Cheapest places to buy Bitcoin in 2024

What Are the Cheapest Places to Buy Crypto in 2024?

A cryptocurrency exchange is a platform that facilitates the trading of digital currencies for other assets. We’ll look at three types:

Low-Fee Crypto Exchanges

Also known as Centralized Exchanges (CEX), the buyer and seller transact using an intermediary. How it works is the middle person plays the role of the “bank”, storing the cryptocurrency for the seller until they match you to a buyer. The intermediary charges a transaction fee for facilitating this exchange.

Some CEXs provide crypto trading pairs, such as the US dollar and bitcoin, which makes them a good choice for novice traders. Some also offer spot trading, which is the buying and selling of assets at the spot/market price. Finally, some crypto exchanges offer free spot trading on their pairs. For example, as of mid-2023, Binance announced that it would provide free spot trading until further notice in celebration of its fifth anniversary.

If you are a beginner looking to test the waters of trading crypto, CEXs are a great place to start. However, the caveat is that these centralized exchanges are prone to be hacked; therefore, it is vital to do your due diligence before making a choice.

Peer-To-Peer (P2P) Crypto Platforms

These are platforms where buyers and sellers transact directly without an intermediary. Another name is Decentralized Exchanges (DEX). Typically, these platforms do not charge a trading fee. However, depending on the payment provider, there may be a small transaction fee.

Additionally, they may have large spreads, resulting in spending more than you initially anticipated. So be on the lookout for this!

An example of a popular P2P crypto platform is ByBit which charges zero transaction fees and supports multiple payment methods such as e-wallets, credit and debit cards, and bank transfers.

Compared to the CEX, this trading platform is more secure and less vulnerable to hacking. It also doesn’t involve the complexities of studying too many charts while trading, making it a top choice for many traders globally. However, it still requires levels of expertise that some beginners may not yet possess.

Hybrid Exchanges

As the name suggests, this type of exchange combines features from Centralized and Decentralized Exchanges, precisely the functionality and liquidity of a CEX and the security of a DEX.

The first Hybrid Exchange, Qurrex, was developed in 2017, and many believe this is the direction that cryptocurrency will take. Its best features include the following:

So, a Hybrid Exchange could be a good option if you’re a beginner looking for a secure yet user-friendly platform for trading crypto.

Top 8 Cheapest Platforms to Buy Crypto in 2024

Bybit

Bybit Review

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Bybit is another crypto exchange that offers low trading fees. The platform’s cost-effective fee structure is friendly to traders. It also offers different tiers. The higher your tier is, the less you have to pay in trading fees. For example, taker fees go as low as 0.03% for derivatives and 0.02% for spot trading.

The exchange also offers maker rebates to encourage more market-making activities and provide better market depth, as a result.

Binance US

Binance Review

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Binance US supports over 100 cryptocurrencies, is available in 180 countries, and is one of the cheapest cryptocurrency exchanges out there. In fact, their trading fees are up to ten times lower than other crypto platforms. For Bitcoin pairs (BTC/USD, BTC/USDT, BTC/USDC, BTC/BUSD), fees are 0%.

When trading on Binance US, you’ll also benefit from:

In addition to low trading fees, you can also get a discount when you use Binance Coin (BNB) — the platform’s native coin — to pay for trading fees.

Kraken

Kraken Review

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Kraken trading fees are relatively low compared to competitors, with fees ranging from 0% to 0.26% per trade. And the platform’s maker-taker fees are amongst the lowest in the industry.

Kraken also offers a Pro account option, which consists of a tiered fee structure that allows high-volume traders to save on trading fees. So, for example, if you’re a trader with 30-day volumes of less than $50,000, you’ll pay as low as 0.16% in maker fees and 0.26% in taker fees.

But if you’re a trader with 30-day rolling volumes of over $10 million, maker fees can drop as low as 0%, and taker fees can drop as low as 0.10%. Beyond its low cryptocurrency trading fees, Kraken is also a great choice for traders because it supports a large number of cryptocurrencies and is a highly liquid exchange.

OKEx

OKX Review

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For most users, OKEx charges 0.10% or less per trade. However, the platform charges 0.08% for makers. These are some of the lowest trading fees on the market. Higher trading volumes or having larger stakes in OKX's native currency (OKB) can reduce trading fees on the platform. There are other factors that can affect how much you pay in fees on OKEx, including:

BitMEX

BitMEX Review

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BitMEX offers some of the lowest fees in the crypto exchange landscape. When trading on the platform, you can expect to pay 0.075% on the lowest tier for taker fees. On the other hand, as a price maker, you can receive a 0.01% rebate on each trade.

If you’re a high-volume trader, you can also receive discounted price taker fees. For example, if you have a 30-day average daily volume of over 5,000,000, your taker fees will be as low as 0.050%.

Plus, you won’t have to worry about paying Bitcoin deposits or withdrawals. You’ll only have to pay the Bitcoin network fee.

Huobi Global

Huobi Review

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Huobi Global is another crypto exchange with low fees, charging all traders (both makers and takers) a 0.2% base fee. And if you’re a Huobi Global token (HT) holder, you can receive a discount on trading fees, which decreases the more HT you have in your exchange wallet.

The platform also offers a tiered structure that allows you to save on trading fees. The higher the tier, the lower your trading fees. For example, as a Professional Trader on Huobi Global, you can enjoy a flat discount on the handling fee by holding 2,000 HT instead of 5,000.

You can also benefit from a 30% discount on spot market crypto trading and interest rate for leverage trading without having to worry about an extra HT handling fee.

The platform also supports margin trading in bitcoin (BTC) and Litecoin (LTC) with 5x leverage and a fee of 0.1% for 24 hours.

Currency.com

Currency.com Review

While most cryptocurrency exchanges charge different fees for makers and takers, Currency.com charges the same flat rate of 0.20% for both the makers and the takers. This rate is also below the global industry average of 0.25%.

Currency.com also offers margin trading, which has a separate fee structure where there’s a marked difference between the fees for makers and takers. Taker fees are charged at 0.075%, whereas makers get paid to trade at 0.025%.

Another nice feature of Currency.com is that you can get started with as little as $5, which can attract traders of all levels to create an account with the exchange.

What Are the Main Bitcoin Costs?

There are three components to consider when looking at the main Bitcoin costs, namely:

Maker and Taker Fees

This term refers to the charges on orders when they are placed and filled. However, before we go any further, we must understand two key words: “makers” create the market for people to trade, adding liquidity to the exchange, while “takers” fill available orders, thus reducing liquidity.

You are a taker when you create an order that gets filled wholly and immediately. But, on the other hand, you are a maker when you place an order that doesn’t get filled immediately. The rates charged for makers are usually lower than takers' fees to incentivize traders to make orders, consequently adding liquidity to the market.

These fees vary from platform to platform, ranging from 0.16% to free.

Can we minimize these fees? We sure can! One way to do this is by investing in the native currency of that particular platform. Since there will be no exchange rate, you will likely save on extra charges by going this route. In addition, some platforms outside the US even provide further special discounts specifically for users who use their native currency.

Withdrawal Fee

On top of the network or payment provider fees, exchanges typically charge a fee for Bitcoin withdrawals. The exact figure is usually set as a percentage of the value of the transaction, and it varies from platform to platform.

However, a flat fee is sometimes charged to traders, covering the transaction costs of moving funds in and out of their accounts. Binance is an excellent example of where this applies.

Bid/Ask Spread

This term refers to the difference between the highest amount a buyer is willing to pay and the lowest amount a seller will agree to receive for an asset in the market. Assets with lower bid/ask spreads are typically in higher demand than those with higher ones.

Liquidity plays a significant role in the spreads. Usually, the leading crypto exchanges have high liquidity, resulting in tight bid/ask spreads.

What Are the Cheapest Crypto Exchanges?

It is rated the best crypto international exchange, whereas Binance US is rated the best crypto exchange in the United States. The reason behind these ratings is that they offer free crypto spot trading, meaning you can buy and sell crypto at no fee. Additionally, they have cheap withdrawal methods available, ranging from 0.45% to free.

However, it is essential to note that many hidden fees and misleading discounts may give the wrong impression about the actual costs that a trader will incur. As a result, it is advisable to take your time to analyze every cost in an exchange before concluding that it is the cheaper option.

How To Choose the Best Place to Buy Bitcoin Without a Fee

There are multiple things to consider when making this choice. Below are the criteria for choosing a crypto exchange:

Reliability

When storing and trading your money, the critical thing on your mind is security. So, how safe are your funds? This question will be answered by the reliability of the platform you choose to trade your bitcoin. Firstly, ensure that a trusted body regulates and licenses the cryptocurrency exchange. This way, there is accountability and transparency as far as your assets are concerned.

How can this be determined? By conducting an internet search. Many users tend to leave reviews online to share their personal experiences. There may even be provisions to rate these platforms. You ought to pay attention to the exchange platforms that get multiple 0 or 1-star ratings; these may have inferior services or be scammers.

Low Fees

As we had seen earlier in this article, there are several fees charged to a trader by crypto exchanges. These fees include transaction fees, bid/ask spreads, maker and taker, and deposit and withdrawal fees. Different platforms charge differently, so it’s essential to consider all the possible expenses and calculate the one with the lowest charges.

Additionally, look out for platforms that offer loyalty programs. These services will save you a pretty penny by granting you access to VIP discounts and waivers.

Multilingual Customer Support

Did you know that there are more than 700 languages across the globe? Therefore, a cryptocurrency exchange that provides multilingual customer support is beneficial. These benefits include a broader global market and a richer trading experience in that users can interact with others who speak a similar language. In addition, Crypto exchanges with this feature tend to have more engagement resulting in a larger pool of networks and trading opportunities.

User-Friendly App

An app is user-friendly if it facilitates easy and cost-effective deposits and withdrawals, multiple payment methods, a range of currencies, and low or no trading fees. Additionally, the interface and availability of a mobile version for smartphone use are vital considerations.

How To Buy Crypto Online

Once you have understood how the world of cryptocurrency works, buying crypto online is relatively simple. Below are a few quick steps:

Best Crypto Wallets To Save Your Crypto Safely

If you are wondering which crypto wallets are the best for keeping your crypto safe, they are:

Is it a Good Time to Buy Crypto Now?

Before we can determine the answer to this question, we must understand how crypto traders and the global markets work.

There are typically two types of traders regarding cryptocurrency: a bearish trader invests with the anticipation that prices will drop, whereas a bullish trader invests with the hope that prices will rise.

A bull market is where the economy is generally stable and on the rise, while a bear market is where stocks are losing value; therefore, the economy is declining.

The crypto bear market is a good time for long-term crypto investors. In this case, you do not expect a return on your investment for at least a couple of years. However, due to bitcoin’s high volatility, short-term trade positions can give high returns. The latter may sound appealing, but it is also quite risky.

The bottom line is that your risk appetite will determine whether or not you will invest in Bitcoin, and it will also dictate whether you will assume a long or short-term position.

Remember to do your due diligence before investing in crypto. There is a vast array of resources online. Read reviews, ask experienced traders and follow the news.

Methodology for compiling our ratings of crypto exchanges

Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include: