Buying Alt Coins? Quick Tip to Save on Transfer Fees
Hi Steemit friends! Most of you are probably already familiar with this tool, but just in case:
I’ve been using this handy site for a few months to save on transfer fees when purchasing alt coins from sites like Binance or Bittrex, so I thought I’d share with anyone who may be unfamiliar with GDAX. Alt coins are all the rage right now, but to purchase them, you’ll likely start with purchasing cryptocurrency on Coinbase. Coinbase currently lists four main currencies: BTC, ETH, LTC and BCH. If you want to purchase an alternative cryptocurrency, such as NEO, ADA (Cardano) or TRX (Tron) you’ll be using an exchange like Binance. (Apologies if this next sentence sounds basic, but this is for beginners, like me 😊) That means you’ll have to transfer your currency from your Coinbase wallet over to the exchange where you’re purchasing your alt coin(s). Coinbase will charge you a fee for this transfer service, but that’s where this little tip comes in.
It’s your money. Don’t pay fees to move it if you don’t have to. GDAX and Coinbase are the same company. If you open a GDAX account, it will be connected to your Coinbase wallet, but unlike Coinbase, GDAX is not going to charge you a transfer fee.
WARNING: It’s invasive.
If you felt like your privacy was violated when you signed up for Coinbase… this will be weirder. I signed up for GDAX in September, so I’m not sure if the process has changed, but I had to participate in a facial recognition session that felt creepy. The process involved taking a photo of myself (via computer’s camera) then taking a picture of the front of my driver’s license, then the back of my driver’s license, and finally, submitting all that info to a facial identification process. If you’re cool with that, you won’t have to pay transfer fees anymore. I’ve included a video showing how a transfer works. Enjoy!
Hmm, I might be willing to pay the fee if means not doing all that facial recognition. I have been trying to find the easiest system for someone like me who doesnt want to deal with a bank account. I am willing to pay slightly higher fee for the ease of having a prepaid card of some type. Do you know of any?
Thanks for commenting! Yeah - the facial recognition portion was awkward, to say the least. As far as PURCHASING crypto without using a bank account - I don't know of any resources for that. Sorry :( I hooked up my debit card to Coinbase. If you're wondering about SPENDING your Bitcoin with some sort of card that acts like a bank account, check out Shift. Hope this helps! Take care and thanks, again, for checking out my post :)
Ok, thank you. There is a lot I don't know about this area. Have you made many transactions? Do you ever have any issues when transferring to debit card? I will look at SHIFT. Thank you again.
I'm in the same boat. There's a lot I don't know about this area too :) Most of my transactions have just been purchasing alt coins. I haven't had any issue transferring to debit card yet. -Shift just connects your Coinbase Bitcoin wallet to a Visa card so you can spend your Bitcoin like regular money. Thanks, again, for commenting! Take care.
Up until now I thought the only exchange who carried their own currency to slice fees was Binance. I did not know GDAX was a subsidiary more or less of Coinbase. Thank you for sharing this :)
The face recognition is a pain.......and privacy invasive.....but believe it or not most of the companies are actually merging into this. Changelly's partner Simplex, Einstein Exchange, Poloniex and unfortunately more. I just chalk it up as the price I pay for security. As hard as it is for me to prove my own identity, I doubt anyone will ever end up stealing mine for crypto LOL. Thanks again for sharing :)
Awesome! I'm so glad you got something out of it :)Thank you for taking the time to check it out and also for letting me know other sites are just as invasive. I had no idea. Appreciate it!