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!