Where to trade bitcoin for free
Last update: January 22, 2017
Where to trade Bitcoin for free.
By the end of January 2017 Chinese exchanges stopped providing zero fee spot and margin trading after an intervention of People’s bank of China. The reason for this regulation is the market manipulation that it enabled. People could set up bots that would trade small amount of BTC back and forth for the same price which was inflating volume on Chinese exchanges.
If you were running a trading bot or it was just making your life easier that you didn’t have to count in the fees, you won’t be able to stay in China. This non-zero-fee policy was taken down on BTCC, OkCoin and Huobi - that is, everywhere.
You’ll just have to move on to another exchange.
Zero Fee Japanese Bitcoin Exchanges
Coincheck is a popular Japanese exchange that has zero fee or rebate on limit orders.
Bitcoin trading and some altcoins are available:
The spot markets and maximum of 3x leverage is available without verification. However, for non-Japanese users they only accept documents written in English for the proof of address, and it has to be a utility bill or a bank statement.
The tradeview on Coincheck is quite fine:
The user wallets are not multisig but a nice feature is 0 conf deposit for people who have some volume.
BitFlyer has a friendlier verification system - the tier system. Unverified people can only deposit bitcoins but cannot trade them. For spot trading you need at least a phone number.
However, there is this thing - tax on bitcoin sells and altcoin trades:
Customers who have not registered their country of residence and address will be considered non-residents of Japan. Additional commission on the sale of bitcoin and on the purchase/sell of altcoin based on Japanese consumption tax for the above mentioned customers will be imposed as follows: 7.41% of total bitcoin sale amount (per transaction). 7.41% of total altcoin purchase/sell amount (per transaction). The additional commission on the sale of bitcoin is not applied to BTC-FX transactions.
- Please note that commissions are subject to change without notice.
- Bitcoin purchases will not incur any additional commission.
To avoid the tax you’d have to trade on their BTC-FX platform, which is margin trading. For that you need to provide your identity information, two different photo IDs and to link a bank account. Apparently only Japanese banks are allowed though.
And by the way, you cannot be a US resident.
Fees are “free for a while”
Here could be finally something for traders. Look at the interface and the selection of markets. Sadly, liquidity isn’t just as great. Quoine advertizes their zerofee trading quite heavily though so they could be the ones who will profit from China’s deleveraging.
Crypto deposits and trading can be done without verification although one has to state their address and full name right at the signup. For verification one needs ID, phone number, proof of address and utility bill.
For bot traders, the API on Quoine looks okay. It is also accessible without ID verification.
Zero-Fee European Exchanges
Coinfloor.co.uk - although they only accept a few domiciles.
The founder of Coinfloor is on Reddit:
Already known exchanges with fee discounts
Time will tell.
bitfinex.com use code 5egV78YtlC
Bitfinex is a Hong Kong based exchange infamous for being hacked in August 2016. Despite the hack it still has a wide user base thanks to its superior trading interface.
You can buy or trade BTC, LTC, ETH, ETC, ZEC and XMR. There are both USD markets and pairs or altcoin/bitcoin.
The exchange is available worldwide. There is limitation on margin trade for Americans - however the exchange is still operational from American IP address. New users on US IP just have to state they are not American residents.
No verification is needed other than for fiat withdrawal.
API is fine - REST and WS available.
There is an initial 30 day 10% fee rebate for users who sign up with a referral code.
bitmex.com use code iYQB44
BitMEX is a cryptocurrency derivative platform. Currently the most traded products are BTC futures, ZEC futures and BTC permanent swap (derivative mimicking spot BTCUSD market).
Leverage is dynamic between 1x and 100x.
Fees are changeable - depending on the market and whether you’re long or short.
The exchange doesn’t serve US customers. However there is no verification other than a claim from the user on sign up. The exchange is accessible from a VPN or from the Tor network.
There is an initial 6 months 10% fee discount for users who sign up with a referral code.
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Good to Read
- Finance & Technology: VPRO Backlight on Youtube (full documentaries)
- Macro & Bigger Picture: Stratechery
- Wall Street Technologist
- Austerity Sucks
- For Coders: Crypto Trading Tools
- Bitcoin Markets Wiki
- Baby Pips Forex and Charting School
- Technical Analysis for Dummies [PDF]
- StockCharts Chart School
Basics to Start Bitcoin Trading
- What is AML/KYC
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- What are Maker-Taker fees
- How to get trading charts
- How to trade on mobile
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About This Site
There is a rumor around the web that Bitcoin has no real value other than for speculations.
Sherlock Holmes: ”Has all my instruction been for naught? You still read the official statement and believe it.”
- Top up a debit card with Bitcoin
- There is webhosting for Bitcoin geeks
- Topup prepaid phones with Bitcoin
- Use ad networks like Bitclix or A-Ads
- Chat with RoyalTiffany (had to be here)
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