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Are There Free Crypto Exchanges?

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Written by   202
2 months ago

Buying and selling cryptocurrencies with any fiat currency or exchanging one form of crypto for another are processes that involve some costs. So if you are wondering if there are “free cryptocurrency exchanges”, the answer is — unfortunately, there is no such thing.

Similar to banks, crypto exchanges can’t provide their services for free. Crypto exchange services need to put numerous layers of security in-place to make sure your fiat and crypto are safe and secure. Plus, exchanges need to make sure they are operating professionally and providing the services that customers need. As all of this happens online, it is necessary to ensure the technology behind the scenes. 

Why are there no free crypto exchanges then? Running a crypto exchange is comparable to running a money transfer service (or other financial sector business) with many of the associated costs and responsibilities.

Is Free Cryptocurrency Trading Possible?

Unfortunately not; as it has been mentioned above, there are numerous costs when it comes to running a crypto exchange (such as those related to maintaining the proper security and technology levels and paying the staff).

It’s a competitive market, and every crypto exchange is striving to get its own customers, so there are offers everywhere. Although buying and exchanging Bitcoin without fees isn’t possible, trading and exchanging isn’t a fixed-rate service. There are numerous ways you can do this, and  in this article we will explain what these various forms of exchanges mean. Also, anyone looking to buy and sell crypto on an exchange needs to know what’s included in the fees.

How to Trade Crypto? Fees Involved in the Process

Every exchange offering any kind of crypto trading encounters the same challenges when it comes to moving cryptocurrency.  The need for fees is often passed onto the customer, because exchanging cryptocurrency can be costly and needs to be secured. Here is the list of costs factored into the fees customers pay:

  • A network fee from the customer’s wallet to the exchange (such as ChangeNOW);

  • Another network fee for sending funds to the liquidity provider (a secure third-party provider);

  • Trading fees (changed by liquidity providers for the exchange itself);

  • One more network fee for letting the funds come back to the customer’s wallet.

Fees have to be factored into every transaction, so let’s look at some of the options and associated costs.

What Is the Best Way to Trade Cryptocurrency?

You can trade crypto via exchanges such as ChangeNOW — it is one of the best low fee cryptocurrency exchanges offering a number of ways to exchange crypto. Let’s take a closer look at them:

#1: Classic Rate Exchange

Although this option is not associated with a free exchanger mechanism due to the costs mentioned above, this is quite an effective way to exchange crypto. With the classic rate exchange, the costs are calculated to be as user-profitable as they could be at the moment.

Still, please keep in mind you might get more or less than you originally expected before making the transaction: the market can go pretty unstable and cause considerable price fluctuations. Just as any other exchange, ChangeNOW does its best to find the most competitive and cost-effective way to exchange crypto, but all the rates depend on what’s going on with the market at any given moment. Generally, it can be hard to tell which cryptocurrency exchange has the lowest fees — because fees change constantly.

#2: Fixed Rate Exchange

ChangeNOW also offers a fixed rate exchange option: if the rate changes during this transaction, the customer still gets the same amount that has been displayed at the start. Once the price is fixed, a customer has 20 minutes to deposit the relevant currencies or crypto: everything happens pretty quickly to guarantee the client the amount shown.

What Is the Difference Between Classic and Fixed Rate Exchange Flow?  

Although neither of these options is free, both of these variants are low cost ways to exchange crypto safely. In case of the fixed rate, a small amount is often set aside by the exchange to guard against sudden price fluctuations. Due to this fact, the fixed rate can sometimes cost more than the classic one.

In case of the classic rate, the amount displayed at the start of the transaction isn’t always what you get at the end. It is usually the general price volatility that influences the exchange and all the associated network fees.

Exchanges that focus on the needs of their customers should ensure every transaction is put through as competitively and efficiently as possible. Finding a good service is not about finding a totally free crypto exchange — it is about getting yourself a fast and secure one. 

Are you planning to invest in cryptocurrency or implement fast and safe crypto swaps?

With ChangeNOW, you can buy any cryptocurrency with a credit or debit card, sell or swap currencies, and exchange 200+ assets. 

Get started today!

Disclaimer: ChangeNOW does not provide any kind of investment advice. Cryptocurrencies are currently unregulated, which means every time you invest, your capital is at risk. Past performance is not an indication of guaranteed future price increases.

However, we put every possible effort into ensuring every transaction is secure and work only with reliable partners. ChangeNOW seeks to maintain accountability to its customers, employees, and the crypto community in general. To achieve it, we resort to strict AML compliance, social change encouragement, regular service quality upgrades, and community involvement.

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Written by   202
2 months ago
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Comments

Free crypto trading would be a Major turn up

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2 months ago

You are doing greate Job Sir.

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2 months ago