Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Private profiles - please note that profiles marked as private will soon be public. This will facilitate moderation so mods can view users' warning histories. All of your posts across the site will appear on your profile page (including PI, RI). Groups posts will remain private except to users who have access to the same Groups as you. Thread here
Some important site news, please read here. Thanks!

Avoiding the fees

  • 30-11-2017 5:21pm
    #1
    Registered Users Posts: 5,909 ✭✭✭ sReq | uTeK


    Hi Everyone, its probably common knowledge for a lot of people in here but I wanted to share to all how I avoid minimal fees when trading. I'm not at it long so please feel free to correct me.

    I like many started on Coinbase, mobile app is friendly and easy to use.

    DO NOT ADD FUNDS via credit card. For instance currently BTC is trading at $9,400 a coin. 500 euro cc transaction buys you 0.05682 bitcoin. 19 euro of which goes to coinable, essential your 500 becomes 480.

    Instead, add your bank account as a payment option deposit limit is significantly increased to 10,000 and the charge attributed to depositing is 0.15%

    Now, once the money is in your account... Don't buy...Coinbase will charge you per buy. Instead, create a GDAX account at GDAX.com

    Verify your account, if you've done this on Coinbase you're verified on GDAX. Both are Linked. I find the APP the easiest to verify with, picture of passport and drivers license (MAKE SURE FLASH IS ON)

    Once on GDAX. Choose deposit, select your Coinbase euro wallet and move the funds to GDAX. This is instantaneous and free. You can now use your EURO wallet on GDAX to buy BTC/ETC/Litecoin at no charge. Again if you want to extract the funds, sell your stake, transfer your GDAX wallet to Coinbase by withdrawing and extract from Coinbase to your bank account for free.

    GDAX also allows you to xfer BTC/ETH/LTC to other exchanges such as Bitfinex for a very moderate fee, where you can change your BTC/ETC/LTC into a host of alt currencies such as Ripple/XRP, IOTA, DASH, NEO etc etc.

    Hope this helps


Comments

  • Registered Users Posts: 822 ✭✭✭ SkySter


    All sound advice.

    However the two forms of photo ID in GDAX is an issue for me currently. I have only a passport and old uk driving license which doesn't have a photo.

    I just can't understand GDAX logic as I have a coinbase account and have done a number of trades there. I also use Kraken but there is so many issues between performance, poor interface and removal of stop loss functionality. I'd love to move over to a decent exchange that offers euro pairs and SEPA transfers. If someone has a recommendation let me know?


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    SkySter wrote: »
    All sound advice.

    However the two forms of photo ID in GDAX is an issue for me currently. I have only a passport and old uk driving license which doesn't have a photo.

    I just can't understand GDAX logic as I have a coinbase account and have done a number of trades there. I also use Kraken but there is so many issues between performance, poor interface and removal of stop loss functionality. I'd love to move over to a decent exchange that offers euro pairs and SEPA transfers. If someone has a recommendation let me know?

    If you have coinbase account you should just be able to login to GDAX directly?


  • Registered Users Posts: 822 ✭✭✭ SkySter


    GreeBo wrote: »
    If you have coinbase account you should just be able to login to GDAX directly?

    Yes and the first thing it asks you to do is authorise your account and supply the addtiional ID.


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    SkySter wrote: »
    Yes and the first thing it asks you to do is authorise your account and supply the addtiional ID.

    Is your coinbase account fully verified?

    GDAX is just the new coinbase exchange, it doesnt have its own login details etc...


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins


    SkySter wrote: »

    I just can't understand GDAX logic as I have a coinbase account and have done a number of trades there.

    GDAX limits are much much higher.


  • Advertisement
  • Registered Users Posts: 822 ✭✭✭ SkySter


    GreeBo wrote: »
    Is your coinbase account fully verified?

    GDAX is just the new coinbase exchange, it doesnt have its own login details etc...

    Yes. The coinbase account is verified as it only requires one photo Id. The GDax verification requires two ids. That's the issue. Same account in both cases.


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    SkySter wrote: »
    Yes. The coinbase account is verified as it only requires one photo Id. The GDax verification requires two ids. That's the issue. Same account in both cases.

    Hmm I dont remember doing any verification on GDAX, but possibly I had already done two on coinbase.


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins


    GreeBo wrote: »
    Hmm I dont remember doing any verification on GDAX, but possibly I had already done two on coinbase.

    Open the app and look in Settings > Identity Verifications


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    Open the app and look in Settings > Identity Verifications

    I know I have 2 on coinbase, just not sure if I did them before I traded on GDAX or not, I guess I must have if its a requirement, or is it only a requirement for trading over a certain amount?


  • Registered Users Posts: 739 ✭✭✭ wannabecraig


    GreeBo wrote:
    Hmm I dont remember doing any verification on GDAX, but possibly I had already done two on coinbase.


    You defo do but it's very fast to verify. I just used my DL.


  • Advertisement
  • Registered Users Posts: 74 ✭✭✭ Shane101


    I've only a passport and don't drive, guess GDAX is out of the question so..?


  • Registered Users Posts: 988 ✭✭✭ brendanwalsh


    Can u transfer from your BTC wallet on CB to BTC wallet on gdax


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    Can u transfer from your BTC wallet on CB to BTC wallet on gdax

    Yep, all transfers crypto and fiat are instant and free


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,037 Mod ✭✭✭✭ Tar.Aldarion


    Shane101 wrote: »
    I've only a passport and don't drive, guess GDAX is out of the question so..?

    Does anybody know if they accept public services cards? PSC


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,037 Mod ✭✭✭✭ Tar.Aldarion


    Hi Everyone, its probably common knowledge for a lot of people in here but I wanted to share to all how I avoid minimal fees when trading. I'm not at it long so please feel free to correct me.

    I like many started on Coinbase, mobile app is friendly and easy to use.

    DO NOT ADD FUNDS via credit card. For instance currently BTC is trading at $9,400 a coin. 500 euro cc transaction buys you 0.05682 bitcoin. 19 euro of which goes to coinable, essential your 500 becomes 480.

    Instead, add your bank account as a payment option deposit limit is significantly increased to 10,000 and the charge attributed to depositing is 0.15%

    Now, once the money is in your account... Don't buy...Coinbase will charge you per buy. Instead, create a GDAX account at GDAX.com

    Verify your account, if you've done this on Coinbase you're verified on GDAX. Both are Linked. I find the APP the easiest to verify with, picture of passport and drivers license (MAKE SURE FLASH IS ON)

    Once on GDAX. Choose deposit, select your Coinbase euro wallet and move the funds to GDAX. This is instantaneous and free. You can now use your EURO wallet on GDAX to buy BTC/ETC/Litecoin at no charge. Again if you want to extract the funds, sell your stake, transfer your GDAX wallet to Coinbase by withdrawing and extract from Coinbase to your bank account for free.

    GDAX also allows you to xfer BTC/ETH/LTC to other exchanges such as Bitfinex for a very moderate fee, where you can change your BTC/ETC/LTC into a host of alt currencies such as Ripple/XRP, IOTA, DASH, NEO etc etc.

    Hope this helps

    If Coinbase charge you to deposit 0.15% you can also just use kraken as they have free deposits and 0.16% fee on purchases. Same thing pretty.

    I assume you can deposit on gdax itself for less?


  • Registered Users Posts: 197 ✭✭ shakedown


    There are no fees on SEPA (bank transfer) deposits into coinbase.

    https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees


  • Registered Users Posts: 5,909 ✭✭✭ sReq | uTeK


    If Coinbase charge you to deposit 0.15% you can also just use kraken as they have free deposits and 0.16% fee on purchases. Same thing pretty.

    I assume you can deposit on gdax itself for less?

    Yea sure. The only problem is as bad as Coinbase is sometimes it' really is a 50/50 whether I'll ever get on Kraken when I need too.


  • Registered Users Posts: 1,136 ✭✭✭ UsBus


    Could someone confirm about bank transfers to coinbase, gdax. I'm thinking of getting a mortgage in the next 6 months to a year.. what are the Irish banks response to bank transfers to these on your bank statements..? Do they have any issue with it.., view it as gambling etc?


  • Registered Users Posts: 5,909 ✭✭✭ sReq | uTeK


    UsBus wrote: »
    Could someone confirm about bank transfers to coinbase, gdax. I'm thinking of getting a mortgage in the next 6 months to a year.. what are the Irish banks response to bank transfers to these on your bank statements..? Do they have any issue with it.., view it as gambling etc?

    Great question. I honestly couldn't tell you.....


    Could you not create a separate account in a different bank ?


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    Great question. I honestly couldn't tell you.....


    Could you not create a separate account in a different bank ?

    Unless you have cash that wont solve the issue as the bank will just ask where that money was going to and what it was for...


  • Advertisement
  • Registered Users Posts: 197 ✭✭ shakedown


    UsBus wrote: »
    Could someone confirm about bank transfers to coinbase, gdax. I'm thinking of getting a mortgage in the next 6 months to a year.. what are the Irish banks response to bank transfers to these on your bank statements..? Do they have any issue with it.., view it as gambling etc?

    They asked me what the transfers were for, I told them cryptocurrency investment and that was the end of it (mortgage approved).


  • Registered Users Posts: 2,261 ✭✭✭ garrettod


    Hi,

    Good to hear shakedown, but I wouldn't be surprised to hear that Banks do start looking at the cryptos much in the same way as they see gambling, with it being a negative when applying for a mortgage.

    Ultimately, there's significant risk when putting your money into cryptos and Banks don't like you taking risks. Furthermore, by default, cryptos are potential competition for the Banks and go against much of what a Bank believes to be sacred, so there's a natural bias against cryptos there.

    Thanks,

    G.



Advertisement