Bitcoin has become a popular investment due to its high potential for returns. However, like any investment, there are certain risks involved.
One of the biggest risks is the fees associated with trading Bitcoin.
When you buy or sell Bitcoin, you will have to pay a fee. The fee goes to the exchange or broker that facilitated the trade.
The amount of the fee varies depending on the size of the trade and the exchange being used.
For example, Coinbase charges a 1.49% fee for buys and sells of Bitcoin. However, if you use their Pro platform, the fees are much lower.
Binance charges a 0.1% fee for trades.
The fees can really add up if you’re not careful. Let’s say you buy $1,000 worth of Bitcoin on Coinbase. The fee for that would be $14.90.
If you then turn around and sell that Bitcoin on Binance, you would pay another $1 in fees. So, in total, you would have paid $15.90 in fees just to buy and sell $1,000 worth of Bitcoin!.
To avoid paying high fees, you need to be smart about when and where you trade Bitcoin. Some exchanges charge lower fees than others.
And some exchanges have special deals where you can get reduced or even zero fees.
For example, at the time of writing this article, Kraken is running a promotion where they are waiving all fees for trades made with their new stablecoin, USDT-Fiat pairs (USDT/USD, EUR/USD). This means that if you trade those pairs on Kraken right now, you will not have to pay any fees!
So, to answer the question posed in the title: yes, it is possible to trade Bitcoin without paying any fees. However, you need to be aware of the different exchanges and their fee structures in order to take advantage of this opportunity.