How To Buy ETH Without Fees 2023: Can You Do It?
Today we're going to share a detailed guide with you on how to buy ETH without fees and what websites and apps allow you to do it.
Everyone wants their transactions to be done in the quickest, cheapest way possible. That's why we've decided to write this article about buying ETH without fees because we know that some of our readers are interested in it.
So, are there any websites that allow you to buy ETH without fees? And what are the benefits of having your transactions done without fees? Let's find out! We hope our tutorial will be useful for all of you who have already invested in ETH or are thinking about it.
Let's Talk About Why Someone Would Even Want To Buy ETH Without Fees
And the answer is simple: You want to avoid paying those high fees that cryptocurrency exchanges require you to pay for every single transaction you make (around 0.20-0.25% fee of your total transaction amount).
Usually, cryptocurrency exchanges generate revenue by taking these fees, but if you can find a website that allows you to buy ETH without fees, the whole process will be absolutely free for you.
If you are still thinking about whether or not it's worth it to buy ETH without fees, then here are some great benefits that may convince you in our favor. The first one is speed. Buying ETH without paying any fee can save you a couple of hours because the transaction will be completed faster.
Secondly, it can save you some money because if your ETH purchase is made without any fee, that leaves more space for you to buy ETH with fiat currencies or alternative cryptocurrencies.
The last benefit that may entice you to buy ETH without fees is anonymity. If there is no fee, then there is no need to provide any document or ID. However, we don't recommend using this benefit because it can turn into a disadvantage very quickly.
Is It Totally Free To Buy ETH?
It's not that easy to buy ETH without fees, and the reason for that is simple: you still have to pay some commission (it will vary from one website to another). For example, some websites will charge you 0.01 ETH, which equals about $8.8 at the time of writing this post.
The second thing is that it's not profitable for cryptocurrency exchanges to sell ETH without fees because by doing so, they would be losing some money on each transaction made by their users. Therefore, only a few websites allow you to buy ETH without any fees.
To be honest, there aren't that many websites that offer this service. However, we have found a couple of them, and we're going to share them with you now. Before we start talking about the actual list of websites that allow you to buy Ethereum without paying any fee, we must first explain how it all works. Let's look at this example:
You are on a website that is selling ETH without any fees, and you want to buy 10 ETH. So, you open your wallet, press the "send" button, and enter the required information for sending ETH to the seller. However, when you go to press the "send" button, you get a message that says something like this:
"This is your first transaction on the blockchain. To ensure its authenticity, please submit a small fee of 1 ETH or less. This will work as an anti-spam measure." We can buy ETH without fees at various platforms. Let us look at how to do that.
eToro offers a wide variety of markets, including forex, commodities, stocks, and indices. The company was founded with the goal to "democratize the financial markets" by letting people from all over the world invest in each other. This is done through eToro's social trading network.
With eToro, you can invest in CFDs across more than 10,000 assets. You can trade stocks, commodities, indices, and forex using CFDs. 76% of eToro's total trades are made by the company's social trading network, which is one reason why it has grown so quickly since it was founded in 2007. In fact, most of eToro's clients are "new to trading."
There are no hidden fees or minimum trade amounts. Since eToro offers social trading, it is free to use for both copy trading and investing. It will not cost you any commissions to place trades on the eToro platform.
eToro is a social trading network. This means that you can copy other traders' portfolios and strategies to help you make your own investments more profitable.
All of the people whose portfolios you choose to follow will be notified by eToro that you have copied them so that they know their trades are being watched by someone else. You will also receive a copy of the other person's portfolio and trading activity.
How To Create An eToro Account Online?
- Go to eToro's website and select the "Sign up" option.
- Enter your name, email address, password, and country of residence in their respective fields. After that, click "Continue."
- Now it's time to add a payment method so you can buy ETH without fees. Select "Credit Card" from the list of payment methods.
- Now you need to enter your credit card information in the fields provided. Do not worry about adding any kind of verification because no documents are required when opening an eToro account. Once you've finished entering your credit card info, click "Pay."
- eToro will now charge your card a small amount of money (something like $2.50). In exchange, you will receive a confirmation email from eToro, which contains your "open trade" limits and other important information about your new eToro account. When you have received this email, click the "Continue" button to move on to the next step.
- After that, it's time for you to enter some personal information such as your phone number, address, date of birth, and occupation. Enter this info in eToro's fields and click "Continue."
- Now you need to confirm your identity so you can stop the people who might be trying to steal your money through fraud. Provide a photo of either your passport or driving license in the fields provided. Make sure the photo meets eToro's minimum resolution requirements (you can find more information on this in their T&Cs). If you do not have a valid passport or driving license, upload some other type of official documentation which has both your name and photo/address on it, like a bank statement or utility bill. Once you're finished, click "Continue."
- At this point, eToro will send you a confirmation email that contains information about your account and login credentials. You've now finished setting up your eToro account! Now it's time to buy ETH without fees so you can start trading.
How To Buy ETH At eToro?
- Click on the "Trade Markets" tab.
- Enter ETH in the search bar provided and click "Go."
- From there, you can now scroll through the list of markets to find ETH/USD or any other fiat currency trading pair that you would like to use.
- When you have found the market you want, click on it. This will open up that market's specific page.
- Now you can choose whether or not to "Copy Trade" the person whose profile is displayed at the top of the screen by checking/unchecking their box. If you are copying someone, they will be notified about this, and eToro will also send you an email notification.
- Underneath the person whose profile is displayed, you will see a list of orders and open positions. The information contained within these lists is updated in real-time as new orders and positions are placed.
- The order boxes display the purchase price of each ETH, the amount of ETH available for purchase, the percentage of your balance that this quantity represents, and how many times more eToro charges to buy than sell.
- Underneath these order boxes, you will find a list of open positions (trades). You can use this information to see what trades other people have made and how much of a profit they've earned.
- To buy ETH on eToro, first, click "Max Size" to specify the amount of ETH you would like to purchase. Keep in mind that if you do not include a price estimation at this point, all your funds will be used for this particular purchase.
- After this, you can choose either "Market" or "Limit."
- If you choose a market, the price of ETH is determined by the last traded price on that market. If you choose to limit, you need to enter the desired purchase price below the current one (you may also decide to use the current price if it suits your needs).
- Once you've done this, click the purchase button to buy ETH at your desired price.
- Congratulations! You now own ETH without fees on eToro! Keep in mind that every time you wish to sell or withdraw funds, there will be a small fee involved, so make sure to keep an eye out for this.
The easiest way to buy cryptocurrency, Coinbase, is an online wallet for crypto-fiat exchange. It's one of the biggest exchanges in the US and has many cryptocurrencies available for purchase.
It is easy to use Coinbase since it offers various methods of payment, such as bank account money transfers, debit card purchases, and credit card purchases.
There are fees for each of these transactions, but the platform offers a very clean interface that makes it easy to understand how much you're spending.
How To Create A Coinbase Account Online?
- Open your browser and navigate to the Coinbase website at https://www.coinbase.com/.
- Click on "Sign Up" in the top right corner of the screen.
- Enter your first name, last name, e-mail address, password, state, country, birthday (select day and month), and phone number.
- After that, choose your account type (individual or joint) and then click "Create Account."
- Congratulations! You now have a Coinbase account without fees! Just make sure to activate it using the link in the verification email that contains information about your account and login credentials. You've now finished setting up your Coinbase account.
How To Buy ETH At Coinbase?
- Log in to your newly created Coinbase account and choose which cryptocurrency you would like to purchase (ETH). Make sure to select the correct trading pair for this cryptocurrency along with the payment method (click here for a list of different cryptocurrencies and their corresponding trading pairs). Remember that there may be transaction fees involved, so make sure to take them into account when you're buying ETH.
- Head over to "Buy/Sell" and choose which fiat currency you'd like to use (you may also select a different cryptocurrency if you already have some of it on your Coinbase account).
- After this, choose the quantity of ETH that you would like to purchase and proceed by clicking on "Buy Ethereum."
- Do not forget to activate two-factor authentication for your account to increase the security of your cryptocurrency, and you're done!
- Congratulations! You now own ETH without fees on Coinbase. Just keep in mind that there are still trading fees when you wish to sell or withdraw your coins, so make sure to check the full fee schedule on the official website before buying or selling ETH.
As a stock brokerage, Robinhood allows users to buy and sell stocks without paying a commission. In addition to this, it offers a cryptocurrency wallet that can be linked to a bank account for instant deposits and withdrawals. However, the platform is not available in all states across the US.
Robinhood is a commission-free broker that started in 2013 and is known for its young team of entrepreneurs who have already made it into "Forbes." Robinhood offers online trading services for stocks and ETFs. There are no trading commissions, and the broker only earns interest from customers' cash balances.
Robinhood is the commission-free broker that's making online trading easier and more affordable than ever before. With no hidden fees or commissions, you can invest in your favorite stocks and ETFs without breaking the bank. Plus, Robinhood's cutting-edge technology makes it easy to stay on top of your portfolio no matter where you are.
How To Create A Robinhood Account Online?
- Open your browser and log onto the official website of Robinhood at https://www.robinhood.com/.
- Click on "Start Investing" in the top right corner of the screen.
- On the next page, click on "Create Account" (in blue).
- Choose whether you would like to sign up with your phone number or e-mail, and then input all required information requested by the application. Keep in mind that you will need a bank account to link Robinhood with in order to use its cryptocurrency wallet.
- Congratulations! You've now created a free Robinhood account without fees and can buy and sell cryptocurrency for free on this platform.
How To Buy ETH At Robinhood?
- Head over to "Invest" and click on "+ Add Funds" in the top right corner of the screen.
- After this, choose whether you would like to add funds via bank transfer or debit/credit card, and then tap on "Deposit." Remember that there are no fees for adding money via a connected bank account.
- Choose the cryptocurrency that you would like to purchase and whether you'd like to buy it by market price, limit order, or stop order.
- Once you have chosen the type of order for which you'd like to use ETH as an example, input how much ETH you'd like to purchase and tap on "Buy."
- Enter your payment information if you're using a debit/credit card for purchasing ETH, then submit the order. Now, wait until the validator approves your transaction, which usually takes no more than a few minutes. After this, your cryptocurrency will be available in your wallet once all network fees are paid.
- Congratulations! You now own ETH without fees at Robinhood. Now you can choose to hold it, trade it, or withdraw your funds whenever you need them.
What Types Of Orders Can You Place With These Platforms?
All these platforms allow their users to place market orders, limit orders, and stop-limit orders.
A market order simply means that you buy/sell at the current price on the exchange (market price). You can use this type of order if you want to pay minimal or no fees.
However, this type of order can be risky because you might end up buying or selling your cryptocurrency at an awkward time, which means that it could dramatically change in value.
A limit order allows you to set your desired price for the coin(s) that you are planning on purchasing/selling. So, if the market price suddenly crashes or surges, you will still be getting/selling ETH at your preferred price.
Keep in mind that this order type is riskier because if the market moves past your set limit, it will automatically "fill," and you'll end up paying more than you wanted or receiving less than you wanted.
For example, you want to buy ETH for $100 per coin, but the current price is $10 higher than your limit. Therefore, you pay the market rate of $110 instead of your set limit of $100.
A stop-loss order prevents you from losing more than a set amount of money if the price drops below your preferred price. This can be especially useful for coins that are extremely volatile, as it gives you an opportunity to limit your losses.
However, keep in mind that this type of order is even riskier than the limit order because once you place the order, you are not able to change it until the next day.
Also, your order can be "stopped out" if the price drops quickly without giving you a chance to stop the order in time. For example, you want to buy Ethereum at $100 per coin and set a stop-loss order for $90.
If the price of ETH drops quickly without giving you time to change your stop-loss order, the chances are that you will lose more than $10 in this scenario because you bought the ETH at its then-current market value of $90 instead of your limit of $100.
What Are The Security Measures Taken By All These Platforms?
All these exchanges implement a variety of security measures to ensure that their users' funds are safe at all times. For example, on Coinbase, you have to verify your identity with a valid government-issued ID and proof of residence in order to add money via bank transfer or debit/credit card.
Similarly, you have to verify your identity with a valid government-issued ID if you are planning on exchanging ETH for other cryptocurrencies. However, these exchanges are usually much safer than other online platforms because they only allow verified users to trade cryptocurrency.
Additionally, all of these platforms use two-factor authentication just in case your login details are somehow compromised. Furthermore, your cryptocurrency is stored in a Coinbase-hosted wallet, which means that if your account gets hacked or breached by a malicious actor, you will not lose all of your funds because they are stored on the exchange.
However, if you are looking for 100% security, it is best to store your cryptocurrency off the platform and on hardware wallets or paper wallets. For example, Jaxx Wallet is a great option to store your ETH since it supports more than 40 cryptocurrencies, including ETH.
How Much Do These Exchanges Charge For Their Services?
As mentioned earlier, most of these exchanges have minimal fees that are either comparable to or lower than other online platforms. However, the exact fee amount varies depending on the cryptocurrency that you are planning on purchasing.
For example, GDAX charges a fee of around 0.25% for ETH/BTC trades, which is lower than the industry average of 0.30%.
In most cases, if you buy cryptocurrency using your bank account or debit card, there will be additional fees because these types of transactions are "3rd party" transactions, so the platform will have to pay additional transaction fees. For example, Coinbase charges a fee of around 1.49% for ETH/USD trades using your bank account.
Can You Sell Or Trade Cryptocurrency Other Than ETH?
Yes! These exchanges support many types of cryptocurrencies available on the market today, including BTC, LTC, DOGE, XRP, and more in the near future.
They also allow users to exchange one type of cryptocurrency for another type, which is helpful if you want to diversify your cryptocurrency portfolio.
What Is ETH?
Ethereum is a crypto-based technology that has many uses. It's essentially a blockchain-based platform for people to build decentralized apps (Dapps) and smart contracts. Ether is the cryptocurrency of Ethereum, just like Bitcoin is the cryptocurrency associated with the Bitcoin blockchain if you would like to learn more about Ether/Ethereum.
Why Should You Invest In ETH?
The founder of Ethereum, Vitalik Buterin, is extremely well-known for his technological expertise. He had already received the World Technology Award and Forbes' 30 under 30 awards before he was 21 years old.
Ethereum has one of the most loyal communities that put their trust in this technology, which can be seen through many Reddit threads. While this doesn't necessarily translate to the value of ETH, there's no denying that cryptocurrency communities can be powerful when it comes to increasing visibility and price.
Applications In Real Life:
Ethereum is gaining more applications each day, with companies like Toyota recognizing its potential. This is particularly important in terms of future-proofing because once a technology becomes widely adopted, it's likely that there will be demand for the coin associated with this technology.
Since the Ethereum network is decentralized, there's no reason to worry about a single person who controls the currency. In other words, you don't have to worry about a few people having control of more money than they need and using it to manipulate prices.
The use of cryptography and other security measures ensures that your data and currency will be safe.
Ethereum is still a very new technology, which means that its long-term viability is uncertain. There's also the chance that it could end up like many other coins/technologies, such as Dentacoin (which was created to serve the dental industry).
Why Should You Not Invest In ETH?
Like most cryptocurrencies, Ethereum is extremely volatile and is subject to major price fluctuations within a short time span. If you're an investor who doesn't like taking risks and would rather keep your money for a longer period of time, investing in cryptocurrency might not be for you.
Difficulty in buying:
Since many cryptocurrency websites only accept Bitcoins, you would have to first buy Bitcoins and then exchange them with ETH. This is a process that takes time and effort due to the multiple fees involved. Furthermore, it's somewhat complicated if you're trading using dollars because of the poor liquidity of cryptocurrencies compared to fiat currencies.
Who Should Invest In ETH?
Individuals who are not worried about the above-mentioned risks because they are willing to take on this risk for short/mid-term profits. Investors who have an interest in technology, particularly blockchain technology, would also benefit from investing in Ethereum. Why? So many future applications could only exist on the Ethereum network, and this would definitely increase the value of ETH.
What Factors Should You Consider Before Buying Ether?
Investing, as with any other type of trading, is not without its share of risks. There are certain factors that you need to consider before buying ETH:
The first factor to consider is whether you're aware of the market dynamics of Ethereum, which is extremely volatile. While the price has dropped significantly in the past month, it's also increased by over 7000% within 2 years (from $0.92 to $730). You need to be prepared for the risk that Ether might end up like other technologies that have emerged before it - at one point, they were all promising, but now there are very few that have survived the market.
Decide whether you're investing long-term or short-term, as this will determine what you do with the ETH coins that you buy. While it's wise to invest in Ethereum for its technological potential, if you plan on using the coins soon, then it might not be worth doing so.
Any technology, especially those that are as complicated as cryptocurrency, is bound to have problems at some point or another. For example, there's a chance that Ether might not continue growing at the same rate as it has been doing for the past couple of years. There could also be a problem with one of its applications that could lead to the coin's downfall.
The usefulness of cryptocurrency coins is also an important factor to consider, as this determines their value. While the Ethereum network has the potential for many different use cases in the future, it might not be able to support them all, or they might not find widespread adoption at all.
Being on the internet, there are chances that you might fall prey to a scam or just plain bad investment. Ether has been on the market for over 2 years now, and there have been instances of it being traded at $0.05 cents, just as much as $730. If it's new to you, then conduct your own research.
Is It Legal To Invest In Cryptocurrencies?
In most countries, the answer is yes, as long as you hold them as capital assets. In some countries, however, there are restrictions on how it is traded/used which may make investing in ETH complicated. It's best to consult with a financial specialist or lawyer before you invest.
Investing in Ethereum is a long-term investment. Decide whether you have the time, resources, and expertise to properly invest in cryptocurrencies or if it's better for you to just buy Ether directly on exchanges with your fiat currency.
In a nutshell, you can invest in ETH as long as you understand the risks and have done your due diligence, too, with little or no fees.