Opinion
Zero commission does not exist
A provider charging no commission does not work for free. The gap between the price you get and the market price is the cost, and it rarely appears in large type.
This is an opinion piece. It reflects the author's view and is not investment advice.
Where the money goes
On a thousand euro purchase a one percent spread feels like nothing. Buying monthly means paying that percentage twelve times a year, which adds up faster than most management fees.
The problem is not that a provider takes a margin. The problem is that the margin is not shown next to the button you click.
Cost per 1,000 euro purchase
Illustrative comparison of pricing models; actual rates differ per provider.
- Zero commission, wide spread19 €
- Low commission, average spread11 €
- Flat fee, tight spread7 €
- Large order via market maker4 €
What honest disclosure looks like
Show an all-in price for every order: the amount leaving your account, the quantity you receive, and the gap versus a public reference price at that moment.
This is technically simple. It rarely happens because comparability squeezes margins.
- All-in price before confirmation
- Reference price with a timestamp
- Currency conversion margin named separately
- Costs totalled in the annual statement
Check it yourself in four steps
You do not need to be an analyst to know your cost. One order is enough to reveal the margin you pay.
Calculate your real cost
- 01
Note the reference price
Public price at the moment of your order
- 02
Divide amount by quantity received
That is your effective price
- 03
Compare the two prices
The percentage gap is your cost
- 04
Multiply by your frequency
Annual cost becomes visible
Why transparency helps the sector
A market where everyone shows the same cost measure forces competition on execution rather than marketing. Providers with genuinely good prices win.
Until then, a user's most important skill is not picking a coin but checking their own receipt.
Vanliga frågor
What exactly is a spread?
The gap between the buy and sell price a provider shows. That gap is their margin on your order.
How do I calculate my effective price?
Divide the total paid by the quantity received and compare it with a public reference price at the same moment.
Is zero commission always more expensive?
Not always, but the margin then sits in the price. Compare the all-in price rather than the headline fee.
About the author
Thijs schrijft over aandelen, indexfondsen en de kruisbestuiving tussen beurs en crypto. Hij ontleedt kwartaalcijfers van AI- en chipbedrijven en wat die betekenen voor beleggers.