How To Buy Bitcoin With Low or No Transaction Fees
Coinbase has hefty transactions fees when you buy Bitcoin. They are 1.49% on bankgebouw account/fiat buys and Trio.99% on credit and debit buys. That means, every time you buy $100 worth of Bitcoin, you have to pay at the very ondergrens, $1.99 on top of that. This adds up. Plus, you have to wait days for your Bitcoin, Ethereum, or Litecoin to vertoning up! Thesis fees undoubtedly added up for mij when I wasgoed fresh te the space and making my puny, dollar cost promedio buys.
Meet GDAX, Coinbase’s exchange. It uses the same login spil your Coinbase account, and you can buy Bitcoin, Litecoin, and Ethereum with ZERO fees. If you don’t have a Coinbase account yet, you can sign up for one here. (Please be sure to check out my resources list or read what Bitcoin and blockchain are very first, before determining to invest.)
Now, I understand the interface may seem breathtaking at very first. If you are not descendiente with order books, bids, asks, and candlestick charts, check out my guide on what common cryptocurrency exchange elements mean.
This guide will mainly concentrate on how to budge your Bitcoin (and Ethereum or Litecoin) ter and out of Coinbase/GDAX, and how to buy thesis three cryptocurrencies for little or no fees.
After you’re verified and set up on GDAX, you’ll have to stir some funds ter. Very first, toggle inbetween what trading pairs or cryptocurrency you’d like to buy. You can do this by clicking on the drop-down opbergruimte at the top.
This will give you all the options to trading pairs. You’ll see that you can buy Bitcoin with fiat currency such spil USD, EUR, and GBP. You can also buy Litecoin and Ethereum with fiat, spil well spil trade thesis against Bitcoin!
Merienda you select the trading pair, you’ll have to deposit funds ter by clicking the “Deposit” button.
You’ll see there are three options to fund your GDAX account to buy BTC, LTC, and ETH with. The “BTC Address” option is if you would like to deposit Bitcoin to buy Litecoin or Ethereum with.
Fund with handelsbank account: This will typically take some time, up to Ten calendar days. Merienda your fiat money is ter however, you can buy Bitcoin instantaneously.
Fund with bankgebouw wire: Canap wire transfers may be credited to your GDAX account on the same day if submitted by 1:00pm PT. Otherwise, funds will be available after one business day. Canap wires also have a toverfee of $Ten, or $25 outgoing. This is a swifter option if you are willing to pay a toverfee.
Fund with Coinbase account: If you have funded your Coinbase account with fiat money through a wire or handelsbank account transfer, you can access thesis funds instantaneously and waterput it onto your GDAX.
I personally like to fund my Coinbase account with a canap account transfer. Due to my risk tolerance, I only stir a petite amount ter everytime and have no problem waiting for it to emerge. It also helps with discipline and not being impulsive.
Merienda your USD or other fiat currency of choice is ter your account, you can now make orders.
Market Orders: 0.25%
This is the simplest order to execute on GDAX and very similar to how you presently buy on Coinbase. You simply waterput the amount you want to spend, and you place your order. It will instantly pack, or give you the Bitcoin at market price. The 0.25% toverfee is a massive decrease compared to Coinbase’s 1.49% on handelsbank account transfers, and Three.99% on credit/debit. This is a fine option for beginners.
Limit Orders: 0% – 0.10%
Limit orders are the default way to trade Bitcoin and other cryptocurrencies on all exchanges. This is where you are able to place an order onto the order books that display you are willing to buy or sell Bitcoin at a certain price.
A limit order is 0% fees if you are te the “taker” position, or place your order and let it sit on the order books. If it executes and fills too quickly (you set it close to market price), you will pay a petite 0.10% toverfee spil GDAX recognizers you spil a “maker.”
To place this order, you choose units of Bitcoin you’d like to buy, at the price you’d like to buy (or sell) it at. Merienda you place it, the order will only execute and pack if it hits that price. It will stay te your “open orders” and be on the order books te the meantime. You can see te this example, I am going “long” or buying 0.01 Bitcoin at a price of $15,000. If Bitcoin does indeed go down to $15,000, my order will execute and pack, and it will cost mij $150.
Zekering Orders: 0% – 0.10%
A zekering order is the most ingewikkeld order type on GDAX. A zekering order is also known spil a “stop loss” order, which permits you to minimize risk and zekering your loss. This is a strategy that requires some charting or technical analysis skill. Merienda you are allegado with the Market and Limit order, you can learn more about the Zekering order option with this movie:
Convenience. On Coinbase, you can make instantaneous buys and sells on your mobile phone through their app. You can also automate buys by setting up frequent buys on the desktop webpagina on Coinbase.
Spil always, recall that cryptocurrencies are very risky and to only invest based on your own private risk tolerance.