Update: GDAX is now Coinbase Pro (confusing I know).
I wasn’t prepared… Coinbase gave us access to Bitcoin Cash/BCH trading around 6:00 p.m. on December 19th. I was so happy to see the price go from $3,000 to $8,000 but so annoyed with how the company handled the situation.
I owned a few Bitcoin Cash, so I thought that my life was going to change. Ha, and then everything was disabled by the company because of a potential glitch, insider transactions, or something weird. Anyway, I was upset and had a difficult time trying to buy more altcoins.
I know that you can buy Bitcoin/BTC in Coinbase and send it to a wallet or digital currency exchange but the Bitcoin transfer fees are extremely high. Recently I transferred $60 to Binance and had a transfer fee of $20. All I could do was laugh…
After some research, I found a cheaper although a slower method for transferring Bitcoin. This is what I’ve done to send my Bitcoin from Coinbase to another digital currency exchange so I can purchase altcoin.
Use Coinbase to Buy Bitcoin
First, you’ll want to have a free Coinbase account. We will now use Coinbase to buy Bitcoin (Ethereum/ETH works too). After you have some Bitcoin in your Coinbase account, you are done with the first step.
Outside of peak times, buying your Bitcoin should be instant.
Go to GDAX (Coinbase parent company) website and sign in using your Coinbase information. Sorry, you’ll have to verify your account. After you have verified your account you can now move your Bitcoin from Coinbase to GDAX without any Bitcoin transfer fees.
In the future, plan ahead to avoid dealing with all of the peak time slowdowns.
Bitcoin to GDAX
In GDAX account area you’ll have the option to deposit Bitcoin to your GDAX account using your Coinbase account as the source. This is instant and free (no hidden Bitcoin transfer fees!). After you have transferred the Bitcoin to your GDAX account, you can now send Bitcoin to Bitcoin.
Adding the funds from Coinbase to GDAX should be instant.
GDAX to Exchanges
Using the same account area on GDAX, you can use the withdrawal option to send Bitcoin to another digital currency exchange such as Binance (or any other digital currency exchange), remember to get the correct Bitcoin/BTC wallet address! Alternatively, you can use this site to send your Bitcoin to a desktop wallet, hardware wallet, or mobile wallet.
Transferring Bitcoin to Binance or a wallet may take between 30 minutes to several hours, depending on the congestion of the network.
If you are trying to transfer to cash out but the Bitcoin transfer fees from Binance (or any digital currency exchange website) are too much for the amount… you can try using Litecoin/LTC, to do fast transfers back to your Coinbase or GDAX.
If speed isn’t an issue then this is one of the best methods to avoid those outrageous transfer fees. There are other digital currency exchanges out there besides Binance so do your research and check popular Bitcoin hangouts such as the Reddit Bitcoin subreddit. Check out our list of reliable digital currency exchange websites.