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How to Buy Bitcoin With Lowest Fees in 2024
In this guide, we take a look at how to buy Bitcoin with the lowest fees in 2024. We reveal the cheapest Bitcoin exchanges and trading platform as well as our top tips for reducing fees when buying Bitcoin and other cryptos.
Keep reading to discover how to buy Bitcoin with low fees.
Best Exchanges to Buy Bitcoin With Low Fees
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What is the Cheapest Way to Buy Crypto 2024?
Coinbase, Kraken, and Binance stand out as favored options among users. These exchanges provide competitive fees, with the potential for further savings through the use of limit orders instead of market orders. You can define the price you wish to purchase by utilizing limit orders, potentially securing Bitcoin at a reduced cost.
What Fees Are There When Buying Bitcoin?
Cryptocurrency exchanges apply various fees for buying Bitcoin through their platform. All exchanges have a dedicated page that showcases the different costs of trading Bitcoin. Here are the main costs you’ll encounter:
Deposit Fee: When transferring cryptocurrency to the exchange, you’ll have to pay a transfer fee. However, the amount varies depending on the blockchain you’re using. Also, depositing fiat to your account may incur fees, which could vary by currency and payment method.
Trading Fee: When buying and selling Bitcoin, you’ll encounter a transaction fee that is usually a percentage of the trade size. The amount varies between platforms, but the cheapest options tend to be around 0.1%.
Withdrawal Fee: After buying Bitcoin, you’re most likely going to withdraw them to a cold or hot wallet. However, withdrawing coins from the exchange usually involves fees paid with Bitcoin. If you want to withdraw your fiat, this will probably incur a fee as well.
Who Has the Lowest Fees for Buying Bitcoin?
Crypto.com stands out for having the most competitive trading fees among the crypto exchanges listed. When comparing Binance and Coinbase, the choice ultimately depends on personal preference. Some may argue that Binance offers lower trading fees and a more extensive range of additional services.
What Options Do I Have When Buying Bitcoin With Lowest Fees?
eToro
eToro is a market leader in providing stocks and cryptocurrencies. The platform has acquired 23.2 million users across the globe, and it offers zero-commission trading. Although eToro’s crypto trading fee is higher than crypto exchanges (1%), the broker provides the lowest deposit fees as it doesn’t charge for deposits regardless of the payment method.
Moreover, eToro hosts various coins on its platform so clients can diversify their portfolios. However, if you’re unsure which coins to buy, you can look at successful traders and copy their portfolios and trades with the innovative CopyTrader tool.
Key Features
-
Clients can copy successful traders with the CopyTrader feature
-
Invest in certain industries and themes with the Smart Portfolio feature
- User-friendly design makes eToro more accessible for beginners
- Amazing customer support
- Free deposits
- Higher trading fees compared to exchanges
- Fewer cryptocurrencies than crypto exchanges
How to Get Started?
Step 1: Sign up
Create an account on the official eToro website and complete the KYC process by submitting an image of your ID.
Step 2: Deposit funds
Click the “Deposit Funds” button and choose from the available payment methods.
Step 3: Find Bitcoin
Use the search bar at the top to look for Bitcoin and click the “Invest” button.
Step 4: Buy Bitcoin
In the order form that pops up, enter how much BTC you want and click on “Open Trade”.
Binance
Binance is the largest cryptocurrency trading platform in the world. It offers a great selection of coins with multiple trading pairs for convenience. After purchasing Bitcoin, you can participate in staking, liquidity pools, and Binance Earn. Moreover, the fees are ultra-low at 0.1% on sell or buy orders. What’s more, you can enjoy fee-free trading on major BTC trading pairs.
Moreover, Binance has several trading interfaces that are designed for different activities. Beginners can use the convert page, which makes it easier to exchange coins for Bitcoin. However, experienced investors can use the classic or advanced trading interface to purchase Bitcoin with different types of orders.
Key Features
-
Binance has the lowest fees for depositing, trading, and staking coins
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Investors can set up 2-step authentication to add more security
- Over 300 cryptocurrencies available to purchase
- Low fees for buying Bitcoin
- Bitcoin has several trading pairs
- Slow customer support
- Binance.US fees aren’t as cheap
- The several trading platforms can be confusing to use for beginners
How to Get Started?
Step 1: Create an Account
Visit the official Binance website and create an account.
Step 2: Verify Your Account
Complete the KYC process to lift withdrawal restrictions.
Step 3: Deposit Funds
Deposit funds into the account and open the trading interface.
Step 4: Select Bitcoin
Select Bitcoin and write the amount you want to purchase.
Step 5: Click “Buy”
Review the order and click “Buy” to acquire the coins.
KuCoin
KuCoin was released in 2017 and has gained a lot of attraction, reaching 8 million users. Their popularity is due to the brilliant features like staking, multiple trading interfaces, and KuCoin Earn. The platform lets clients purchase Bitcoin at ultra-low fees ranging from 0.0125% to 0.1%. The fee amount depends on your 30-day trading volume. Also, if you hold the KuCoin token, the fees are reduced by 25%.
Key Features
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KuCoin claims 1 in 4 investors uses their platform
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The platform has multiple trading pairs for Bitcoin
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Clients can hold the KuCoin token to reduce fees by 25%
- Multiple investment options after buying Bitcoin
- KuCoin has exceptionally low fees
- Great selection of cryptocurrencies
- Not licensed in the United States
- High fees for withdrawing Bitcoin
How to Get Started?
Step 1: Sign Up for an Account
Sign up to KuCoin and transfer money into the account.
Step 2: Select Bitcoin
Next, navigate to the trading platform and select Bitcoin.
Step 3: Choose the Relevant Trading Pair
Choose the relevant trading pair and write the number of coins you want to purchase.
Step 4: Click ‘Buy’
Finally, review the purchase order and click ‘Buy’.
Crypto.com
Crypto.com provides one of the most popular crypto apps where you can exchange cryptocurrencies for free. It also provides an exchange where you can do more advanced trading and enjoy some of the cheapest trading fees in the crypto space.
Makers and takers pay just 0.75% at the lowest trading volume, but they can enjoy significant discounts when they lock up enough CRO, which is Crypto.com’s proprietary token.
Key Features
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Locking up CRO provides benefits including lower fees
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Metal Visa cards for spending crypto
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Crypto.com provides an NFT marketplace and a DeFi wallet
- Lowest trading fees on the market
- Discounts for CRO holders
- Free swaps in the app
- Crypto.com Exchange isn’t available in the US
- You need a lot of CRO to access benefits
How to Get Started?
Step 1: Open an account
Sign up to Crypto.com Exchange (or download the app if you are in the US).
Step 2: Deposit funds
Click the deposit button, enter how much you want to deposit, and choose a payment method.
Step 3: Find Bitcoin
Under the Trade tab, click “Spot” to open the spot trading interface. If you hover over the trading pair in the top left, you can search for your desired trading pair.
Step 4: Buy Bitcoin
Fill in the amount you want to buy in the order form on the right. You should click on Market if you want to buy immediately at the current price. Alternatively, you can use the Limit option to specify a price at which you want to buy in the future.
Coinbase
Although making simple purchases on Coinbase can be pretty expensive, the fees are actually quite competitive when you deposit first and then purchase Bitcoin through the Advanced Trade feature. Coinbase used to provide Coinbase Pro, a separate advanced platform for low-cost trading, but now Coinbase Pro’s features and fees have been integrated into the main Coinbase platform.
With Advanced Trade, you can benefit from maker and taker fees of up to 0.4% and 0.6% respectively.
Key Features
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Coinbase provides staking and Learning Rewards
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The platform has fiat and crypto trading pairs for Bitcoin.
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Coinbase has excellent security and requires 2-step authentication for withdrawing coins.
- User-friendly interface
- Low fees for trading
- Advanced trading features
- Customer support is slow due to many users requesting assistance
- High fees for simple purchases
How to Get Started?
Step 1: Sign Up for an Account
Open an account with Coinbase and set up 2-step authentication.
Step 2: Transfer Money
Then transfer money into the account via bank, card or crypto transfer. PayPal, Apple Pay, and Google Pay are also accepted in the US.
Step 3: Choose the Relevant Trading Pair
Open Advanced Trade and choose the relevant trading pair for Bitcoin.
Step 4: Click “Buy”
Write the number of Bitcoins you want to purchase and click “Buy” to execute the trade.
Kraken
Kraken is an amazing crypto exchange for those who want to use a transparent platform. In fact, Kraken recently added a feature that lets users see recent audits, making them a trustworthy location for buying Bitcoin. In addition, their security is brilliant because it uses SSL encryption, air-gapped cold storage, 2-step authentication, and precise API key permission control.
Moreover, the fees for trading Bitcoin are 0% to 0.26% depending on your 30-day trading volume. Also, you have multiple investment options after buying Bitcoin, like liquidity pools, crypto lending, and staking.
Key Features
-
Kraken is a trustworthy brand that offers full transparency
-
Clients can use the platform to participate in various investment opportunities
-
Kraken takes security seriously and has multiple layers of security
- The platform supports multiple exchange pairs for Bitcoin
- Easy-to-use interface
- Kraken is a high liquidity exchange
- Limited variety of cryptocurrencies
How to Get Started?
Step 1: Sign Up for an Account and Transfer Funds
Sign up to Kraken and transfer funds into the account with one of their payment methods.
Step 2: Go to Kraken’s Trading Interface
To purchase Bitcoin, head over to Kraken’s trading interface.
Step 3: Input the Amount You Want to Buy
Then select the relevant Bitcoin trading pair and input the amount you want to buy.
Step 4: Click ‘Buy’
Finally, review the purchase order and click ‘Buy’ to complete the trade.
What Crypto has the Lowest Transaction Fees in 2024?
Stellar (XLM): Renowned for its remarkably low transaction fees, Stellar typically charges less than a cent per transfer. Such minimal trading costs render it a compelling choice for cryptocurrency enthusiasts.
Which Crypto Has No Fee
Nano is a fee-less cryptocurrency that utilizes Open Representative Voting to achieve consensus and ensure security. This feature makes Nano particularly attractive for micropayments and everyday transactions, where minimizing fees is crucial.
Which Crypto Will Reach $1 Dollar?
Shiba Inu stands out as a contender to reach $1 ahead of others thanks to its robust community and promising prospects for significant returns. Additionally, SHIB is poised for potential price increases with several upcoming initiatives, including the rollout of its Shibarium blockchain and ventures into the Metaverse.
What to Consider When Choosing a Broker With Lowest Fees?
When choosing a cryptocurrency exchange, obviously the fees they charge are an important factor, but there are a few other considerations to make. Here are the main factors to consider when selecting a crypto platform.
Security: There have been many hacks and scams revolving around crypto exchanges. Therefore, you should use crypto exchanges with an excellent track record of delivering a safe experience for clients. The platform should let clients enable 2-step authentication and whitelist crypto addresses.
Easy-to-use: The process of buying Bitcoin should be convenient for beginners and experts. The platform must have quick processes to acquire Bitcoin that avoid complicated interfaces.
Tools and Indicators: If you’re a technical trader, you’ll want to have a set of tools in your arsenal. The popular crypto exchanges have low fees and a great combination of analyzing tools.
Interface: The trading interface should be simple while providing sufficient information. Some interfaces have complicated buying processes, making it frustrating to invest in Bitcoin.
Investment Opportunities: After acquiring Bitcoin and using a long-term strategy, you might want to participate in various investment opportunities. Therefore, you might want a crypto exchange that provides staking, liquidity pools, and other options.
Easy Withdrawals: Some exchanges have strict withdrawal limits, making it challenging to transfer your Bitcoin. Often you’ll need to complete a KYC process to lift withdrawal restrictions.
Trading Pairs: Multiple trading pairs make it convenient to purchase Bitcoin if you hold various coins. The most popular exchange pairs for Bitcoin are Bitcoin/ETH, Bitcoin/USDT, Bitcoin/USDC, Bitcoin/ADA, and Bitcoin/XRP.
How Can I Buy Bitcoins With Less Fees?
Embarking on your journey to buy cryptocurrency can be costly if you lack knowledge. Crypto fees have the potential to accumulate rapidly, diminishing the perceived bargain of your purchase. These are the best ways to save on fees when buying crypto:
Choose a Trusted Platform: Opt for a reputable buying platform with limited fees. Be cautious of platforms with seemingly too-good-to-be-true rates, as unknown or unreliable exchanges can jeopardize your funds.
Review Exchange Rates: Some exchanges may advertise low fees but compensate by inflating exchange rates. Prioritize the amount of cryptocurrency you receive over the displayed fees. Analyze the exchange rates closely to ensure you’re getting the best value for your money.
Time Your Buys: Cryptocurrency fees are influenced by network traffic, with high traffic periods resulting in increased miner fees. Time your purchases during periods of minimal network activity to avoid additional costs. Buying during U.S. business hours tends to be more expensive, so consider making transactions during off-peak times.
Choose Low-Fee Payment Methods: Where you buy crypto and your payment method can impact fees. Some exchanges charge higher fees for credit card purchases, while direct bank transfers are typically more cost-effective. Consider using low-fee payment methods to save on overall costs.
Consider Transfer Fees: If you plan to self-custody your assets instead of relying on an exchange, factor in potential transfer fees. While centralized exchanges like Coinbase or Kraken may offer seemingly low fees, transferring funds to a self-custody wallet may incur additional charges. To avoid double fees, consider purchasing directly with a self-custody wallet.
The buying process for Bitcoin is similar on all crypto platforms. Here’s an outline of how to buy Bitcoin using a popular exchange.
Step 1: Click the Register Button
Head over to the crypto platform’s official website and click the Register button.
Step 2: Create an Account
Sign up with your email address, create a strong password, and accept the terms & conditions.
Step 3: Click the Verification Email Sent to You
The crypto exchange will send a verification email to your inbox that you need to open. Afterward, you’ll gain access to your dashboard, where you can trade, stake, and transfer coins.
Step 4: Deposit Fiat Currency or Crypto
Deposit fiat currency or crypto into your account using one of the available payment methods.
Step 5: Choose a Bitcoin Exchange Pair
Open the trading interface and select the appropriate Bitcoin trading pair. For example, if you hold USDC, then choose the USDC/Bitcoin exchange pair.
Step 6: Enter the Amount You want to Purchase
Most exchanges automatically set the trade to a market order, which uses the current price for Bitcoin. Now, write the amount you want to purchase in the required section and review the order.
Step 7: Click ‘Buy’
After double-checking, all the numbers, click the ‘Buy’ button. Now, the newly-acquired Bitcoin will show up in your exchange wallet, after which, you can send it to your personal crypto wallet, if you want.
Alternative Ways to Invest in Bitcoin?
Bitcoin ATMs: Bitcoin ATMs are great machines for buying coins anonymously. They work similarly to bank ATMs but provide options for buying various cryptocurrencies instead. However, the fees for using Bitcoin ATMs are much higher than other options.
Decentralized Exchanges: Decentralized exchanges (DEXs) let investors buy large quantities of crypto anonymously. They require connecting a compatible crypto wallet, making this option for more tech-savvy users. However, you should bear in mind that you’ll need to WBTC as BTC isn’t native to blockchains that host popular DEXs. You’ll also need to acquire some crypto to swap for it, and the gas fees can be high on some blockchains.
Cash-in-hand: Investors can use platforms that connect buyers and sellers to each other. These P2P exchanges may facilitate transfers between clients in real life. However, this option is riskier due to the potential of being scammed. Therefore, you should wait with the seller until the transfer is complete.
Cryptocurrency Brokers: Brokers are brilliant for beginners, thanks to their user-friendly design. These platforms offer various cryptocurrencies, including Bitcoin. However, you’ll be buying a derivative product and won’t own real coins. Crypto brokers can offer CFDs, futures, and ETFs to deliver numerous investment opportunities for clients.
Final Thoughts
Looking for low fees is important if you want to get more bang for your buck when buying Bitcoin. We’ve mentioned the best platforms that offer excellent fee rates, investment options, and trading tools. However, you should select a crypto exchange that offers all the features you require for investing.
Beginners may find an exchange like Binance easier to use because it has educational resources, several trading platforms, and a user-friendly design. Moreover, expert traders may find KuCoin the best option since it has advanced trading tools. Also, clients can reduce their trading fees by 25% if they hold KuCoin’s native token KCS.
Furthermore, you can use a broker like eToro to invest in Bitcoin with no deposit fees and without encountering complicated trading interfaces. Therefore, you should go over the many available options and select the platform that fits your needs.
Visit eToro to get started
FAQs
How do I keep my Bitcoins safe?
The crypto platforms we’ve mentioned have amazing security, so the likelihood of your Bitcoin getting hacked is minimal. However, we recommend withdrawing your Bitcoin to a hardware wallet because they are unhackable. Keep your seed phrase hidden, and you’ll never need to worry about them getting stolen. The best hardware wallets are Ledger Nano X and Trezor T.
Where can I buy Bitcoin with low fees?
The best platforms to buy Bitcoin are Binance, KuCoin, Coinbase, and Kraken. However, before creating an account with a crypto exchange, make sure it’s available in your region.
Can I buy Bitcoin with fiat currency?
You can purchase Bitcoin with fiat currency if you use Coinbase, eToro or Binance. They have deposit methods for various currencies like EUR, USD, GBP, and more. After depositing, you can buy BTC with fiat or convert the currency to a stablecoin and buy Bitcoin.
How do I choose a cryptocurrency exchange?
With so many crypto exchanges, it can seem challenging to pick an option that best suits your needs. First, you should consider what features the exchange provides for clients, for example, trading interfaces, staking options, and withdrawal limits. Afterward, check out their fee structure and ensure it aligns with your requirements.
Should I sign up for a broker or exchange?
We recommend creating an account with a crypto exchange because you’ll own your Bitcoins. Therefore, you can freely withdraw them to a cold wallet and store them long-term with no risks. However, crypto brokers are easier for beginners since they have a straightforward interface and simple buying processes.
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