When I first got into cryptocurrencies I was sending Bitcoins from Coinbase to Poloniex so that I could purchase other coins like Ripple, Golem and Sia. I found the transaction fee's around sending Bitcoins were very high and it would put me at an instant loss. Fee's were rapidly increasing and I began looking into a solution to reduce the costs of sending Bitcoins and increase the number of coins I could purchase.
GDAX (Global Digital Asset Exchange) is home to Coinbase's exchange trading platform and your user credentials for Coinbase work directly with GDAX.
Okay - So How Do We Send Funds From Coinbase To Another Exchange For Free!
Below I have written step-by-step how you can send your Bitcoins from Coinbase to Poloniex absolutely free.
SENDING BTC FROM COINBASE FOR FREE
The first step is transferring the funds from your Coinbase Wallet to GDAX.
- Login to Coinbase.com from your desktop (not mobile).
- Open a new window tab in your browser and go to Gdax.com
- Click Sign in at the top right on the Gdax website.
Login is automatic when signed into Coinbase in your other browser tab - Complete the application form and proceed to the next step. Fill out all forms and then upload a secondary ID document.
- Verification of the secondary I.D is usually completed within a few minutes and the page will then refresh to the main dashboard.
- Click Deposit from the left-pane. This will open a new window titled Deposit Funds.
- Click Coinbase Account from the three options at the top and select your Coinbase BTC wallet from the dropdown menu.
- Enter the amount of BTC you want to send and click Deposit.
BTC's will now appear in your GDAX balance in top left pane just above the Deposit link. - Click withdraw and when the window pops up, Select BTC Address from the options at the top.
- Fill in the amount you wish to send + the wallet address of your external BTC wallet and click Withdraw.
If you have setup Two-Factor Auth with Coinbase, you may need to enter the code here at this stage
Thats It! You have now sent BTC's from Coinbase with ZERO Fees.
That sounds great...!
Except for the fact that there are quite a few people waiting extremely long periods for GDAX to release their coins...
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Really?
I've used this method many times without fail. However, I've now changed to using Litecoin instead of Bitcoin and send direct from Coinbase to Poloniex because the feel is negligible and the transaction is complete within 5-10 minutes.
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