Buy Cryptocurrencies Without Fees
If you are looking to buy cryptocurrencies without fees that are common with every transaction, then you may want to consider the revamped cryptocurrency exchange, Kraken.com. The cryptocurrency exchange site, completed a much-needed infrastructure upgrade and to welcome users backs, trades can be completed without fees or for reduced fees for a limited time.
Both wallets and exchanges charge fees whenever a transaction takes place. For example, initially funding an account either by ACH (Bank account) transfer or via a credit card purchase, results in a small fee. However, when you transfer funds from a wallet to a cryptocurrency exchange or from one exchange to another, some steeps fees may be assessed! FYI, charging to a credit card results in a much faster money transfer! Although legitimate, exchanges are not exactly clear with what the fees will cost. The fee structure is usually buried somewhere on the blog.
According to an announcement on Kraken:
- All unleveraged trades will be charged 0 fees until January 31, 2018 (UTC)
- Margin position, open, and rollover fees are reduced to 0.005% until January 31, 2018 (UTC)
The free and reduced fees won’t last much longer, but for now with low altcoin prices, and a relatively low Bitcoin price, this is a chance to save a few coins!
Unfortunately, if you are not already a Kraken user then there are still massive delays getting a new account verified. According to the same webpage, new account verifications are the lowest priority for the Kraken IT department. This is not unusual for crypto exchanges. Due to swelling interest, many major cryptocurrency wallets and exchanges are overwhelmed with new accounts.
Why Do I Have to Verify My Identity to Buy Cryptocurrencies?
Verification is a process where a user’s identity is confirmed by submitting government issued ID and prove of residency. For example, the front and back of a state issued driver’s license and a utility bill serve as proof of residency. Identity verification is required to buy altcoins with US Dollars or to life many trading caps.
Michelle writes about cyber security as well as how to protect your data online. She has worked in internet technology for over 20 years Michelle earned a B.S. in Engineering from Rensselaer Polytechnic Institute. She published a guide to Cyber Security for Business Travelers