While Bitcoin trading usually bears various fees, several crypto exchange platforms have increasingly championed commission-free trading. Many leading crypto trading platforms offer free Bitcoin trading, including Binance, ByBit, Fidelity, and Robinhood. Those platforms also provide other benefits to enable traders to keep the overall fees minimal.
Nevertheless, most exchanges still levy fees for at least some order types. Traders can leverage referral codes or increase their trading volumes to cut costs further. For example, Binance issues discounts on trading fees to clients who pay their fees through BNB tokens. Some platforms, like BitProfit, offer discounts for traders who register through their referral links.
Although many exchanges use zero-dollar fees as a promotional tool to attract more traders, you can still expect some costs associated with Bitcoin trading. Nevertheless, the following are valuable ideas for avoiding paying fees when trading Bitcoin.
Invest in Bitcoin Stocks and ETFs
Several brokers today allow free online stock and ETF trading. That implies you can avoid commissions if you trade Bitcoin stocks and ETFs. Bitcoin stocks and Exchange Traded Funds (ETFs) allow you to invest without owning the actual tokens. Instead, you invest in the company stocks or ETFs of companies with Bitcoin holdings. The value of your investments will depend on the performance of the acquired stocks and ETFs. Many brokers today offer a more comprehensive selection of Bitcoin stocks and Exchange Traded Funds that you can buy and sell without paying fees. Examples of common Bitcoin stocks and ETFs include GBTC and BITO.
Leverage Referral Links
You can also use referral links to sign up and trade Bitcoin on multiple platforms without paying commissions. Referral links are promotional tools brokers and exchange platforms use to attract more traders. While some guarantee commission-free trading, others offer cost-saving benefits such as discounts.
For example, Binance offers a 10% lifetime discount on trading fees for traders who sign up through their referral links. The broker also allows you to trade spot Bitcoin for free for a limited period if you register via the referral link. Binance.US offers a 10% welcome bonus and free Bitcoin trading for a limited time if you register via their referral link. Traders also receive 25% off trading fees if they use BNB to trade Bitcoin on the platform.
Robinhood offers commission-free crypto trading and free stock to those who sign up for the platform using a referral link. By-bit referral code CCFsignup offers sign-up bonuses and flash deals to traders who register using it. It also allows free Bitcoin trading, but the deal usually changes.
Referral links are incredible promotional offers traders can easily leverage to avoid several standard trading fees. However, the offers may also come with some conditions you must carefully evaluate before using. You may need to compare the promotions presented by different platforms to find the best deals.
Fund Your Account Using Bank Deposits
Many countries today allow free deposits as a way of attracting foreign investments. Thus, funding your Bitcoin trading account with bank deposits can be an excellent way to avoid paying fees. However, some money processors, such as PayPal, may still levy fees.
Buy Bitcoin Using USD
If you cannot purchase altcoin directly, you can start by buying USDC, BTC, BNB, or other tradeable assets. That will enable you to avoid hefty fees, but you would still pay a small commission.
Bitcoin trading generally attracts different fees that usually vary from platform to platform. However, the above guidelines can help you to trade Bitcoin with zero commissions or relatively lower costs.
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