How to Buy Bitcoin Without a Fee – Secrets You Did Not Know
Bitcoin is one of the most bought cryptocurrencies because the coin has dominated the industry. Even with a recent downward curve in value against the US dollar, it is still the leading in value and market cap.
To buy Bitcoin, you most likely need to go through middlemen, who charge a fee to process transactions conveniently. But there is a well-guarded secret they do not want crypto buyers to know: how to buy Bitcoin without a fee or at a low fee.
Fortunately, this article is written after researching some of the options you have to avoid high fees. Once you read it, you will buy Bitcoin and other cryptos conveniently while saving at the same time.
How to Buy Bitcoin Without a Fee – Dealing with the Middleman
There is a new trend you need to check; as the competition around cryptocurrency increases, the middleman is being forced to provide affordable and enticing services. Crypto exchanges have to struggle to stay afloat. Therefore, they need to either eliminate some commissions or lower the fee to near zero. This is how most cryptocurrency exchanges are trying to stay in business.
- Scheduled commissions – Anyone who is looking for how to buy Bitcoin without a fee should know something about scheduled fees by crypto exchanges and platforms. The fee declines as you trade more according to some schedules and even goes to zero at some point. So, you should take advantage of buying an amount of cryptocurrency that falls within the range where the fees are lowest or nonexistent.
- Special discount rates – Some platforms reward their customers for loyalty by charging a lower fee after the customers attain some goal. For instance, NakitCoins, which is a popular crypto exchange in Turkey, calculates the number of transactions by the end of the month and calculates discounted fees from that point.
- Buying in cash as opposed to using a credit card – Some exchanges encourage people to Buy Bitcoin in cash and avoid credit cards. If you check thoroughly, cash payment attracts a very low commission, sometimes no fee at all, but credit cards will always be more expensive to use.
These three options are interesting. But there are more depending on different platforms. No wonder, you should know how to buy Bitcoin without a fee from different platforms to know which one to settle on.
How to Buy Bitcoin Without a Fee – Cutting Out the Middleman
If you are still looking for how to buy Bitcoin without a fee, there is one more option for you: buying from an individual and cutting out the middleman completely. This sounds lucrative, but it has its drawbacks.
The best way is to use a peer-to-peer platform that will connect you to a seller. These platforms list many sellers for you to choose the most convenient one. There is also an option of buying from someone you already know like a relative or a work colleague.
The process involves sending the money to the seller for them to send the Bitcoin to your crypto wallet. This is how to buy Bitcoin without a fee. However, you should take all necessary precautions to avoid losing your investment.
Now you know how to buy Bitcoin without a fee. Research more on the options and make use of them. Actually, the options are expected to get better with time as service providers improve their services.