Ethereum is the second most capitalized and one of the most popular cryptocurrencies in the world after Bitсoin. Its acquisition can be an excellent asset for many years to come. Therefore interest in buying Ethereum is growing every day.
In this article we will look at the ways of how to buy Ethereum without fees and tell you where to buy it cheaply.
Factors Affecting Ethereum Purchase Fees
First of all, the cost of fees for transactions in Ethereum depends on the workload of the blockchain and the complexity of the operation. Ethereum blockchain has a lot of users. Such activity leads to low performance that increases workload and high fees.
Here are a few more reasons that significantly affect the cost of buying Ethereum:
The impact of the market dynamics and Bitcoin. The first cryptocurrency, Bitcoin, affects the value of other coins: when it grows, so do the rest. The price changes of Bitcoin and Ethereum occur synchronously — one pushes the other;
The decline in interest in ICO and the emergence of IEO. Initial coin offering (ICO) leads to an active sale of large amounts of ETH and a change in the price of the coin. ICO projects that received large amounts of ETH contributed to the fall of the cryptocurrency. Therefore, the Initial exchange offering (IEO) method appeared, wheку the exchange of crypto takes place under the control of the exchange platforms service;
Price dependence on new developments. Ethereum remains the main blockchain for DeFi development. It does not only execute smart contracts, but also provides tools for decentralized software solutions that arise over and over again. The function of smart contracts is on the rise, and this technology is also supported by governments.
Strategies for Cheapest Acquiring Ethereum
Before buying Ethereum it is important to develop the right strategy. It will help you to purchase the currency in the most beneficial way. Buying ETH without fees made using the methods of second-level protocols, sidechains and the Fantom ecosystem.
Second-level protocols
That is about an off-chain network or technology built on the top of a blockchain (a first-level network). It helps to expand the capabilities of the base-level network.
Second-level solutions for Ethereum work on the basis of "roll-up" technology, where transactions take place outside the main Ethereum network. They are united into large groups and only then they are confirmed at the "basic" level, the same is in the Ethereum blockchain. Popular L2 projects include Arbitrum, Optimism, Loopring, ZKSync, Boba Network and Aztec Network.
Sidechains
Sidechain is a technology for scaling the blockchain by creating a parallel network linked to the main one. The sidechain in the case of Ethereum uses an independent security system and consensus algorithms, being networks independent of Ethereum. Like second-level solutions, sidechains aim to increase the speed of transactions and reduce their cost for the crypto assets of the "parent" network, creating thereby the cheapest way to buy ETH.
The most popular sidechains in the Ethereum network are MATIC (Polygon), Gnosis Chain or Loom Network.
The Fantom Ecosystem
Fantom is an open source technology where the Metamask extension is enough. The project provides an opportunity to transfer your DeFi apps to the Fantom Opera network in just a few clicks, increasing bandwidth and reducing the cost of fee. Investors can use the bridge and transfer tokens from the Ethereum network to the Fantom network. Moderately frequent redirection of the received rewards from staking will allow users to get a more beneficial annual interest rate due to profit capitalization.
Whatever strategy of buying Ethereum with lowest fees you choose, the main thing is keeping the safety. You need to install a reliable cryptocurrency wallet, choose a platform with a high level of anonymity and use two-factor authentication (2FA).
Where Can You Purchase Ethereum With the Lowest Fees?
To find the cheapest way of buying Ethereum you should go to platforms where it’s possible to buy the currency with the lowest fees. Best places to buy Ethereum cheaply are Telegram bots, P2P exchanges and a way of direct transfers.
Telegram bots
Telegram bots offer a simple and convenient way to make transactions, but require caution to avoid fraud. Therefore, you need to look for a reliable bot based on recommendations from trusted sources — for example, @wallet and @cryptobot. After that, you can launch the bot, pass verification and select the option to buy cryptocurrency. Then enter the amount and details, and after that the payment and receipt of Ethereum to the cryptocurrency wallet take place. At the end of the operation the bot will request confirmation of the transaction.
P2P exchanges
To buy Ethereum through crypto exchanges you need to choose a reliable crypto exchange. P2P exchanges allow users to make direct transactions between people without intermediaries. They also offer flexibility in choosing payment methods and transaction terms. First, you need to search for reliable platforms and choose the cheapest exchange to buy Ethereum. Among the popular ones are Paxful, Binance P2P and Cryptomus.
By the way, Cryptomus P2P exchange has the lowest Ethereum fees — it’s only 0.1% from the buyer and the seller. So together it’s 0.2%. Also Cryptomus doesn't charge withdrawal fees — there is only a network fee. So it is the lowest ETH withdrawal fee exchange. Moreover, the platform has a simple interface: you just need to create your account, go through verification, set up payment methods and look for suitable offers for the exchange rate, volume. It is especially convenient for beginners who are going to purchase cryptocurrency for the first time. Then payment, receipt of Ethereum and confirmation of the transaction complete the purchase process.
Direct transfer
When you buy Ethereum directly, it is enough to negotiate with a second person about a convenient payment method and fix the exchange rate. For example, at LocalCryptos service you can find a suitable seller or publish your own offer and expect a response. As a rule, such platforms don’t store private keys, which will make it more difficult for scammers to hack accounts. But it should be remembered that the method requires time to find a second person and negotiate. Moreover, you can never be sure how safe and fair the terms of the deal will be.
Tips for Buy ETH with Lowest Fees
There are some recommendations to buy Ethereum cheaply:
1. Choose the moment when the network has the least traffic. This information can be tracked by the statistics of the chosen cryptocurrency service. The lowest load usually occurs on the first half of Monday afternoon, so the fees will be low, too;
2. Simulate transactions. Before sending a transaction, evaluate its real value with the help of assistant services. For example, Tenderly, DeFi Saver can help to simulate the transactions;
3. Set up the fee amount manually. In some crypto wallets, you can enter the commission amount yourself when sending a transfer. However, don’t pay below the minimum recommended amount, otherwise the transfer may not be executed;
4. Consider ways of using other blockchains. That is about blockchains that offer cheaper transaction fees and faster transfer speeds. You can search for ecosystems similar to the Ethereum one, such as Fantom or BNB Chain. Projects independent of Ethereum, such as Solana, will be also suitable here;
5. Use special applications. Some services can aggregate transactions of several users, which allows them to reduce the commission for each of them. Some DeFi projects offer discounts and other bonuses for transactions with assets from the Ethereum ecosystem.
Buying Ethereum without fees today is a process that may seem complicated, but understanding several key aspects will make it easier and safer. The best place to buy Ethereum is exchange platforms because they also provide security. If you choose another way to buy Eth with lowest fees, you should also remember about safety.
Thank you for reading! Hopefully, this article has helped you understand how you can buy Ethereum in the most beneficial way.
