⛔ You should never store your Bitcoins & other cryptos on centralized exchanges (Robinhood, Binance, Cash App, Coinbase, Crypto.com...)
✅ Instead you should store them in a decentralized (also called non-custodial) wallet like Spot.
What about network fees when you buy & sell?
Network fees are paid to a cryptocurrency network (such as Bitcoin or Ethereum). Those fees are mandatory fees to process transactions or other crypto interactions and are never paid to Spot. Those fees depend on the current state of the network.
🤯 How it works with centralized exchanges.
Since you should not store your cryptos on centralized exchanges, every time you want to buy or sell, you need to send the cryptos back and forth between the exchange and your wallet 🤯
Buy = pay network fees to send the crypto from the exchange to your wallet once it has been purchased.
Sell = pay network fees to send the crypto from your wallet to the exchange in order to sell it.
✅ Spot allows you to do this all in one go!
When you buy a crypto in Spot, it is automatically & safely stored in your Spot wallet!
When you sell a crypto in Spot, it does not leave your wallet until the very last minute when it's sold!
The network fees paid to send crypto when you buy or sell in Spot are the same as if you were using the combination of a centralized exchanged and a decentralized wallet... it's just a million times simpler with Spot 😎
👉 Read this article to better understand the difference between Spot and Centralized Exchanges (Robinhood, Coinbase, Cash App, Binance..).