The fees charged in the process of buying Bitcoin are determined by many things. Frankly, it is hard to find a place to buy Bitcoin for no fee these days. Even when buying directly from a friend, your transaction will incur a blockchain fee. But there exist a plethora of ways in which to save transaction fees or omit some of them.
How to buy Bitcoin at no or low fee? You are in the right place to learn this. This post offers guidance on some of the cheapest crypto exchanges and other places to buy crypto affordably. It also mentions the fees that you can avoid and many other tips.
Fees and Costs Included in Bitcoin Buying
- Blockchain transaction fee – Whether you are using an exchange or not, you will be charged to transact on the blockchain. Some people argue that you can do this for free, but, likely, your transaction was not added to the blockchain without a fee.
- Exchange fee – This consists of the blockchain fee and the amount the broker is charging you. Therefore, it is always higher than the blockchain fee.
- Arbitrator fee – This cost comes when you need to solve an issue on a P2P platform. It varies depending on the issue to be solved or what the arbitrator is charging.
How to Buy Bitcoin at No or Low Fee? Cost Determinants
Do you want to know how to buy Bitcoin at no or low fee? Are you interested in buying or selling Bitcoin without fees? Is it possible? Well, some factors determine how much you will pay for your transaction.
- Security – If you want to be assured of security, then you might need to pay a premium to buy Bitcoins. Exchanges and platforms that have invested heavily in security protocols will definitely charge to make a profit. However, many give people an opportunity to buy crypto at low fees.
- Anonymity – Many Bitcoin buyers and sellers seek anonymity. Again, one needs a place to buy Bitcoin without disclosing their details. Surprisingly, it is possible to make a low fee Bitcoin purchase while maintaining anonymity.
- Community – Do you still want to know how to buy Bitcoin at no or low fee? Joining the crypto community can be very helpful if you want guidance on where to get affordable services. Additionally, there are many other perks of being a member.
How to Buy Bitcoin at No or Low Fee? Affordable Exchange Platforms
All exchange platforms have a fee for carrying out transactions with them. But their charges vary a lot. When you want to buy and sell cryptocurrency without fees, then you should know which fee a broker is willing to eliminate for you.
That said, let us look at some of the best crypto exchanges where you can save during transactions.
Coinbase
Do you have this question; how to buy Bitcoin at no or low fee? Then, Coinbase is a perfect starting point. Generally, they charge a rate of 1.49% of the value of the Bitcoins you want to buy if you open an account with them and deposit fiat money via a bank transfer. When you use a credit card, the fee will go as high as 2.5% of the total value of the Bitcoins.
The good news is that Coinbase has a trading platform called Coinbase Pro where you pay far less or make a cryptocurrency exchange without fees. And to save more money, Coinbase gives a $10 bonus to new users, so open an account with them now.
Nakitcoins
This exchange broker offers many perks to users including very low or no exchange fee. So, is anyone wondering how to buy Bitcoin at no or low fee? Then look no more. First, it is very clear How to buy Bitcoin with no or low fee on Nakitcoins when you visit their website.
The secret to buying crypto on Nakitcoins at low fees is to set a limit on their website. Fortunately, they have high limits, which allow you to carry out a lot of transactions every day without having to pay a lot in fees. Sometimes, you can make a no fee Bitcoin exchange.
CEX
To buy Bitcoin using a credit card or debit card, you have to pay up to 7% of the value of the Bitcoin. It still sounds high for many Bitcoin buyers, but there is a way to save money here. How to buy Bitcoin at no or low fee? There is a concept of a maker and a taker. A maker is a person willing to sell their Bitcoin at a price lower than what is offered on the exchange, and a taker is one willing to do such a deal. Through this, it is even possible to carry out a crypto exchange without fees on CEX.
Coinmama
This broker offers services that are similar to Coinbase. It is for those who want an alternative to buy Bitcoins at low or no fee conveniently. The difference is that the broker does not allow you to deposit money, but instead you use a credit or debit card. So, then how to buy Bitcoin at no or low fee?
Although the charges are a bit high, up to 11% of the value of the Bitcoins, the services are secure and pretty fast. As such, you get value for your money when you transact on Coinmama.
You can explore more exchanges that offer low fees when trading cryptocurrencies as listed by Cryptohead.com in their article here.
Buying Bitcoin at a Local Bank
Banks have become the latest hubs to buy and sell Bitcoin. Unlike broker exchanges, they set their rates and commissions for the services. New banks have offers for no fee crypto exchange to attract new customers to their services. So, are you looking for one of the best ways for how to buy Bitcoin at no or low fee? Then, visit a bank that sells Bitcoins.
Peer-to-Peer Platforms
This last option is for anyone who still has this question; how to buy Bitcoin at no or low fee? P2P platforms charge a commission when you decide to buy crypto on their platforms. It is a great option to buy crypto without exchange, and it is cheap. Better still, you can decide to meet with a seller and buy Bitcoins in cash. This will save a lot although it has obvious risks of fraud.
Conclusion
Buying Bitcoins at low or no fee is possible if you have the right information. From the above insights, we have now answered this question; how to buy Bitcoin at no or low fee? So, follow the tips since they are especially invaluable.
