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Can I keep these coins on Gdex or I should transfer them to a wallet? If you just plan to sell right away then you can keep them on GDAX no problem. It is the long term storage that can be an issue. Here is my article on wallets that I like! Hi Charlie, there is always going to be fee if you send Bitcoin directly from Coinbase. They DO show you what the fee is before you confirm your send so you probably just missed it on the transaction screen.
I would always suggest sending your funds to GDAX first then sending them to where ever you want from there. Let me first say, I am very new to this. I somehow figured out how to jump through all the hoops to be able to send Bitcoin to my Binance account. Is that a normal fee even for such a small transaction?
I wish I would have read this sooner. Then I can transfer that Bitcoin to Binance for a much lower fee? I hope all my questions made sense. I appreciate any help anyone can give me. Thanks for the help! Great article! Hi Bobby, yes you have it exactly right. I would also suggest to maybe convert your Bitcoin to Litecoin first before sending to Binance as it transfers much faster and is much cheaper transaction fees.
Shea, According to Coinbase, they only charge you a fee when you purchase from them. However, when you try to send Bitcoin, for example, to an exchange like Binance in order to purchase Ripple, you see a hefty charge around. Binance charges, not Coinbase. Is that correct? Hi Bob, the mining fee does not have to do with an exchange at all.
Miners are a separate part of the network and they do take a fee for any transaction. I would suggest sending your coins to GDAX first, and then sending to your exchange of choice. You can always convert to something like Litecoin or Ether first before sending as its cheaper and faster. Thanks for being so nice to all the new people round here….
If you buy BTC. Or do the purchases appear in your CoinBase wallets? It is not possible to buy f. That makes for an additional exchange fee. It is cheaper to transfer in ETH or LTC because the transaction fees are less than Bitcoin at the moment and yes I think it would be cheaper but I have not done it personally. I just tried this. Withdraw to a bitcoin address with no fees. Alright Stache , so im a complete newb like just got told yesterday to invest in XRP and just let it sit for a year.
Is this what you would recommend for someone in my situation? Thanks again for your article from the Newb. Sending Bitcoin is expensive at the moment. Hi, I understand that sending bitcoin from coinbase is expensive now because of the mining fees. But why would it be cheaper to send bitcoin from GDAX? Hi Cathy, yes you are correct there are mining fees either way, but Coinbase also charges your an additional fee on top of that. Thanks Stache for the helpful guidance.
Hi Barbara, to answer your questions anytime you deposit funds to coinbase it goes into your USD wallet so you have one. Thank you so much. It cost me nothing. As a matter of fact made some in the conversion. They say that I transfer usd from coinbase to gdax than convert to BTC than transfer to my personal wallet with no fees…. This happens anytime you make a transaction with BTC.
Right now the network is congested and slow so the fees are much higher than normal. Hello Stache! Thank for the guide, I have been looking around on how to buy Bitcoin in order to purchase a product from Bitmain. If the item stated it needs around 0. If so, should I purchase alittle more than 0. Thank you for any help you can provide! Hi Edward, yes you can send your payment directly from GDAX and yes there will be a miner transaction fee.
Is that the one? I just followed your instructions and when I sent the money to binance it dissapearred and I cannot find it. Please help! Hi Joseph, sorry to hear this! Hi, So basically, i need to open a Coinbase account and then link bank account to it. Then go to GDAX and open account. Is that right? Cheaper to set up a Gdax account first and send the btc to wallet there? Thanks in advance-. Hi Carson, well it depends on what you are going to do with that BTC.
If you are sending it to cash out, still send to Coinbase. If to trade send to GDAX. Either way you incur a mining fee for sending it from one exchange to another. I clicked on withdraw on the left side of the website, then clicked on BTC address. So I decided to try to out. What does that mean? Is my coin lost forever? Hi Steve, yes this can be confusing. Your coins are not lost and I am sure the transaction will go through eventually. Thanks Stache! I did receive the coin a day and half later.
The interesting thing is that I sent 0. Only reason I would then transfer back to CB is to use the Shift card. Cool I thought that was the case. I just deposited some USD there yesterday after reading this blog and realizing my dreams of lower fees could come true lol. What are your thoughts on using the Coinbase account as a secondary alternative to my bank account with the shift card?
Even if you use ACH from your checking account through coinbase the transaction fee is much cheaper however, its not instance and because of the amount of volume of transaction and other worked. If it rises at some point and I want to sell, then I think there will be a fee on that selling transaction 0. To take my dollars out of GDAX would be free? Hi, if you did a straight market order on GDAX yes you would pay the standard fee for selling.
If you did a limit order you would have no fees. But what if you send money to an exchange or a business? Or an ICO? Enter your information in a fake site and your funds disappear. Moving assets from a hot web-based wallet to an exchange rarely incurs extra costs. Most wallets apply standard blockchain fees for transfers with no profit for themselves, and most exchanges have no deposit fees.
Switch back to Binance. You can see your deposits on the same page as your wallet address or select Deposits from the Funds menu. Your pending deposit should appear after a few minutes. You may need to refresh the page. Once it appears, you can track confirmations until the transfer completes. Hardware wallets offer extremely secure cryptocurrency storage. However, check the receiving exchange for deposit fees, as noted in Scenario 1, above. Note that some coins and exchanges may take longer to process your requests.
A Bitcoin withdrawal from Binance usually completes in minutes, but withdrawing a less popular coin from a smaller exchange may take significantly longer. For example, Coinomi has ShapeShift and Changelly built in. Be careful of exchange rates and trading fees. Different exchanges have different trading pairs, meaning traders and investors must move funds to access the best opportunities.
Exchange wallets are the same as any other: you can transfer your funds between exchanges the same way you move them to and from your own wallets. Arbitrage demands that you move quickly. Save my name, email, and website in this browser for the next time I comment.