Is it possible to buy cryptocurrencies free of charge?

Can we buy cryptos without fees?

Concretely, it is very difficult to buy cryptos without any fees. Indeed, it will be necessary to pay at least transaction costs related to the operation of the blockchain. In addition, each platform applies additional management costs that must also be considered.

However, some platforms offer temporary offers to buy cryptocurrencies free of charge. This can be a welcome gift when creating an account or as part of a special event (Black Friday, Christmas, birthday, etc.).

In the rest of this article, we will offer you an overview of the current offers allowing you to pay no fees on the purchase of your cryptocurrencies. Finally, be aware that it is also possible to find an exchange platform which applies lower commissions.

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Where to buy free crypto?

In general, all platforms apply commissions, but it is sometimes possible to take advantage of special offers in order to to buy cryptos without paying fees. This can be as a reward for opening an account, temporary on the occasion of an event or permanent under certain conditions.

Here is a list of platforms where you can buy cryptocurrency free of charge:

• Mt Pelerin;
• ZenGo;
• Crypto.com.

Mt Pelerin

Created in 2018, Mt Pelerin is a trading platform allowing to buy cryptocurrencies easily and in a totally transparent way. Based and regulated in Switzerland, this company does not require no identity verification (KYC) to access its services, at least up to a certain amount.

But above all, the main advantage of Mt Pelerin is that the platform does not apply any exchange fees between fiat currencies and cryptocurrencies up to 500 Swiss francs (or equivalent) per year. In addition, vsThis limit can be increased to 5,000 Swiss francs (or equivalent) per year by holding 50 MPS (i.e. $500 at the time of this writing), or 50,000 Swiss francs (or equivalent) per year by holding 500 MPS.

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ZenGo

Founded in 2019, ZenGo is a complete platform allowing buying, selling, storing and staking of digital assets as well as the connection to Web 3.0 and decentralized applications. But above all, thanks to its institutional standard technology, ZenGo allows you to store your cryptocurrencies in an ultra-secure way.

Right now, ZenGo is offering its new users to buy cryptos free of charge for their first purchase, to the extent of 200 dollars. This special offer is made in partnership with Banxa and is only applicable if you purchase through them from the ZenGo app.

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Crypto.com

Another welcome offer: Crypto.com also offers its users a waiver of all cryptocurrency purchase fees during the 1st month following the creation of an account. As a reminder, Crypto.com is a cryptocurrency exchange platform founded in 2016 and recognized for its reliability.

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The different types of fees

Before going into the details of the commissions of each exchange and introducing you the best platforms to buy cryptos at low costit is important to understand the different types of fees. There are three: network fees, exchange commissions and trading fees.

network costs

When buying cryptocurrencies, it is mandatory to pay network fees to validate a transaction and buy cryptocurrencies. For example, for Bitcoin (BTC), the network fees make it possible to remunerate minors that support your transaction and record it in the blockchain.

These costs depend how blockchain actually works and its ability to handle multiple transactions at once. This is the reason why Ethereum, then still in Proof of Work, had a complicated summer of 2021 where fees could reach tens of dollars.

Note, however, that network costs – also called gas costs – do not increase with the amount of the transaction you are making. Whatever amount you transfer or exchange at a given time, the fees will be the same.

👉 Get trained and find out what proof of work or Proof-Of-Work (PoW) is

Platform commissions

To buy cryptocurrencies, beginners mainly choose to go through centralized platforms. However, these apply deposit or withdrawal fees of funds. This should be taken into account, since this increases the total fees for buying cryptos.

Some platforms apply fixed costs (ranging from one dollar to several dollars) while others charge percentages (from a fraction of % to several %) of the amount you wish to deposit or withdraw. We will then detail the exchanges applying the lowest taxes.

There are many other costs, notably related to management, inactivity, currency conversions, or what is called the spread. The latter corresponds to the difference between the actual purchase price of an asset and the one the platform charges you.

Trading fees

Trading fees are charged by the platform you use to trade your cryptocurrencies. They can go from a fraction of % to several %. For a single transaction, this may seem trivial, but when carried out frequently, it can quickly add up.

The cryptocurrency market operates on a “Maker and Taker” model. To put it simply, when we place an order that does not exist in the order bookthen it is added to it and we therefore become a “Maker” and we pay a “Maker” transaction fee.

Conversely, when the order placed is associated with an existing order in the book, it is therefore executed and we are considered as “Takers”. In this case, we have therefore withdrawn liquidity from the market and we will be charged the “Taker” commission.

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Which platform to buy cryptos with little cost?

If it is difficult to trade cryptos without paying additional costs, we will introduce you exchanges that allow you to pay low fees. This is particularly the case for eToro, Binance, or even decentralized platforms such as dYdX.

eToro

eToro is a broker created in 2007 and regulated in USA for services related to cryptocurrencies. Recognized for its ease of use, this broker is suitable for beginners and allows you to buy cryptocurrencies at reduced costs. If you are just starting out, then eToro will meet your needs.

The eToro platform invoices a one-time 1% commission for buying or selling cryptocurrencies. These fees are included in the price displayed when you open or close a position. In addition, eToro charges a spread corresponding to the difference between the price of buying the cryptocurrency on the market and the price at which it sells it to you.

👉 To go further – Reviews and tutorials on the eToro cryptocurrency broker

eToro: The platform that simplifies trading

Binance

Binance is a centralized cryptocurrency buying platform launched in 2017 by Changpeng Zhao. It has now established itself as the world leader in its sector of activitythanks in particular to its fluid and easy-to-use interface.

Binance charges the lowest fees on the market. In effect, the basis is set at 0.1% per transaction. This is weak compared to the competition, but if you own BNB (Binance Coin)your fees will be paid using this token and will be reduced to 0.075% per transaction.

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Decentralized exchanges

In general, decentralized platforms apply transaction fees at least as high as their centralized competitors. For exemple, Uniswap charges a 0.3% fee per transactionto which are added the network costs which can be significant if one goes through the Ethereum blockchain.

The dYdX platform is certainly the most interesting for trading cryptos without fees. Indeed, DYDX token holders get rebates of up to 50% of their fee amount. In addition, if the volumes exceed $100,000, the user is rewarded in DYDX tokens that can cover 80 to 120% of the fees paid.

In other words, it is possible to trade cryptos without fees for users with transaction volumes exceeding $100,000. However, it should be noted that dYdX offers to trade on the perpetual markets and not on the spot marketso you will not be able to hold cryptos and transfer them outside the platform.

Regarding decentralized exchanges, we can also mention Mt Pelerin whose fees are relatively low. In addition to the free fees before the first 500 Swiss francs spent, as mentioned above, Mt Pelerin applies decreasing fees 1.3% up to 5,000 Swiss francs, 1.1% up to 50,000 Swiss francs and 0.9% above.

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Source : Withrawal Fees

Journalist for cryptonewsherald, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.

Lilian Aliaga

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