So you want to know how to transfer from Coinbase to GDAX? No worries, I’ll walk you through every step of the process! Buying and trading cryptocurrencies have become a multibillion-dollar business. Coinbase is one of the novices’ most popular exchange choices since it allows users to acquire coins using fiat cash.
In my ‘How to Transfer from Coinbase to GDAX’ article, I will first describe what each exchange performs and its primary features. Following that, I’ll briefly discuss GDAX’s aim to rebrand as ‘Coinbase Pro.’ Once you have the necessary background knowledge, I will teach you how to buy from Coinbase, how to transfer from Coinbase to GDAX, and lastly, utilize GDAX!
Let’s begin by learning about Coinbase!
What is Coinbase?
Coinbase is a cryptocurrency exchange broker that enables users to purchase and sell various currencies. They were founded in 2012 and had headquarters in San Francisco, California. Coinbase has developed so swiftly that it currently processes orders for over 20 million customers, totaling $150 billion in transactions! Not only that, but they employ over 535 individuals at its U.S. headquarters!
Coinbase’s key selling feature allows customers to purchase cryptocurrency using traditional payment methods such as a bank account or a debit/credit card. This makes it simple for folks interested in buying cryptocurrency for the first time!
The site is also relatively easy to use, making it great for cryptocurrency newcomers! Coinbase only supports four distinct coins at writing in July 2018. Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin are the four cryptocurrencies (LTC). The Coinbase team, on the other hand, recently stated that they would soon be supporting Ethereum Classic (ETC) as well.
Coinbase imposes a fee of 3.99 percent when using a debit or credit card. Bank account deposits are substantially cheaper, ranging from 0% to 1.49 percent. Every time you make a purchase, you will be charged 1.49 percent in trading costs. For example, if you wish to buy $1,000 worth of Ethereum, you will receive $985.10 in ETH.
It is vital to note that you must first prove your identity before you can buy cryptocurrencies with real-world money. The Coinbase KYC (Know Your Customer) procedure is simple. All you have to do is provide your personal information and a copy of your ID. In most cases, the Coinbase system can automatically authenticate this, which means the procedure just takes a few minutes!
So now that you know what Coinbase is, the following section of my ‘How to Transfer from Coinbase to GDAX’ article will teach you about GDAX!
What is GDAX?
GDAX, short for Global Digital Asset Exchange, is a cryptocurrency exchange founded in 2016 by the same firm that founded Coinbase. The site works similarly to most other digital exchanges in that it allows you to purchase, sell, and trade cryptocurrencies with other users directly. GDAX acts as a mediator between the buyer and seller, charging a fee in exchange.
The nice part about Coinbase and GDAX is that you only need to register an account at one of the two exchanges. For example, if you have a Coinbase account, you will instantly have a GDAX account.
GDAX accepts the same cryptocurrencies as Coinbase: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Furthermore, we may trade these cryptocurrencies against the value of fiat currencies such as USD and EUR.
Compared to Coinbase, GDAX is better suited for experienced traders since you must have a fundamental grasp of how trading works.
How to Buy Cryptocurrency through Coinbase?
You must first register an account with Coinbase before transferring funds from Coinbase to GDAX. After that, you must prove your identity by supplying various personal information and then uploading your identity card.
If you already have coins in your Coinbase account at this point, you may continue to the next step of my ‘How to Transfer from Coinbase to GDAX’ article!
- Once you’ve logged in, go to the top of the website and click on Buy/Sell.
- You will now have the option of purchasing one of four different cryptocurrencies. Select the one you wish to buy by clicking on it. I’m buying Bitcoin in my ‘How to Transfer from Coinbase to GDAX’ guide.
- Scroll down to the bottom of the page and input the quantity of bitcoin you wish to purchase. The cryptocurrency equivalent will instantly change as you enter the amount in your local currency. In my case, I’m purchasing 750 EUR worth of Bitcoin, which equates to 0.12458237 BTC.
- Now, click on the large blue button. Purchase Bitcoin Immediately.
- And there you have it! You have just purchased bitcoin from Coinbase.
So, now that you know how to purchase coins on Coinbase, the following section of my post will teach you how to transfer funds from Coinbase to GDAX.
How to Transfer From Coinbase to GDAX
When you make an account at Coinbase, will it instantly create a GDAX account? Coinbase Pro had replaced GDAX. You can still log in with the same credentials you used to access Coinbase or GDAX.
- After logging into Coinbase Pro, go to the Wallets section at the top of the page.
- Click the deposit button at the bottom of the page.
- You must now choose the coin you wish to transfer from Coinbase to GDAX. You can even move your fiat currency balance!
- Because I want to trade USD for Bitcoin, I will move my USD balance from Coinbase to GDAX (Coinbase Pro)! Don’t worry. The method is the same regardless of whether you want to transfer bitcoin or fiat dollars.
- Finally, click the blue Deposit button to finish your Coinbase to GDAX transfer. The funds should fill your Coinbase Pro (GDAX) account within a few seconds.
So, now that you’ve learned how to transfer from Coinbase to GDAX, the following section of my article will show you how to utilize Coinbase Pro.
Conclusion on How to Transfer from Coinbase to GDAX
That concludes my ‘How to Transfer from Coinbase to GDAX’ tutorial! If you’ve finished reading, you know how to transfer money from Coinbase to Coinbase Pro (GDAX). As you can see, the procedure is relatively straightforward.
Although Coinbase Pro (GDAX) intends for more experienced traders, the interface is simple to navigate. I appreciate that you can use a bank account to deposit real-world money into your Coinbase Pro account effortlessly.
If you found my ‘How to Transfer from Coinbase to GDAX’ guide helpful, or if you have any questions, please leave a comment below.