While cryptocurrencies are known for offering lower fees compared to contemporary means of paying, once you start trading them on a daily basis, expenses can add up. Yes, now you know that crypto exchanges have trading fees for every transaction you make. This is not all, as some of the biggest companies on the market also have deposit fees and even those for withdrawal. Now you understand that there are costs to crypto trading that you might not have included when you decided to deal with digital currencies.
Cryptocurrency exchanges are starting to be more and more similar to banks, and they look to add a fee to every service they offer. To be fair, most exchanges will allow you to deposit assets without a fee being involved. In a situation when you deposit cryptocurrency, this is the norm, but when your deposit is in the form of fiat currency, feel is not out of the question. If you try to deposit via debit or credit card, you could encounter hefty fees. The best route to take would be to use bank money transfer, but this is the slowest method.
By now, you understand that exchanges look to make a profit on various fees, and this is why it’s essential to know with whom to cooperate to maximize your gains. If you love to pay fees, you can research more on flat percentage fees and the maker/taker model. But, it would be wiser to search for exchanges that work with no or minimal costs. In this article, we are going to show you how to trade cryptocurrency without paying fees. If this is the subject you were looking for, then continue reading.
Rubix
Rubix doesn’t incur any fees, regardless if we’re talking about deposit or withdrawal. This option makes it one of its kind, or even the only one that operates under these conditions. It all comes down to their unique wallet. Rubix’s wallet is a unique one, which acts as decentralized storage of your assets. If you keep your digital currency in their wallet, the control over private keys and the coin involved lies in your hands.
If you opt on cooperating with this exchange, you can buy coin directly from them, by bank transfer, or purchase it via MasterCard or Visa. While all these options are fantastic, the best one is one that separates them from the bunch – swap feature. This feature allows all users one exciting thing – they can exchange their crypto directly with other users on the platform. What this means is that there are no worries that you’ll be hacked or that you’ll get involved with a centralized wallet.
Coinbase
The same way Bitcoin made a name for itself on the crypto market in terms of coin, Coinbase did the same in terms of exchanges. They started on the right foot and continued their growth from there. Their trading fees are one of the best in the market, and they even managed to launch an exchange platform called Coinbase Pro. Starting your cooperation with this exchange needs to be done by posting a deposit via bank transfer as means such as debit card or credit card can prove expensive.
You need to understand that Coinbase doesn’t work without fees immediately; it’s just that they offer a fair price for their services. The model they employ is called maker/taker, and it comes in around 0.05% or 0.25% if you make a direct order on the market price for a coin, which makes you a taker. The other case makes you a maker, and it happens when you make an order but do not pay the price at the same moment. But, if you are a frequent dealer, you don’t need to worry about this as with more trades in your name, you’ll have less to no fees. Furthermore, depositing money on their platform is free of charge. While this is good to hear, in the case of a withdrawal, there are fees that need to be covered. So as you can see, they are loose on their costs, and if you are careful when deposit and when withdraw, and also watch out for the way you trade, you can come out clean with no fees paid.
Cobinhood
Cobinhood is not only an exchange that is known for its zero-fee trading policy, but it is also ranked as the top three in terms of security. What more can crypto traders wish for? This is why their popularity skyrocketed in recent years, and they received a massive following, despite being a reasonably young exchange founded in 2017. This is what no trading fees motto would do to your business. The best part is that you don’t need to meet any conditions to be eligible for a no-fee discount.
Of course, there is a downside as deposit and withdrawal fees are mandatory for all users. But, this also comes with a bright side as their fees for these services are in a fixed amount and are around $3 per transaction. But, this shouldn’t put your mind of a fantastic offer that no fees for trading are. If you are looking for a way to trade without fees, this the exchange for you. Of course, you need to be aware that this is a centralized exchange, and thus is more sustainable to hacks and has some security flaws. If this is your option e sure not to keep your crypto on it for too long.
Conclusion
After reading our article, you have a good idea of where to start with crypto trading and look forward to avoiding any fees for this activity. It would be best if you were careful when selecting your partner, as your profit depends on it. No fee for trading is a great advantage you can have on your side, and it’s worth searching in the complicated world of crypto. If you have some more questions or just want to dig deeper on this subject, click here and indulge yourself.
