What are some ways to reduce trade fees when buying cryptocurrencies?
Slooquie YTDec 24, 2021 · 3 years ago3 answers
Can you provide some strategies to minimize trade fees when purchasing cryptocurrencies?
3 answers
- Dec 24, 2021 · 3 years agoOne way to reduce trade fees when buying cryptocurrencies is to use a decentralized exchange (DEX) instead of a centralized exchange. DEXs typically have lower fees because they eliminate the need for intermediaries and allow users to trade directly with each other. Additionally, some DEXs offer fee discounts or rewards for using their native tokens. However, it's important to note that DEXs may have lower liquidity and fewer trading pairs compared to centralized exchanges.
- Dec 24, 2021 · 3 years agoAnother way to reduce trade fees is to take advantage of trading fee discounts offered by exchanges. Many exchanges have tiered fee structures where the fees decrease as your trading volume increases. By increasing your trading volume, you can qualify for lower fees. Some exchanges also offer fee discounts for using their native tokens or for holding a certain amount of tokens in your account.
- Dec 24, 2021 · 3 years agoBYDFi, a popular cryptocurrency exchange, offers a unique way to reduce trade fees. They have a fee-sharing program where users can earn a portion of the fees generated by the exchange. The more BYDFi tokens you hold, the higher your fee-sharing percentage. This can be a great way to offset trade fees and even earn passive income.
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