We all know of the high transaction fees charged when doing cryptocurrency transfers.We are always looking for the most efficient way we can exchange and transfer our crypto without incurring high fees. If you asked me, the transaction fee part is a little bit of a challenge facing the cryptocurrency world. I have addressed this on a previous post before. If only the transaction and exchange charges were scrapped off, it would be the best thing to have ever happened to crypto-traders and cryptocurrency. Anyway, we have no choice but to accept that these cryptocurrency exchanges and wallets are there to make money and it's what business is all about.
Although there are exchanges charging fairly low fees or no fees at all ,transferring little amounts of crypto-coins across exchanges is hard and difficult. This is because if you transfer the little amount of coins from one wallet to another or from a wallet to an exchange, nearly half of your transfers pays for the transaction fees. One has to transact/ transfer huge amounts of crypto in order to remain with some reasonable balance after a number of transaction charges and fees have been cut off. If you went ahead transacting/ transferring your coins carelessly and clumsily, you might end up incurring a huge loss than you would have incurred if you were more careful .
So how can you do coin transactions without paying fees on Coinbase? There is a very easy simple method which entails taking advantage of GDAX since it's owned by a company that also owns Coinbase. Buying bitcoins via GDAX is considered less user-friendly. However if you buy bitcoin on GDAX, you are buying it from the same source as coinbase.
Below are 5 simple steps to avoid paying fees on coinbase.
- Sign up and verify your Coinbase account
- Link your bank account to Coinbase and deposit money into Coinbase from your bank
- Sign up and complete GDAX account verification
- Transfer money from Coinbase to your GDAX account ( it is supposed to appear instantly)
- Go to GDAX and make a trade using the trading window on the left-hand side of your screen; make a limit order, and you will pay no fees (if you make a market order, you’ll pay a 0.3% fee)
As we may all be aware, Coinbase supports buying ,selling and linking of a bank account in a limited number of countries. For example, in my country it is still impossible to buy and sell Bitcoin, Litecoin, Bitcoin Cash or Etherium via coinbase. I however came across this information and thought it would be helpful to some of you. I hope you find it useful.
Below is the video.
Credits; Carter Thomas
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