When you start buying crypto, a lack of knowledge can be costly. Crypto fees can accumulate quickly, making your purchase less of a bargain than you initially thought. Unfortunately, these fees are necessary for the smooth and secure operation of networks. However, there are ways to reduce the amount you pay and keep more funds in your wallet. Here are some of the best ways to save on fees when buying crypto:
1. Use a trusted buying platform with limited fees: It’s important to choose a reputable exchange with reasonable fees. Some exchanges may offer low rates that seem too good to be true, so always do your research to ensure the platform is trustworthy.
2. Review exchange rates closely: While some exchanges may advertise low fees, they may compensate for it by increasing their exchange rates. Pay attention to the exchange rate and make sure you’re getting a fair deal in terms of the amount of crypto you receive.
3. Time your buys: Crypto fees can vary depending on network traffic. Try to avoid buying during peak times when fees may be higher. Buying during off-peak hours can help you save on fees.
4. Choose low-fee payment methods: The payment method you use can also affect the fees you pay. Some exchanges may charge higher fees for credit card purchases compared to direct bank account transfers. Consider using a low-fee payment method to minimize expenses.
5. Consider transfer fees: If you plan to self-custody your crypto assets instead of relying on an exchange, be aware that there may be additional transaction fees involved. Factor in these fees when making your buying decision.
By following these best practices, you can minimize the fees you pay when buying crypto and keep more funds in your wallet. BitPay also offers a solution to help you get the best rates with low fees on your crypto purchases. Through their partner network, BitPay ensures you always get the best available price. Their “Best Offer” feature presents you with multiple offers, allowing you to choose the one that suits you best. Whether you’re using the BitPay Wallet app or buying through BitPay’s website, you can easily complete your transaction with their trusted partners.
BitPay’s platform offers additional benefits such as self-custody, security features, support for over 60 cryptocurrencies, and the ability to use any self-custody wallet. They also provide flexible payment methods, giving you the freedom to choose how you want to buy crypto.