If you can trade in cryptocurrency for little to no costs, you save a lot of money. One common question that crypto beginners often seek the answer to is how to buy Bitcoin no or low fees. Fortunately, while it’s hard to find exchanges charging zero fees, there are several crypto platforms with affordable charges. In Turkey, NakitCoins is one of the most popular BTC platforms with fees as low as 1%.
Companies that claim to charge zero fees make money by buying Bitcoin at low prices and reselling it for a higher rate. Even if you happen to come across a crypto company that charges zero fees and zero premiums, the chances are that you will still have to pay mining fees for network transactions. It’s important to understand what kinds of fees you will have to pay when signing up for any crypto website. Here is all that you need to know about the types of crypto fees and how to sell Bitcoin without fees.
Types of fees and how to trade Bitcoin without fees
Funding or withdrawal fees
Many cryptocurrency exchanges require users to pay fees when they are sending or receiving funds via their website. This may include regular fiat currencies and crypto coins. The fees that exchanges charge users before they add funds to their account are termed as funding/deposit fees. On the other hand, withdrawal fees refer to the amount that users are charged when they are sending funds to an external wallet.
Some exchanges apply a flat fee ranging between 0.02% and 1%. It’s necessary for crypto newbies to understand the withdrawal and deposit fees that will be applicable when they are researching where to buy Bitcoin without fees or at low fees. If you are buying just $10 worth of Bitcoin, a flat fee of $2% or $3 will sound expensive, in which case you may want to opt to use NakitCoins offers to buy Bitcoin. This exchange only charges a small percentage depending on the size of your transaction.
In general, a bank transfer payment method is much cheaper than depositing funds with crypto exchanges using credit or debit cards.
Trading fees
As explained earlier, the majority of crypto exchanges charge small fees as low as 0.1% to 1% for every trade you make on their site. While this looks like it’s affordable, high-volume traders who trade regularly can feel the impact of these fees. The terms “maker” and “taker” fees are sometimes used to refer to the fees involved in making an order or filling in an order created by someone else.
Maker fees usually come at a discount as compared to taker fees — that is because exchanges try to encourage users to create new orders. These transactions increase the liquidity (volume of trading activities taking place on the platform), which can make a crypto exchange highly valuable.
Premium
Other companies that allow people to buy Bitcoin with low fees make profits by charging a premium on the cryptocurrencies they sell. For example, the company can decide to buy BTC at a market price of $10,000, and resell it at a higher price of $12,000.
Have a fair idea of how the spread will look like on the exchange you intend to use. This precaution is necessary because, sometimes, you can’t really tell the true price of a crypto coin. But if you go through multiple exchanges, you will get a well-informed idea of the average value of the price. Are you eager to know where to buy Bitcoin with low fees? Well, head over to NakitCoins.com.
Mining/transaction fees
Apart from premium, trading, and withdrawal/deposit fees, you may still pay mining/transaction fees when you purchase BTC or altcoins. Transaction fees can basically be called the mining or network fees— they are paid to the particular miner that adds your BTC transaction to the blockchain system. It means that if you want to own your BTC, you will need to pay transaction fees in order to get them sent to your wallet.
The costs of these fees may vary depending on the number of people using the network. In the past couple of years, mining fees were as low as a few cents. Having said that a no-fee Bitcoin purchase is hard to find today.
All this is one of the challenges of doing crypto transactions via the Bitcoin network. Experts are looking at ways to effectively deal with high transaction fees on the blockchain and Lighting network. In the meantime, you are advised to always check the applicable transaction fees before you initiate any transaction.
When you are choosing a crypto exchange to purchase BTC, don’t only consider the price that is offered. Examine the fee structure, and ask yourself a few vital questions such as: are there additional charges when you place a buy order? Is the premium included in the price?
Does the crypto exchange charge account holders when they are sending money from their own exchange accounts? Answering these questions will allow you to find the lowest fee to buy Bitcoin.
