So you’re ready to start buying cryptocurrencies, but you want to do it as cheaply as possible with the minimal fees, well you’re in the right place. To buy Bitcoin or any other cryptocurrency you need to exchange your fiat, which is your local currency; US dollars, Euros, Pounds etc for cryptocurrency.
One of the easiest way to do this is using the Coinbase exchange which allows the purchase of Bitcoin (BTC) and other popular cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH). This site has a super simple interface and allows you to use debit / credit cards or bank transfers to buy cryptocurrency. However this simplicity comes at a cost as Coinbase fees are relatively high. However, there is a little known method to eliminate Coinbase fees and we are going to show you how to buy Bitcoin, Ethereum and other cryptocurrencies with no fees!
Investing in cryptocurrencies should be fun, but be sure you understand this site is not financial advice and the risks involved.
Buy Bitcoin Cheap with Coinbase Pro
Coinbase Pro is Coinbase’s own exchange and what they don’t make clear is that when you register for Coinbase you also automatically get a Coinbase Pro account. If you don’t already have a Coinbase account signup here and you will get $10 of free Bitcoin when making your first $100 purchase. So let’s go ahead and walk through step by step how to get the lowest fee crypto:
1 Logon to Coinbase and choose accounts from the menu. You will then see the screen below, select your local currency wallet in this case Dollars and click deposit. If you live in the UK be sure to check out get fee free cryptocurrency UK to avoid international banking charges.
In the next screen, if you are based in the US, choose bank deposit (wire transfer is quicker but their is a fee) will cost more. In Europe chose SEPA deposit and use the account details on screen to setup a transfer from your standard bank account. Once the funds arrive in Coinbase you can proceed with the next step.
2 Head on over to Coinbase Pro and log in. Logon with your Coinbase Credentials. You may be asked to enter further proof of identity depending on what you used for Coinbase. If you want to understand the differences between Coinbase exchanges check out Coinbase vs Coinbase Pro.
3 In Coinbase Pro click on the deposit button on the upper left of the screen
4 A screen will appear asking you what currency the funds are you wish to deposit. In the below screenshot we have chosen Euros from the drop down list and then the Coinbase Wallet Tab. On the screen that appears enter the amount you want to transfer from Coinbase to Coinbase Pro and click on deposit . Obviously if your Coinbase wallet contained dollars you would select dollars and then follow the same process.
4 Select buy from the left of the screen and enter the amount you wish to purchase in the currency you just deposited, for example Euros and click place order this will cost 0.25%. This is a market order and is easiest and quickest.
To purchase for zero fees you will need to place a limit order, check out the Coinbase Pro ultimate guide for more information on this.
Thats it job done you just purchased Bitcoin in the cheapest way.
Getting started with Cryptocurrencies
Check out these articles to get you started on your journey into Cryptocurrencies: