Buy crypto currencies free of charge
“Coinbase Tutorial” ENGLISH
Ethereum, Bitcoin, Litecoin or Bitcoin Cash free of charge with Coinbase and GDAX!
(UPDATE: GDAX is now Coinbase Pro)
If you have already purchased Ethereum, Bitcoins, Litecoin or Bitcoin Cash, then you have certainly not missed the fees, which can amount up to 4% depending on the payment method. In the following we will explain a way how you can save the fees.
In this tutorial the acquisition of Bitcoins is explained, but the procedure is identical with any other cryptowärung by Coinbase and thus also Ethereum!
To buy Ethereum or Bitcoins free of charge you need a Coinbase account. If you don’t have a Coinbase account yet, you can create one here.
If you now have a Coinbase account, you have to load money onto your Coinbase Euro Wallet. To do this, click on “Accounts” at the top of the menu bar and a list of your wallets will appear.
In the field “EUR Wallet” click on “Deposit”. Continue to follow the instructions until you receive the account details to which you can deposit Euro. Please make sure that you enter all data correctly so that the booking can be assigned.
Until the money is transferred and booked, it can take up to 5 working days, but normally it is much faster (usually on the 2nd day). As soon as the money is available on your Coinbase account, you will receive an email from Coinbase.
Now you could buy Bitcoins on Coinbase, but you would have to pay a fee of 1.49%. To save you money, you buy them from GDAX, Coinbase’s professional trading platform. It’s a detour, but it’s worth it!
Since Coinbase and GDAX use the same backend, you can also use your Coinbase login for GDAX without having to register separately. All you have to do is go to GDAX.com and log in.
As you can see, GDAX looks more like professional trading than Coinbase. On GDAX, like Coinbase, you can trade Ethereum, Litecoin and Bitcoin Cash as well as Bitcoin.
The next step is to get your balance from Coinbase to GDAX. You can do this within seconds and completely free of charge. First of all, if this is not already set automatically, you have to set it to BTC/EUR for Bitcoin or ETH/EUR for Ethereum etc. next to the GDAX logo at the top. The EUR is important to be able to access the EUR Wallet as well. Next, click on “Deposit” under Balance in the upper left corner. A window will appear, here you click on “Coinbase Account”. Under Source select “EUR Wallet”. The window also shows how much Euro you have available in your wallet. Then enter in “Amount” how much of the Coinbase credit you would like to transfer to GDAX. To complete the process, click on “Deposit funds”. The Euro balance will be credited to your GDAX account immediately.
Of course you can transfer Bitcoin, currencies etc. instead of Euro. If you want to transfer 100% of the selected source, just click on the currency unit and the amount will be filled automatically.
These are purchases and sales that are fulfilled immediately. This means that I indicate how many Bitcoins I want to buy or sell and these will be credited to me immediately at the best possible price. The Taker Fee costs 0.30% of the turnover, but can be reduced with a higher trade volume. The fees are much cheaper than on Coinbase (there 1.49%).
The maker fee applies when orders are first written to the order book and cannot be filled directly. This happens when the Bitcoin is currently traded for e.g. 6000 €, but you set a limit of 5900 € and no longer want to pay for it. Here the order cannot be executed immediately, but must wait until the rate drops to 5900 € and then buys. In this case, the maker fee is due and amounts to 0% for GDAX.
We want to use the gap with the maker fee to buy our Bitcoin now. Therefore we choose the limit purchase under the “Deposit” and “Withdraw” button on the left.
When you make a market purchase, you can only indicate how much BTC and Co. you want to buy and GDAX would credit it to you at the best possible price. The 0.30% fees are due.
The limit purchase is free of charge if it cannot be implemented immediately. In the point “Limit” click on “Buy”. In the 2 fields you have to enter how much BTC you want to buy and at what maximum price. You can see the maximum price in the order book. These are the prices which are written in green on the right.
This means that the highest bid in the example is 6380.00 € per Bitcoin. The lowest offer for sale is 6380.01 €. In order to pay the maker fee now, our offer to buy Bitcoin must be less than 6380.01 €. If it is above this amount the order will be fulfilled immediately and we will pay the Taker Fee. If it is less than this amount, the order goes into the order book.
You can see open orders in the window below the chart. Depending on the price fluctuation, it may take some time for orders to be fulfilled. The recommendation is to wait a bit, because the Bitcoin price is volatile enough to reach the desired price again. If this takes too long, however, you have the option of deleting the order and ordering a new one. In this case, too, no fees will be charged.
Selling BTC works the same way, without any fees. Here you must be above the highest bid (green price). The red numbers are sales and offers to sell, the green numbers are purchases and offers to buy.
With this method you can also buy Ethereum and Litecoin, of course without charge.
If you had a successful BTC purchase, you can transfer it back to Coinbase. To do this, click on “Withdraw” and select the Coinbase Wallet. This works immediately, without any time delay.
“If you want to send the crypto currency to another wallet or exchanger, then I would do it via GDAX and not return the coins on Coinbase, because to another wallet or exchanger you also send via GDAX with 0% fees, which is not the case with Coinbase!
Congratulations: Now you finally have Ethereum and can get PANX on our website ;-)
Here you get to the tutorial how the Pantercon Investor Cockpit works.
We would be happy to have you with us in the Pantercon Community, and you try together with us to make dreams and ideas come true!
Your Pantercon Team