[dwighttk]

Do you mean they give me a slightly worse exchange rate than I could get somewhere else? The “fee” line when I do an exchange is $0.00

[3np]

They make money off the spread on exchanges. Exact same principle as Forex “no fees” - it’s the difference between buy/sell rates.

On the OTC side (which I guess you’re referring to?, CB sets their own spread , which makes it more akin to a fee. Even if CB is technically correct saying “0 fee”, they can still charge any price they want for buying vs selling.