources and documentation.
Conclusion
The costs of a cryptocurrency transaction depend on several factors, such as the transaction amount, how long it takes for the confirmation, and how busy the network is. When a network is busy, the rate at which transactions are confirmed slows down.
Because of this, there will be little liquidity and high costs to trade. Some cryptocurrency exchange platforms may temporarily stop trading when there isn’t enough money. Increasing the exchange costs is another way to make people less likely to trade. You might get a bigger discount when you buy a lot than when you buy a small amount.
Whether or not you have to pay anything, though, will depend on the platform you use to trade cryptocurrencies. Some charge a certain amount or a certain percentage, and some don’t charge anything at all. Binance, Bybit, and Robinhood are your best choices for trading cryptocurrencies without paying fees. Some free trade deals are only available for a limited time, so it’s important to remember any restrictions and use a referral code to get a permanent discount.
