Nothing is for free. If you’re looking to purchase a good or service, you have to pay for them. That isn’t even including the fees that come with the transaction and sending/receiving of the good or service. The same applies to bitcoin. When you buy and sell bitcoin, there are fees that accompany it. These fees include transaction fees, withdrawal fees, deposit fees, trading fees, and escrow fees.
With that being said, bitcoin does have some exceptions.
Buying bitcoin without fees
So does that mean that there’s a guide to buying bitcoin without fees? That could be a bit of a loaded question since there aren’t many guides out there for one simple reason: it might be a little hard to find a cryptocurrency exchange that doesn’t implement any fees. They exist but they’re a dying breed.
What you want to be looking for are exchanges that don’t implement high fees. These types of exchanges definitely exist and they’re some of the best in the industry. One of the better examples includes Paxful, one of the leading peer-to-peer bitcoin marketplaces in the world. On Paxful, you can buy bitcoins easily with the hundreds of payment methods available. They specialize in gift cards, making it easy to learn how to sell bitcoins for gift cards and vice versa.
Paxful implements an escrow service that protects both buyers and sellers. Escrow acts as a third party service that holds all the coins until the peer-to-peer trade is complete. On Paxful, the only fee they implement is the escrow fee which is 1% that is charged to sellers. If you’re buying, there are no fees that are charged to you. This is a great perk for buyers along with the easy registration that comes with a free wallet. Essentially, you’ll only have to look out for fees if you’re looking to sell some bitcoins.
Fees are just a part of it
As said earlier finding a bitcoin exchange that implements no fees at all is going to be a tough challenge for anyone. This is because bitcoin exchanges need to make a profit and they do so by implementing fees on their users. Everyone has to make a profit and the people that created the exchange need to be rewarded for their hard work.
Be sure to do as much research as you can so that you can find the best bitcoin exchange for you. One that has little to no fees and one that’s easy to use and seems trustworthy. Choosing the right exchange is essential for any bitcoin enthusiast as it has the potential to earn back or lose your investment. Research is important to any kind of investment journey and not doing it is one of the top 5 mistakes a bitcoin newbie can make.
