Decentralized wallets, or self-custody wallets, like MetaMask, TallyHo or Maiar, offer several advantages over centralized exchanges, like Binance or Coinbase. They are more secure, as your funds are not held in one central location, but rather spread out across the blockchain. This makes it more difficult for hackers to access your funds. Decentralized wallets also provide increased privacy, as there is no central authority to track your transactions. Additionally, decentralized wallets allow you to remain in control of your own funds, rather than relying on a third party to store them. We all remember about FTX...
However, most people use centralized exchanges to buy crypto. This could change, since decentralized wallets now allow to buy crypto with 0% commission.
How to buy crypto on a decentralized wallet with 0% commission
1. Choose a decentralized wallet that supports the cryptocurrency you want to buy. Make sure the wallet is secure and has a good reputation.
2. Fund your wallet with the native coin of the blockchain you want to use on this wallet, e.g., Ethereum (ETH), Polygon (MATIC), Binance Smart Chain (BNB), Avalanche (AVAX), Fantom (FTM) or Celo (CELO) on MetaMask, or Elrond (EGLD) on Maiar.
3. Select the exchange where you want to buy your cryptocurrency. Make sure the exchange has a good reputation and offers 0% commission. For instance, Transak currently offers 0% commission on Maiar wallet.
4. Enter the amount of cryptocurrency you want to buy.
5. Make the purchase with your wallet and approve the transaction.
6. Once the transaction is complete, your crypto will be stored in your wallet.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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