There is no such thing as 0 fees. They’re scamming you.

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There is no such thing as 0 fees. They’re scamming you.

Don't fall for exchanges advertising 0 fees. They're fucking you over in the following ways:

  1. By quoting you a worse price than the actual market price of a particular coin at the moment.

  2. By siphoning some of your money in the name of spread or price slippage.

  3. By not providing you with a crypto wallet. So you can't send your crypto to a private wallet or another exchange. Your coins are stuck. The only way out of the exchange is to sell, incur the hidden fees and capital gains tax.

  4. High deposit and withdrawal fees, even with a bank transfer.

  5. By selling your data.

It's worth it to take some time to look up fee structure of an exchange, read the FAQs and reviews before making a sizeable purchase on an exchange. Those 0 fees end up costing you 1-2% in hidden fees or even more. While an exchange that is transparent about their fees only charges a fraction of that (0.1-0.2%).

Avoid any exchange that advertises 0 fees or only gives you option for market order and not limit order. As a consumer you should be looking for more options at your disposal, more transparency and more control, not less.

submitted by /u/damittydam
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