This is a sponsored cryptocurrency guide by eToro.
So you’ve made up your mind and decided to buy some cryptoassets, for example Bitcoin. Whether you’re a seasoned crypto trader or just making your first steps in the realm of cryptoassets, there’s one thing that’s always true: You want to find the best deal possible and pay as little as possible on fees and commissions. This goes double for those who want to buy Bitcoin or any other cryptoassets with a credit card, as often this type of transaction can have extra costs.
Naturally, fees and charges are not the only criteria when buying crypto. The security of your funds is paramount and you want to be able to buy and sell easily. However, once you’ve separated the scammers from the legitimate players, you can start looking at the different advantages each crypto exchange or trading platform has to offer.
Credit where credit is due
Looking for the right place to buy crypto could be overwhelming, since there are dozens of platforms, exchanges and wallets that offer the ability to buy crypto with a credit card. When it comes to reputable exchanges, names such as Coinbase, Binance and Coinmama come to mind, alongside trading platforms such as eToro. While all of the brands mentioned have a proven track record and a loyal following, they differ greatly when it comes to their fee structure, and especially regarding credit card fees:
Source: Equivalent standard pricing published on websites of respective providers as of August 20th, 2019
As the numbers reveal, eToro is the cheapest option of the four since it charges no fees for credit card transactions when depositing in USD*. Since eToro Trading Platform is not an exchange, but a trading platform, eToro also has other advantages, such as near-instant execution of market orders, no daily withdrawal limits**, the ability to withdraw Bitcoin directly to your eToro Wallet, and other platform-specific features, such as social trading.
In addition, eToro has some of the lowest spreads in crypto trading. For example, for Bitcoin transactions, eToro offers a fixed spread of 0.75% - which is substantially lower than the market average of 1.02% (according to tokenspread.com).
Swimming with crypto whales
When it comes to financial planning and online crypto trading (or any form of trading for that matter), small commissions could add up to big numbers. Especially when the volumes grow larger. Therefore, it is advisable to look at all the fees and charges and choose a provider that is both transparent with its fees and, if possible, is cheaper than the competition.
Trading crypto is not easy, and there are many variables to consider in order to safeguard your funds, make smart choices and (hopefully) turn a steady profit. So, if you can save yourself the hassle of having a sizable chunk of your earnings going towards credit card fees, it could keep you more focused on actual trading.
*Deposit fees apply for currencies other than USD. If you deposit a USD amount via credit card to the eToro Trading Platform no deposit fees apply.
**Other fees may apply when transacting and/or withdrawing money, for more information please visit eToro website www.etoro.com. Real Cryptoassets are only available to Clients of eToro (Europe) Ltd and eToro (UK) Ltd.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
This is a sponsored cryptocurrency guide by eToro.
CoinGecko
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