Have you been using crypto for a while? Some folks are wondering how to lower the fees when trading. But to a certain extent, it is much better to buy crypto on a popular platform like Coinbase without spending a single dime. On this occasion, we’ll explain how to trade cryptocurrency without paying fees.
Keep in mind that the tips that I’d like to share on this page focus on Coinbase Pro. In this case, you will be able to deposit your dollars for free, then exchange them for the particular cryptocurrency with the limit orders for free. Back then, it was free to procure the limit orders. But since 2019, it is no longer viable for all users. We still need to pay for the transactions.
Not only on Coinbase Pro but there are no longer any major exchanges that allow zero-free trading without limitations.
In short, Coinbase Pro no longer provides zero-fee transactions for its beloved users. We have to accept the fact that we will be charged for the fees every time we use the Coinbase platform to make trades and transactions. But it does not mean that you have to spend an enormous amount of money to achieve what you want to achieve. It is still feasible to trade for lower fees. You will always have ways to save more money when trading on Coinbase.
There are still free-limit orders. But this only applies to those who do over $50 million in volume. For those who trade over $100k, you only need to pay a 0.1% fee. Even though your amount of trading is less than $100k, the Coinbase Pro will still reduce the fees for the volume.
There is a simple strategy to keep the fees for crypto trading lower. You must use the bank’s deposits and limit orders. Avoid using market orders unless it is urgent or your chance is better. If not, you could focus only on limited orders. Not all exchanges will charge different fees for makers and takers. It is important to learn the fee list before proceeding.
If you are not using Coinbase Pro, chances are you will always pay fees of at least 1.4% per buy and sell. So, you will need to prepare yourself to pay an extra 3% to cover the fees billed by Coinbase. It could be a struggle for you. Ideally, you will want to make 10% or more profits to lower the burden that comes from the transactions fees.
Some folks are moving to other sites like Binance due to the rising fees of Coinbase Pro. But you don’t have to follow their path. There are still good reasons why you could use Coinbase for trading your cryptocurrencies and how you can buy crypto on Coinbase without any fees.
The alternative option to buy crypto on Coinbase without fees
You must buy a crypto first, then send your digital assets to an exchange which lets you make the trade with zero fees. You could do something creative like this.
You can fund the Coinbase account with your bank deposit. Consider following the directions as stated on the Coinbase website and you will be fine.
You can sign up and deposit the funds using a bank account to minimize the fees that you need to pay for the service. When you do this, you will avoid paying unnecessary fees to the intermediaries.
You could purchase the cryptocurrencies which are available on the exchange that you will use to fund your Coinbase Pro. If you plan to use Bitcoin more often in the future, it is much better to use the pro version. It is much cheaper than using the regular Coinbase feature.
The other trick to do is to purchase some of the coins from platforms which have lower margin fees and withdrawal fees. You could trade on the new exchange for free and use its promos. Then you could transfer the particular crypto back to the Coinbase site to trade it back for dollars.
With this method, you will pay the trade through Coinbase Pro for the fees between the exchanges. You will pay zero fees.
Funding through bank deposit
Did you know that funding the Coinbase account through a bank deposit can help you trade at minimal to zero fees?
You could fund a Coinbase account by using your bank deposit first. Then you could convert your dollars to the USDC. Or, you could simply use your bank account to purchase the USDC on Ccoinbase directly.
Register an account and start depositing funds on the Coinbase Site. Then you can swap your bucks from your pocket to the USDC or purchase the USDC directly from your bank account.
There is no fee when you use the bank account to fund your Coinbase account with dollars. Or, you could also use your bank account to purchase the USDC stable coin directly to avoid any unnecessary expenses.
You will then transfer your USDC to other platforms, like Binance. Use the USDC to purchase the Binance BCB. Then use the tokens to pay the fees. If you are using a high volume of crypto from time to time, you could move your dollars or USDC to Coinbase Pro or another exchange that offers volume-based discounts. You can also trade until you are free from the fees or at least manage to lower the fees.
The main point of sale of the crypto-monetary revolution is the removal of brokers.
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For example, when you make four transactions at 4%, you lose 15% of your revenue (ideally).
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Coinbase will probably charge an average of 2.5% (3.99% for credit/debit cards and 1.49% for bank accounts).
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But now you should get one if you don’t have a Coinbase account already.