lang
November 17, 2024

How I Trade Crypto Without Paying Fees (Almost)

How I Trade Crypto Without Paying Fees (Almost)

I’ve been in the crypto game for a while now, and one thing I’ve learned is that trading fees can eat into your profits faster than a FOMO-ridden bull run. So, I’ve set out on a quest to trade crypto with no fees, and let me tell you, it’s possible. But first, let’s break down what we’re dealing with.

The Lowdown on Crypto Trading Fees

If you’re reading this, you probably know that exchanges love to charge us for every little thing. Here’s the breakdown:

  • Trading Fees: This is the big one. Every time you buy or sell, they take a cut.
  • Withdrawal Fees: When you move your crypto off the exchange (which you should be doing), they hit you again.
  • Deposit Fees: Some places even charge to get your money in.

These fees can add up fast and seriously cut into your gains.

My Strategies for No-Fee Trading

So how do I do it? Here are my methods:

1. Use Exchanges That Don’t Charge Fees

Believe it or not, there are exchanges out there that don’t charge trading fees. They make their money through other means (more on that later). For example, Binance has super low fees if you’re using BNB to pay them.

2. Decentralized Exchanges Are Your Friend

DEXs like Uniswap and SushiSwap might still have some fees (hello, slippage), but they’re usually way lower than centralized ones. Just watch out for those pesky gas fees during peak times.

3. Peer-to-Peer Platforms

I’ve started using P2P platforms where I can buy directly from sellers without any middlemen taking cuts. These platforms usually have minimal or no fees since there’s no central authority involved.

4. Always Be A Maker

If you’re using an exchange that charges different rates for makers (those who provide liquidity) and takers (those who take liquidity), always be a maker! Set limit orders below the current price when buying and above when selling.

5. Take Advantage of Promotions

Many exchanges offer sign-up bonuses or referral programs that give you free crypto or reduce your fees if you use them to trade. Just make sure they’re not charging you in hidden ways!

Watch Out for Hidden Costs

Now here’s where it gets tricky—some places advertise zero trading fees but have massive withdrawal costs or other sneaky charges. Always read the fine print!

Also, some exchanges profit off of spreads—the difference between buy and sell prices—so even if they’re not charging you directly, they might be indirectly taking more than another place would via higher spread costs.

Final Thoughts

It takes a bit of work to find these platforms and maybe even some legwork to avoid fiat conversion costs (use stablecoins!), but it’s worth it to keep more of my gains in this volatile market.

Previous Post Next Post
Disclamer

CryptoRobotics is committed to delivering transparent and reliable reporting in alignment with the principles upheld by the Trust Project. Every element within this news piece is meticulously crafted to uphold accuracy and timeliness. However, readers are encouraged to conduct independent fact-checking and seek advice from qualified experts before making any decisions based on the information provided herein. It's important to note that the data, text, and other content presented on this page serve as general market information and should not be construed as personalized investment advice.

aleksei
About Author

More articles
Launch Your Crypto Trading Journey with the CryptoRobotics App

Access the full functionality of CryptoRobotics by downloading the trading app. This app allows you to manage and adjust your best directly from your smartphone or tablet.

phone

Need Assistance on the Platform?

Schedule a personal onboarding session with our manager. He will assist you in setting up the bots, understanding the products, and answer all your questions.