How to buy Bitcoin on Coinbase and avoid high fees!

in #coinbase7 years ago (edited)

Best Method: Buy on GDAX

First fund your US Dollar wallet on Coinbase and then deposit that wallet's funds into GDAX ( https://www.gdax.com ) GDAX is owned and operated by Coinbase.

Let's start with an example of the amount of fees you would pay if you purchased $1,000.00 worth of Bitcoin on Coinbase.

MethodWhen buying on Coinbase
Debit/Credit$ 38.37 in fees (3.837 %)
Checking$ 14.68 in fees (1.468 %)
Cash$ 14.68 in fees (1.468 %)

Now compare the fee on GDAX

MethodWhen buying on GDAX
GDAX$ 2.50 in fees (0.25 %)

Pros and Cons of the different methods:

CB1.png

How to buy Bitcoin on GDAX

NOTE: By default, if you have a Coinbase account, then you already have a GDAX account.

Step 1
The first step will be to deposit your US Dollars from Coinbase into GDAX.
To deposit funds into GDAX, simply go to the website ( https://www.gdax.com ) and then click on "Deposit"

GDAX01.png

Then select "Coinbase Account" tab, select your wallet from Coinbase, enter the amount you want to transfer and click "Deposit Funds"
GDAX02.png

Step 2
Place either a Market order or a Limit order to purchase your Bitcoin.

Hope this helps!

If this post was helpful feel free to use my account link where you can get an extra $10.00 for first order over $100.00 on Coinbase.
https://www.coinbase.com/join/514b41cbf804b92db2000001