Fees first! Buying, opening and transferring crypto on an exchange are critical first steps to purchasing Bitcoins. Fees on all exchanges have slowly increased over time, but the lowest fees available right now is Binance (their cheapest rate for Ethereum is 0.1%) at .15% per trade; Coinbase charges .25% per trade; Huobi charges .1%; Bitfinex charges .20%. Only Kraken can match or beat Binance’s transaction fee of only 0.1%.
The good news is that there are no official regulatory bodies in place for exchanges like they are for banks (we recently covered how the SEC regulates cryptocurrency). There are laws that outline high levels of security and many federally regulated institutions follow those guidelines. The reality is that bitcoin lacks regulation, so exchanges will continue to charge straightforward fees with each passing year as they become more common. While it may not be ideal, the price you pay for BTC/ETH/LTC/BCH doesn’t even come close to what you would pay if you were buying the crypto directly without the exchange.
Why do most wallets provide discounts?
If you buy bitcoins by bank transfer with a bank account instead of buying them with fiat currency then there shouldn’t be any fees attached! Most wallets also offer free deposits just by entering your public address into their systems alongside top-notch support teams who will guide you through your first purchase from start to finish. It’