Key takeaways
- The cost of buying crypto is the sum of several fees. You pay to get money in, for the trade itself and to take money or crypto out.
- The spread is often hidden in the price, so a service that advertises zero commission can still be expensive.
- Card payments and currency conversion can cost more than the trade itself.
- The best way to compare is to work out how much crypto you actually end up with for the same amount, over the whole journey.
Contents
The cost of buying crypto is the sum of several fees: one for getting your money in, one for the trade itself, and one for taking crypto or krónur out again. Each fee can look small on its own, but together they decide how much of your money actually becomes crypto.
Fees go by different names at different providers, and some never appear on the receipt. This article goes through each one, shows how to compare the total cost, and sets out what Myntkaup charges.
The fees, one by one
Spread
The SpreadSpreadThe difference between the buying and selling price of the same asset at the same time, often used to charge for crypto trades. is the difference between the price you get and the market price. When you buy from a crypto exchangeCrypto exchangeA company or platform where you buy, sell and swap crypto, for example with krónur., the price is usually a little above the market price. When you sell, you get a little less than the market price. The difference is the provider's income.
The spread rarely shows up as its own line on the receipt, because it is built into the price. Think of the currency exchange desk at the airport. There is no separate fee, but the rate you get is worse than the official one.
If you buy and later sell, you pay the spread twice: once when you buy and again when you sell.
Commission
Some providers show you the market price and then add a separate commission, for example 0.5% of the amount. On large exchanges, the commission often depends on how much you trade each month.
Many providers charge both a commission and a spread. Others advertise "zero commission" but make their money through a wider spread. The name of the fee doesn't matter. What matters is how much you pay in total.
Deposit fees
The first step is getting money to the provider, and the options cost different amounts. A domestic transfer in krónur usually costs little or nothing. A transfer abroad may carry a fee from your bank, and your krónur also have to be converted into another currency.
Card fees
Paying by card, Apple Pay or Google Pay is quick, but often the most expensive route. Card deposits on foreign crypto platforms commonly cost 3-10%, depending on the platform. On ISK 100,000, that is ISK 3,000 to 10,000 before you have bought any crypto at all.
Currency conversion
If the provider doesn't accept krónur, your money has to be converted into euros or US dollars. That happens at the rate set by your bank, your card issuer or the provider, often with a margin on top. When you pay with an Icelandic card in a foreign currency, your bank converts the amount at its card rate. Your bank's price list shows what that costs.
Currency conversion often happens twice: when the money goes out, and again when you sell and want krónur back home.
Network fees
Whenever crypto is sent from one wallet to another, a network feeNetwork feeA fee paid to a crypto network, not to a bank or company, for including your transaction in a block. has to be paid. The fee belongs to the network itself, not to the provider you use. On the Bitcoin network, minersMiningThe process in which computers compete to solve a puzzle so they can add the next block to the blockchain and earn new bitcoin and fees. receive it as payment for adding transactions to the chain. On Ethereum, the fee is called GasGasThe unit that measures the computing work a transaction or smart contract needs on Ethereum, which sets how high the network fee is..
The network fee doesn't depend on how much you send. On the Bitcoin network, it depends on the size of the transaction and the demand for space in each BlockBlockA batch of transactions added to a blockchain in one go, together with a reference to the block before it.. When the network is busy, fees rise. Many providers charge a fixed withdrawal fee per coin to cover the network fee. Read more in How to send crypto to another wallet.
Withdrawal fees
Finally, taking money out often costs something, whether you are moving crypto to your own wallet or krónur to your bank account. Some providers charge a fixed fee, others a percentage, and many set a minimum amount. If the provider pays out in euros, currency conversion is added when the money comes home. The article Selling crypto for krónur covers that part of the journey.
How to compare the total cost
The advertised fee rarely tells the whole story. Here is how to get a fair comparison:
- Look at the whole journey. How does your money get in, what does the trade cost and how will you take it out? Include every fee, not just the trading fee.
- Compare what you get. Check how much crypto each provider would give you for the same amount, at the same moment. That reveals the spread.
- Read the fee schedule. Crypto-asset service providers licensed under MiCAMiCAThe EU regulation on markets in crypto-assets, in force in Iceland since 1 January 2026, which sets the same rules for crypto services across the EEA. must publish their policies on pricing, costs and fees in a prominent place on their website.
- Think about how often you buy. Fixed fees weigh heavily on small purchases. A fee of ISK 500 is 5% of ISK 10,000 but 0.5% of ISK 100,000.
- Remember that price isn't everything. A licence, secure custody and good service matter too. See How to check if a crypto provider is licensed.
An example: two routes to the same place
Say you want to buy ISK 100,000 worth of crypto and send it to your own wallet. The figures below are made up, for illustration only.
- Provider A advertises "zero commission". You pay by card and are charged a 3% card fee. The spread is 1.5%, and withdrawing to your wallet costs ISK 1,500.
- Provider B charges a 2% spread. You deposit by free bank transfer, and withdrawing to your wallet costs ISK 500.
| Provider A | Provider B | |
|---|---|---|
| You pay | ISK 100,000 | ISK 100,000 |
| Deposit fee | ISK 3,000 | ISK 0 |
| Spread | ISK 1,455 | ISK 2,000 |
| Withdrawal to wallet | ISK 1,500 | ISK 500 |
| Crypto in your wallet | ISK 94,045 | ISK 97,500 |
| Total cost | ISK 5,955 (about 6%) | ISK 2,500 (2.5%) |
At provider A, the spread is calculated on the ISK 97,000 left after the card fee.
Provider A has the lower spread and no commission, yet costs more than twice as much overall. The card fee and the withdrawal fee decide it. That is why it pays to look at the whole journey.
What does it cost at Myntkaup?
At Myntkaup, the fees are:
- ISK bank deposits are free. Your krónur are converted automatically to USDCUSDCA stablecoin issued by the US company Circle that tracks the US dollar, so one USDC should always be worth about one dollar., the account's base currency, at Arion Bank's general selling rate for US dollars, with no added spread.
- Buying and selling carry a 1.99% spread. It is included in the price you see before you confirm.
- Withdrawing to an Icelandic bank account costs 7 USDC. USDC is converted to krónur at Arion Bank's general buying rate, with no added spread.
- Withdrawing to your own wallet costs a network fee, which depends on the coin.
Crypto deposits are free too. If you plan to trade large amounts, you can email myntkaup@myntkaup.is and ask about lower fees. Every fee, plus a calculator for working out your own example, is on the Fees and costs page.
Frequently asked questions
Why is the provider's price different from the price I see online?
Prices on news and price sites are usually a mid-market price or the last traded price on some market. The provider you buy from adds its spread. Crypto prices also move fast, so the price may have changed in the seconds in between. Read more about VolatilityVolatilityHow much and how quickly the price of an asset moves up and down..
Is it cheaper to buy less often, in larger amounts?
That depends on the fees. If they are a percentage of the amount, it makes little difference whether you buy all at once or in several smaller amounts. Fixed fees per transaction, on the other hand, weigh more heavily the smaller the amount.
Can I avoid network fees?
A network fee is paid when crypto is sent between wallets on the BlockchainBlockchainA public ledger where transactions are grouped into blocks, each linked to the one before, so past records can't be altered without it showing.. If you keep your crypto with a CustodianCustodianA company that holds crypto and the keys to it on behalf of customers, such as a licensed crypto exchange., you pay no network fee until you send it somewhere else. The pros and cons of that are explained in Custodial or self-custody: who holds your crypto?
Closing thoughts
The cost of buying crypto rarely comes down to one fee. Spread, commission, card fees, currency conversion and withdrawal fees add up, and the least visible ones can weigh the most.
Before you choose a provider, work out what you actually get for your money, all the way from krónur and back again.
