Are you looking for a crypto trading platform that is free to use? With cryptocurrency becoming hugely popular, you have options for free platforms. That said, make sure you pick the best platform for you. In this post, we go over different platforms you can use to trade crypto.
Unless you’ve been living under a rock for the past few years, you have at least heard of cryptocurrencies. They are the hottest new investing trend and are legitimately in the mainstream investing narrative. So what are cryptocurrencies?
Table of Contents
Best Free Crypto Trading Platform Introduction
Depending on who you ask, cryptos are either a digital currency or a digital store of wealth. There is no physical asset but a computerized software that holds them on a digital ledger called a blockchain.
The ‘crypto’ prefix comes from the fact that cryptocurrencies use cryptography to keep the tokens and transfers secure.
Cryptocurrencies usually refer to benchmark cryptos like Bitcoin or Ethereum, but thousands of Altcoins have also been created. Here is where a majority of these stories around overnight millionaires are born.
Some of these are worth fractions of a penny, so traders can own millions or even billions of tokens. Like stocks, cryptos have markets and exchanges where they are somewhat regulated.
You can also trade or even stake your cryptocurrencies on these exchanges, which speaks to the flexibility of crypto trading. And why are so many people getting into cryptos?
So make sure you find the best free crypto trading platform option.
Is Crypto Trading Free?
The short answer is yes, but the longer answer is no. When you trade cryptocurrencies on an exchange, there is usually no trading fee or charge. In this way, trading cryptos is technically free. To be more specific, crypto exchanges take a small amount of each transaction, which is how they make most of their revenues. When the crypto market is hot, companies like Coinbase increase revenues. But when the crypto market is cold, people tend to make fewer trades on these exchanges.
Things called gas fees also show up in transactions for cryptos like Ethereum. A gas fee is a user-incurred charge to compensate for the power used to power the Ethereum blockchain. These gas fees can fluctuate based on the supply and demand of cryptos, so it pays to trade when cryptos are not as popular. It is also believed that trading between certain hours of the day can lower gas fees when fewer traders are using the Ethereum network.
While the small percentages that exchanges take per trade are minimal, gas fees can add up. If you want to transfer a specific token on the Ethereum network, consider making one big trade rather than a bunch of tiny trades. Also, consider what time of day you want to trade and whether the crypto markets are hot or cold.
SERVICES |  |  |  |
|---|---|---|---|
| DESCRIPTION | Bullish Bears offer trade rooms in our Discord. Our chat rooms include penny stocks, large caps, options, and futures | We offer stock signals and trade alerts through our watch lists and Discord bots using Tradytics | Swing trade and day trade watch lists with hand-picked symbols that have the best chance of breakouts. These are stocks to watch |
| INCLUDED | Trading courses • Live streaming • Discord • Real Time Teaching • Scanners & Bots Trade Rooms | Watch lists • Symbols • Support and resistance levels • Discord bots and scanners Trade Alerts | Swing trade watchlist • Day trade watchlist • Alert levels mapped out • Watch lists updated daily Watch Lists |
Best Exchanges for Free Crypto Trading
As the popularity of cryptocurrencies increases, we see a rising number of crypto exchanges hitting the market. It’s not just the usual names, though, as even traditional banks and fintech companies are getting into the mix. With crypto trading, it’s generally better to stick to the bigger exchanges, as there is a higher rate of hacking. You also need to make sure that crypto trading is legal in the region where you live. Countries like China and India have effectively banned cryptocurrencies from their economies. That said, let’s look at some of the best exchanges for free crypto trading!
1. Binance
The single largest crypto exchange in the world by trading volume, Binance was founded in China but is now based out of the Cayman Islands. This is because cryptocurrencies are now banned in China, forcing the company to move its headquarters.
Interestingly enough, Binance was banned in the US a few years ago and is still banned in several states. Binance offers specific investment products for cryptos, including high-yield staking and liquid swaps.
The platform offers hundreds of different coins to trade, including Bitcoin, Ethereum, and smaller coins like Shiba Inu. Binance also offers its cryptocurrency called Binance Coin or BNB.
Users can use BNB to pay for transaction fees and trading discounts; as of 2021, Binance Coin has the third-largest market cap at USD 124 billion, putting it behind only Bitcoin and Ethereum.
2. Coinbase
The chief rival of Binance, Coinbase, is the largest crypto exchange in the United States. It is also considered the second-largest crypto exchange in the world after Binance. Coinbase operates in hundreds of countries worldwide and offers both regular and pro versions of its mobile apps.
The platform is rapidly expanding and has included hundreds of different altcoins and cryptos to invest in. Coinbase allows users to stake their cryptos for higher yield, although the service is less extensive than Binance. The site will soon expand and introduce an NFT or non-fungible token marketplace.
NFTs are digital images or art pieces considered uniquely a part of the blockchain. In April of 2021, Coinbase was officially listed on the NASDAQ exchange. Shares currently trade at approximately $300 per share, with a market cap of $65 billion.
3. Kraken
Kraken was founded back in 2011 and is based in the United States. It is available in nearly 200 countries worldwide and is a top-five crypto exchange to trade on. Kraken is simple to use, although its variety of altcoins and cryptos to trade lag behind Binance and Coinbase. The company is not publicly traded, although it did receive a valuation of $20 billion earlier this year. Kraken has mobile and desktop trading available for its users, the former debuting earlier in 2021.
4. FTX
FTX is a relatively lesser-known name in the crypto industry, although it has rapidly grown to be the third-largest exchange by volume. A group of MIT graduates founded it, and it is now based in the Bahamas. FTX recently made some headlines by acquiring the naming rights to the Miami Heat arena in Florida. The deal is worth $135 million over the next 19 years. Some well-known speakers have signed on to work with FTX, including Tom Brady, Lewis Hamilton, and Kevin O’Leary of Shark Tank.
Best Trading Companies
Other Crypto Trading Platform Free Options
While crypto trading exchanges are an obvious destination for crypto traders, a few other sites also allow it. The selection of cryptos available for trading is not as vast, but these selected ecosystems allow them to be used as a payment method, amongst other features. You might already be using one of these now and didn’t even know!
1. PayPal
PayPal has been the leading money transfer platform for years, and earlier in 2021, it introduced cryptocurrencies. Users can send cryptos via the Venmo app or even trade them in the wallet platform.
PayPal even allows its users to spend their cryptos at hundreds of online retailers. Currently, this is only available in the American version of PayPal, but as crypto popularity grows, we can see it being instituted globally.
Many of us use PayPal for online shopping. It can be easier to use them than trying to remember our credit or debit cards. Maybe we’ll even be using cryptocurrency to purchase things using PayPal.
We’ll be happy about this crypto trading platform-free option if that becomes the norm.
2. Square
The Cash App is one of the most popular ways to transfer funds in the US. It is the main rival for PayPal’s Venmo app and is used by over 30 million active users. Like PayPal, Square introduced cryptocurrencies earlier this year, and the result has been a hit. Since the company also owns a bank charter, it can provide loans and accept payments in Bitcoin. Square is rapidly building a crypto-friendly infrastructure for its app, and its CEO, Jack Dorsey, has long supported decentralized finance.
3. Big Banks
There was a time not too long ago when the big banks in the US wanted to eliminate the crypto industry. Now, these banks are being forced to embrace digital investments. Banks such as Goldman Sachs, JPMorgan, and Wells Fargo have all added crypto-related departments. Despite the JPMorgan CEO’s negative opinion on cryptos, the bank has added a crypto investment team at its clients’ request. As big banks embrace cryptos as an alternative investment, it cements their legitimacy in the global market.
Final Thoughts: Best Free Crypto Trading Platform
Crypto trading is becoming a multi-trillion-dollar industry and infiltrating the mainstream investing world. One of the most common questions around cryptos is about trading fees. Investors who trade stocks are now in a world where trading fees are more or less extinct. So, it makes sense that those new to trading cryptos would ask this question.
They are very minimal in terms of actual trading fees, especially at larger exchanges like Binance and Coinbase. You can run into minimal charges per transaction by crypto exchanges and Ethereum gas fees. Free crypto trading has changed the investing world forever, and as more companies and banks get involved, it makes it much more difficult to dismiss cryptocurrencies as a trend or fad.
