How do we lower fees and get access to trading using our Coinbase accounts to place BTC, ETH, and LTC orders on the https://gdax.com exchange with a fee of 0% for a maker and 0.25% for a taker? Would you join us in reading this tutorial to learn how to transfer funds from our Coinbase USD wallet, Bitcoin wallet, Ethereum wallet, and Litecoin wallet to GDAX to trade because this has already saved me a LOT in fees?
Coinbase Account Upgrade Tutorial for Full Trading and Lower Fees with GDAX!
I'm excited to show you this because after using Coinbase for years, I did not know about this. I'm not the one who figured this out and I will give credit where credit is due. I found this on Coin Mastery.
I saw this video come up on my home feed on YouTube, I read the title and I said, “No way. No way this is legit, no way I could not know about this with all the things that I do.”
I watched the video and technically, you are not stopping paying Coinbase fees, you are still paying fees. I will show you how this works right now and thank you very much to Coin Mastery who I became a subscriber after seeing this video.
Today, I want to buy $1,346 of Bitcoin because I am going to immediately sell that Bitcoin into Steem and power up! The normal way I've been doing this for years is going inside my Coinbase account and use my USD wallet.
As you can see, on the right side of my account, I now have a $13 fee I'm about to pay in order to buy this Bitcoin, but not only that, I have to buy it at $4,057 for a Bitcoin.
I have to pay that price for it. I don't have the option to fool around and trade.
Now, here's a really simple way we can upgrade our accounts. This is GDAX, which is Coinbase's trading platform where Coinbase actually, when we put an order in, just put that market order through us on GDAX.
We use our Coinbase accounts on GDAX.com. Therefore, I've already done the work to get my Coinbase account upgraded where I can buy and sell $50,000 a week.
I've already got verified, all I literally needed to do is click twice. I went on to GDAX.com, I hit sign in, it gave me a message accepting the terms, and then it said "Congratulations" or something like that, "Your account is ready to go."
Now, thank God I found this out, because I've been using Coinbase for years and I've paid thousands in fees. Now I have full access to the trading platform and I get a lower fee. Technically, it has not stopped paying Coinbase fees, but the fees are reduced from 1% on Coinbase to a 0.25% trading fee on GDAX if I take a trade placed by someone else. If I make an offer that is below the market price to buy or above the market price to sell, I pay 0%!
Not only that, if I am on Coinbase, I have to pay $4,060, meanwhile what I can do on GDAX is put in a "Buy Order" for much less.
Let's say I have some patience and I don't need my Bitcoin immediately, what I can do is just, as the market goes up and down normally, I can simply put in a "Buy Order" that's a little bit below the current market price using limits. I can put in a "Limit Order" where I decide what price I want to pay.
I can say, “You know what? I don't want to pay that full price. I'll just put in a Buy Order for a little bit less, and then wait until someone sells into that.”
Now, all I have to do is put my order in and just hit "Deposit."
Then, I select the "Coinbase Account" tab, click the "Deposit funds" blue button, and enter the full amount $1,346 from my USD wallet.
The funds are deposited instantly.
Now I've got that much ready to go inside my account.
Now, I'm not sure what happens with the order book in the trade history, it gets a little stopped up sometimes, it does live flow, but then it doesn't.
I can see live what the orders are. Now let's say, instead of paying $4,060 on Coinbase, what I can do is simply put in a much lower amount.
I look at the trade history and I see someone just sold for $4,020. So instead of having to pay that higher price for an instant market order, I can even put something in significantly lower if I want to.
That's how you do it.
I click on "Limit" tab, then enter a "Limit price," $4,020. I then click on the USD balance and it will fill in the BTC amount.
Now, I hit "Place Buy Order."
I can see where my Buy Order is down here with other buy orders like these large 9 or 10 Bitcoin orders.
Then, instead of paying that much higher price in Coinbase, whenever someone sells essentially at the price I specified, if the price drops temporarily, I can grab that Bitcoin for a much lower price.
This is an outstanding feature and I'm extremely grateful I found this. This is exactly how to use it and we can even put in some "Stop Limit" orders where you can put in a "Stop Price" that will trigger an order to go off.
You could be holding you Bitcoin on Coinbase and put in a "Stop Sell" order, so when the price hits a certain level, you could throw in an order automatically for Bitcoin right then and not have the order placed there.
We have got full feature trading on GDAX and it's incredibly simple to do. I'm very grateful because now I have the chance to avoid paying those higher fees and I can put in my Bitcoin right here.
I appreciate you reading this "Coinbase account upgrade" tutorial about connecting GDAX with Coinbase for full trading and lower fees, which was originally filmed as the video below!
Want to then use the Bitcoin, Ethereum, or Litecoin purchased to get Steem? The easiest and fastest way to change Bitcoin to Steem is to use @blocktrades as featured in this tutorial at https://steemit.com/blocktrades/@jerrybanfield/fast-steem-sbd-exchanges-with-bitcoin-ethereum-and-litecoin-on-blocktrades
If you would like to sign up Coinbase, would you please join using my friend referral link at https://www.coinbase.com/join/53f220834b1a7fd652000013 because you and I will both earn $10 in free Bitcoin after buying or selling your first $100? If you found this post helpful on Steemit, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed?
Jerry Banfield with edits by @gmichelbkk on the transcript by GoTranscript
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