One of the fundamental advantages of cryptocurrency is that, in order to trade it, you do not need intermediaries. In any case, this is what Satoshi Nakamoto intended bitcoin to be. However, in practice, we see that cryptocurrency trading occurs mainly on specialized platforms: huge exchanges and multiple small exchangers. It’s not hard to guess what makes exchanges live and develop — their fuel is the fee that the user pays for the transaction.
For example, the largest American exchange Coinbase charges from 1.5% to 4% for its services. Large exchanges charge high commissions for a reason: investors trade here, because such platforms provide instant transactions, different types of orders, custodian services, market summaries, and a glass of orders. Major exchanges have been earning their reputation for years, and even in cases of major hacks, they try to pay back the lost funds to their owners. The centralized nature of large exchanges is also their weak point — the wallets of exchanges where users place their funds are constantly targeted by an army of hackers who are looking for vulnerabilities to steal funds.
P2P exchange as an alternative
There is an alternative to large centralized exchanges — you can trade cryptocurrency with 0% fees. You can do this on peer-to-peer exchangers platforms where people trade directly with each other. This method of trading is quite popular, for, unlike large platforms, in addition to zero fees, there is also no mandatory KYC procedure here. This means that you can start trading in just a few minutes, especially since it is more than easy to understand the P2P exchangers order of work. There are essentially only two functions here: buy and sell. This is why such places are ideal for beginners.
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In a P2P exchange, the buyer transfers money to the seller’s account, and the seller sends cryptocurrency through the exchanger. The only intermediary for P2P exchange is a program that transfers cryptocurrency from the seller’s deposit to the buyer’s wallet. The buyer pays in a convenient way. Sellers on P2P exchanges accept e-money, gift cards, and bank card transfers. The exchange protects users. It blocks the seller’s deposit for the duration of the exchange. If the seller does not complete the transaction, arbitration helps the buyer get the cryptocurrency.
Why zero fees are possible?
Coming back to commissions, a huge advantage of P2P exchanges is that they generally do not charge a buyer (taker). However, some of them go ahead, offering their users completely fee-free trading. Such a platform is Bitzlato, which combines several services — a classic exchange with a set of trading tools and a number of P2P exchangers that can be used in the web interface or via a telegram bot. Bitzlato supports 63 currencies through 13 payment systems.
How Bitzlato allows trading with 0 fees
As for fees, in the Bitzlato P2P exchanger, the buyer does not pay fees for deposits, exchanges, and withdrawals. The seller pays a fee of 0.5-1% of the transaction amount, but not in all cases. If we are talking about LTC, DASH, BCH, DOGE, and USDT, then trading these assets on the platform is subject to an unlimited promotion with 0 fees. The two main cryptocurrencies BTC and ETH are also subjects of a regular “Free weekend” promotion. It is held in the web version of the Bitzlato P2P exchange from the beginning of Saturday to the end of Sunday, and during this time, the service’s commissions for transactions with BTC and ETH simply return back to the user’s balance.
Bitzlato regularly adds coupons for free cryptocurrency withdrawal to this generous promotion, meaning it essentially pays a network fee for users. All this makes Bitzlato one of the most convenient and profitable trading platforms in the world.
Telegram group: https://t.me/bitzlato_talk
Bitzlato representative in Kenya: https://t.me/reggie_bz
Find Bitzlato’s brand new educational platform for P2P cryptocurrency trading on https://explore.bitzlato.com/en/
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