Coinbase is a US based company and they have been established as one of the most trusted sites out there. While there certainly is a love hate relationship some people have with them, their platform is solid and great for beginners in cryptocurrency. Here is a quick trick to save on the fees from Coinbase, but still take advantage of the platform.
Coinbase FEES!
While we are a fan of Coinbase as a great place to start off when first getting into cryptocurreny buying and selling, we are not a fan of the very large fees they charge for most of the services on their site. Approximately 4% fees on many transactions…
GDAX/Coinbase Exchange
GDAX.com is Coinbase’s “advanced trader” exchange. You can only trade BTC, ETH, & LTC for now on GDAX, but there is a linked connection between your Coinbase and GDAX account.
Buying Bitcoin On Coinbase with NO Fees
- Open your Coinbase account and navigate to the Accounts page.
- Locate your “USD Wallet” and click on Deposit — you can fund your USD wallet from your bank account or a wire transfer and this is free. Different options take a different amount of time, I was not in a hurry so I used my bank account.
Now that your USD Wallet is funded it is time to head over to GDAX.com and sign up for your account. If you are signed into your coinbase account, and then open a new tab, in the same browser, you account creation will be much smoother. Coinbase will automatically pull your information into the Gdax.com tab during your enrollment/creation process.
Now that you have registered you can see that you also have a USD Wallet on GDAX as well.
Clicking Deposit will bring up the Deposit screen and you can see among your options that you also have an option to deposit from Coinbase, into your Gdax account.
Choose the amount of funds you want to move from your Coinbase account to your GDAX account. Your USD is instantly transferred to your Gdax account.
Now that you have transferred your USD to GDAX.com you are ready to buy Bitcoin, Ethereum, or Litecoin directly from GDAX with a fee of only 0.25%!
Here is a list of GDAX’s fees and they are pretty standard exchange fees as far as maker/taker fees go.
Once you convert your USD to cryptocurrency you can then transfer it from GDAX to exchanges like Binance, Kucoin with little to no fees. Binance and Kucoin enable users to buy a wide variety of alternate cryptocurrencies, like Cardano, Stellar Lumens, Ripple, NEO, Telcoin, Trinity Network Credit, Monero, Tron, EOS, Ethereum Classic, and more.
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