Updated May 16, 2018 – How to Avoid Coinbase Fees.
Coinbase is a very popular gateway to access the Crypto world.
And for good reason. It’s easy interface and seamless connections to major banks make it the ideal way for most people to buy Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
But it’s expensive. As you can see, it costs $14 in Coinbase fees just to buy $1000 of ETH.
Over time paying those high Coinbase fees start to add up quickly and can eat into your crypto investment funds.
Well you’re in luck. There is a way to pay zero Coinbase fees.
Instead of buying Bitcoin/Bitcoin Cash/Litecoin/Ethereum directly from Coinbase, Deposit USD into your USD wallet.
Click “Accounts” – “USD Wallet” – “Deposit”
Now go to GDAX.com and click “Create Account”.
You may not know this, but GDAX is Coinbase’s own trading platform. So once you’ve created your GDAX account it will give you the option to link your GDAX and Coinbase accounts.
Now that your GDAX and Coinbase accounts are linked, all you need to do is move some USD into GDAX to buy Bitcoin/Ethereum with.
This step couldn’t be easier. Just click on “Deposit”
Then click on the link for “Coinbase Account”, enter the amount of USD you want to transfer and click “Deposit funds”
Now you have a USD balance sitting in your GDAX trading account.
All you have to do is select whether its Bitcoin, Bitcoin Cash, Ethereum or Litecoin that you want to buy.
Now click on buy at “Limit” (not “Market”).
Choose your desired trade price and amount.
Then click on the “Advanced” drop-drop ensure the “Post Only” box is checked.
Now click Place Your Buy Order.
Note – to ensure you don’t pay any Coinbase or Gdax trading fees (known as maker/taker fees) it’s essential that you select a “Limit” order and that you check the “Post Only” box.
There you have it. You’ve successfully bought your favorite cryptocurrency at the your specific price all without paying Coinbase’s transaction fees. No Coinbase fees or Coinbase commissions. But you still get the safety and security of the Coinbase/Gdax platform.
I hope you’ve found this helpful (and it saves you some money).
It’s been busy for nationally-sponsored cryptocurrencies.
Earlier in the week we saw the news that Estonia is considering holding it’s own Initial Coin Offering and launching a digital currency called “Estcoins”.
According to First Deputy Prime Minister Igor Shuvalov, Russia is planning its own digital currency on the blockchain platform. Shuvalov noted that Russia “is actively working at the international level and wants to ensure that security issues are solved from the very beginning,” and that digital currencies should no longer be “locked in a chest and hidden”.
It seems that Russia just can’t get enough of crypto. Remember that Burger King’s Russian division just announced it’s “Whoppercoin”, a digital token that local customers can earn on a special digital wallet after buying BK’s signature Whopper burger. Do you want “Crypto” with that?