How to Transfer Bitcoin to a Bank Account – The Easy & Cheap Way

Transfer Bitcoin To Your Bank Account

I’ve been seeing people asking questions on how to transfer Bitcoin to a bank account so in this post I’m going to be addressing exactly this and showing you how to do so step-by-step. You can’t actually transfer Bitcoin directly into your bank account, but what I’m guessing you are looking for is how to take Bitcoin in turn it into money in your bank account… Or at least this is what I have found many people are asking about when looking into this.

The process of taking bitcoin that you have and turning that bitcoin back into regular money inside your bank account consists of 3 steps since you can’t just directly send your bitcoin to your bank. What you will first have to do is convert your bitcoin into regular money, such as USD or EUR, and then have that money sent to your bank account.

There is more than one way to go about it but I will be showing you what I consider one of the easiest, cheapest, and definitely one of the safest ways to do so.


The Easy & Cheap Way

The way in which I do this is through the cryptocurrency exchange GDAX. GDAX is an exchange that allows users to purchase cryptocurrencies with bank transfers and on the flipside you can sell cryptocurrencies and transfer the money back to your bank account.

Being based in San Francisco California, GDAX is definitely one of the more trusted exchanges out there. They are subject to laws and regulations within the US and because I know there is the government as well as other third parties looking over their shoulder and making sure they are acting legitimately, I feel a lot more safe using this exchange compared to some other ones out there.

On top of this GDAX also charges zero fees for withdrawing money into your bank account and only charges a 0.3% fee at most when you exchange your Bitcoin for USD, EUR, GBP, or whatever.

But of course before you can use GDAX you have to create an account by going to GDAX.com. There will be a button in the upper right of the screen that you can click to begin creating your account as you can see here….

The next step will be to fill in your name, email, password, and select your state. The sign-up process is pretty simple so I’m not going to be going over how to do this.


The Process of Transferring

Step 1: Send Your Bitcoin to Your GDAX Account

Step one is to first send your bitcoin over to your GDAX account. To do this you want to click on BTC/(your currency) and click on the “Deposit” button…

After clicking on this button you will see the screen shown below. You are going to want to click on BTC Address which will then show you a string of numbers/letters. This is your bitcoin address that you want to send your bitcoin to. So what you have to do is copy and paste this address in the wallet or exchange that you currently have your bitcoin in once you start the withdrawal process there…

And take note that the minimum deposit amount is 0.01 BTC. So you must have at least this much bitcoin to be able to do this.

Step 2: Exchange The Bitcoin for Your Currency (USD, EUR, etc)

Now that you have your bitcoin deposited in GDAX, which may take a while depending on the bitcoin network speeds, you are ready to exchange it for your currency. So make sure you have BTC/(your currency) selected in the drop-down menu and then go click on the red “Sell” button. After that you’re going to enter in the amount of bitcoin that you want to sell. The total money that you will end up with will be calculated below so that you can see it before you place your order.

After placing your sell order the GDAX exchange well match you up with buy orders to execute the transaction as fast as possible.

*Note: right above the sell button there are several different tabs you can click on including “Market” and “Limit”. As you can see right now is on Market which means your sell order will automatically be placed at market price, which will lead to instant execution. If you choose Limit you can set your sell order at any price but there is no guarantee that it will actually sell. This is for people who have predictions for the market, so they might set a sell order at a higher price hoping that the price of bitcoin rises in that they get more money. But if you just want to sell right away and get your money as fast as possible then just leave it on the Market selection.

Step 3: Transfer Your Money to Your Bank Account

Now that you have exchanged your bitcoin for USD, EUR, or whatever currency, it is now time to transfer that to your bank account. To do this you’re going to want to go to the withdraw button which I have circled below…

Once you click on that you will then see the screen that I’ve taken a screenshot of below. You are going to want to click on Bank Account over on the left and since you do not have any bank accounts attached to your GDAX account yet you will have to add one. Your screen might not look exactly like mine because I already have bank accounts linked but there should be someplace you can click to add a new bank account.

When you go to add a new bank account you will be directed to the Coinbase exchange (the url will appear as coinbase.com/…). This may sound a bit fishy if you are unfamiliar with all of this but the reason for this is because GDAX is actually owned by Coinbase. Coinbase is another cryptocurrency exchange that offers many of the same features as GDAX, such as being able to buy and sell cryptocurrency with bank transfers, but the reason I’m not showing you how to use Coinbase to do this is because their fees are much much higher than GDAX’s (you can learn more about GDAX vs Coinbase here).

But anyway… You will be directed to the screen of Coinbase where you can click on the “Link a New Account” button. When you link an account you will have to go through a short verification process to ensure that the account you’re linking is in fact yours.

After linking your account and going through the verification process you will have to head back on over to the withdraw page of GDAX just as you did before being sent over the Coinbase to link your account. On this page you will go over to Bank Account just as you did before, make sure your bank account is selected as the destination, enter in the amount of currency that you want to transfer, and enter in your Two Factor Code which you will set up for security purposes.

After that you are done. Now it’s just time for you to wait for the money to enter your bank account. As you can see on the screen below there is a section titled Processing Time on the bottom right that tells you it will normally take 3 to 5 days but can take up to 10 days that some times.


Summary

I hope this is the information you are looking for. (If you meant something else when looking for transferring bitcoin to your bank account then please let me know in the comments section below)

It’s a little bit of a roundabout process but this is just the way it is when converting between bitcoin and regular fiat money and then sending it to your bank account. As I mentioned at the beginning there are different ways you can go about doing this. There are different exchanges out there that allow you to do this, but GDAX is definitely my recommendation and is what I use. It’s safe, it’s easy, and heck they even offer phone support if you have any troubles, which is definitely something that you will not find with the majority of other places.

If you have any questions at all about this process or any comments please leave them below and I’ll get back to you as soon as I can. I hope you found this article helpful and insightful 🙂

Sell Gift Cards for Bitcoin – Do It Easily Like This…

Sell Gift Cards For Bitcoin

In this post I will be going over how to sell gift cards for Bitcoin, or in other words by Bitcoin with gift cards you may have. Yes it is possible. I know it sounds strange, and it is a bit strange, but it can easily be done online and I will be showing you how step-by-step. So if you have any gift cards laying around that you do not want and you would rather have bitcoin, listen up.

You can’t sell gift cards for bitcoin on your typical cryptocurrency exchanges like Coinbase, GDAX, Binance, Bittrex, etc. What you have to use are called peer to peer exchanges, or P2P exchanges for short.

Two of the most popular P2P cryptocurrency exchanges out there are Paxful in Localbitcoins. They are both great exchanges but since Paxful offers more payment methods when it comes to gift cards this is the exchange I will be using in this example of selling gift cards for bitcoin. But before I get into the process and everything I think it’s important for me to talk a little bit more about what exactly P2P cryptocurrency exchanges are.


P2P Exchanges In a Nutshell

I once heard P2P exchange is called the “eBay of cryptocurrency exchanges” and this is a very good way of putting it. Basically what P2P exchanges do is provide a platform for buyers and sellers of cryptocurrency. Sellers are able to sell Bitcoin, and sometimes other cryptocurrencies depending on the platform, for pretty much anything they want. So on P2P exchanges you often find all sorts of payment methods accepted such as airline tickets, direct deposits, PayPal payments, Money Gram, cash in person, and of course a variety of different gift cards.

What P2P exchanges do is help facilitate a safe transaction. So as a buyer of cryptocurrency (Bitcoin) you can go to these exchanges, find a seller that is willing to accept the payment method you want to use (in this case gift cards), and communicate with them directly while using the platform to make your transaction.


Selling Gift Cards for Bitcoin on Paxful

As I said in this example I will be showing you how to do this using the Paxful exchange. Why? Well because Paxful is one of the more popular and safer P2P exchanges out there and it offers a heck of a lot of ways to pay, over 300 different payment methods total.

The first thing you’re going to have to do of course is create an account at Paxful.com, which is a pretty simple and straightforward process that really shouldn’t take all that long. When you land on the home page, shown below, you should see a Create Account tab in the upper right menu that you can click to start.

is Paxful safe

After you create your account and login you will want to click the green “Buy Bitcoin” button. After looking that you will be directed to a screen where you can choose to either buy or sell bitcoin. Of course you’re going to want to check the Buy Bitcoin box and go from there. There is a spot where you can enter in the amount of money you are looking to spend ( in this case the amount that is on your gift card that you’re going to sell ), but you can just leave this blank if you want to.

Then you’re going to want to select the currency that your gift card is in. I’m in the US so of course my currency is USD, But there are a variety of others to select from such as EUR, GBP, CAD, AUD, HKD, etc.. And lastly go over to the box that says “Select a way to pay” and scroll through the list to find the type of gift card you are looking to sell…

*Note: Don’t click on the “ANY Gift Card”. It should show you all the gift card payment method offers available but it doesn’t for some reason. Click on the particular type of gift card you are trying to sell for Bitcoin.

As an example I clicked on Amazon Gift Card because they are high in demand and have lots of Bitcoin sellers willing to accept limits payment. But it doesn’t really matter what gift card you chose the rest of the process is going to be virtually the same.

What you will now see is a list of Bitcoin sellers that are willing to accept the gift card you’re trying to sell. You will be able to see the minimum/maximum gift card value they are willing to accept, the rate per bitcoin that they are selling at, and a few other conditions that you must meet when paying them.

Of course you’re going to want to choose a seller that is willing to except your gift card amount and you want a seller that is selling the Bitcoin at a reasonable rate, but what you also really want to look at is the number that appears ever by the seller’s name. Beside each seller you will see a green number that appears as +9870 (for example). This number represents their reputation. The higher the green number means the more positive feedback they have received from other buyers and the more trustworthy they are.

For this example I’m going to click to buy Bitcoin from the third seller down on this list…

When you click the green “BUY” button over to the right you will then be directed to the buy page. At the top you will be able to enter in the amount you want to buy in either units of Bitcoin or in the currency you selected. Then when you click the “Buy Now” button Paxful will take that specify the amount out of the seller’s wallet and hold it in escrow as you proceed with the transaction.

In the screenshot above you can see that it gives you a basic overview but what you really want to look at before initiating the buy process is the “offer terms” that appears below that. These are basically the roles that the seller sets in place if you want to buy bitcoin off of him/her.

The rules that the seller has in place will vary a bit depending on the seller but they all require the same basic things, such as providing verification that the payment method you are going to send them is legitimate and that what you’re trying to sell them is not stolen. So you can see for this example the seller requires that your Amazon gift card be bought in store and that you have the receipt for it…

During this whole buy process you will be able to chat back and forth with the seller in real time. So if you are confused about anything you can easily have them explain it to you.

After you have sent the payment method to the seller you will have to verify having done so and then you wait for the seller to verify that they have received the payment. Once they verify that they have received it Paxful will release the Bitcoins that they have been holding in escrow to you. The bitcoin shall then be in your wallet that is connected to your Paxful account and you can do whatever you want with them.

If you’re looking to hold them long-term and want as much safety as possible while still having easy access to them then I would suggest a hardware wallet like KeepKey, TREZOR, or Ledger Nano S. But you can always just leave them in your Paxful wallet if you want to although this is not as safe.


Is It Safe To Buy Bitcoins Like This?

There is always going to be some risk involved. Just like on eBay there are always going to be some people that get scammed from sellers. Paxful does a good job at eliminating scammers from their platform but there will always be few that will slip through the cracks.

They make the process pretty safe by holding Bitcoins in escrow during the transaction, acting as a mediator if there is a dispute, and providing the rating feature where you can see the ratings of all the sellers and read their feedback, but still… There is some risk involved.

Would I be worried about buying on Paxful? No I wouldn’t. As long as you choose a reputable seller and follow the roles you should be fine.

You can read more about the safety of Paxful here.


Recap

Okay, so just a quick recap of everything. Normal cryptocurrency exchanges do not accept gift cards as payments, but peer to peer cryptocurrency exchanges will because sellers can pretty much choose to accept any form of payment they want to. Here you are buying directly from an individual seller using the exchange platform as a safe way to facilitate a transaction. Paxful is the best option in my opinion to buy bitcoins with gift card at because they offer tons of different gift card payment methods.

During the process you pick a seller that seems to be offering a decent deal, enter in the amount you’re looking to spend or buy, follow the outline roles of paying the seller which will be listed, chat back and forth with the seller as needed, and confirm you have submitted your payment after doing so. Then, depending on what payment method you are using, you will have to wait a bit for the seller to confirm the transaction. After that the Bitcoins will be released to you from the Paxful escrow account which helps to ensure that you get the Bitcoins you just paid for.

If there is any confusion or you have any questions or comments at all, please leave them down below and I’ll get back to you as soon as I can 🙂

Is Gate.io a Scam or a Good Crypto Exchange? – [Personal Review]

Gate.io Review

Gate.io is a cryptocurrency exchange that has gained a lot of popularity recently, and for good reason. But is this in exchange that you should consider using? Or is Gate.io a scam that you should be avoiding? After all there is no need to get involved in this exchange. There are plenty of other known legitimate ones out there so if this was a scam you could easily avoid it. But the truth is that it’s not a scam. However… There are some drawbacks to using this exchange that I will go over.

In this review I will be going over the exchange looking at it from different angles. I’ll give a basic overview of what it is, some of the upsides to using it, how bad the fees are, the support they offer, safety concerns, what countries Gate.io is available to be used in and more.


Gate.io Review

Gate.io is a cryptocurrency exchange that was founded in 2017 by Gate Technology Inc., which is based in the state of Virginia in the US.

What this exchange offers is crypto-to-crypto trading. You can deposit one crypto on the exchange and trade it back and forth between many others, which is where the exchange really excels. Gate.io has over 250 different trading options, making it one of the largest exchanges out there if you look at it from this point of view.

If you’re looking to buy a cryptocurrency there is a good chance you can buy it at Gate.io, but of course you’re going to have to deposit cryptocurrency to buy it with first. This isn’t an exchange like GDAX or Coinbase where you can purchase cryptocurrency with fiat money such as USD, EUR, etc.

When it comes to the fees that this exchange charges I would say it’s pretty normal. It’s not all that low but they definitely aren’t high either.


A Look Inside The Exchange

You will be able to scroll through a long list of different trading pairs. Right now, with the screenshot you see below, I am on the list of USDT trading pairs but they also offer the trading pairs BTC, ETH, ETH Limited, and QTUM.

When scrolling through the list you can see a basic overview of the different coins on the exchange. You will see their price, their volume, their supply, their market cap, their 24hr change, and a basic little price chart to the very right. And all you have to do to trade a coin is click on the trade button to the very right…

So for example I clicked to trade bitcoin. Now you have a much more detailed price chart so you can really see what’s going on with the market and one thing that I really like is how off to the right hand side of the screen they have the “Global Markets” section where you can see what the same exact coin is trading at on other exchanges.

And of course at the bottom, where I have an arrow pointing, is where you can buy and sell the particular cryptocurrency you clicked on…

But of course before you make any trade you will first have to deposit your funds. In order to do this you will have to go up to “Wallets” at the top menu which will then bring you to this screen… You can go over to the left and click on coin deposit or you can click on deposit next to the individual cryptocurrency that you’re looking to deposit right on the main screen…


The Dreaded Fees…

Gate.io’s fees aren’t bad but they aren’t that great either. For trading they have a 0.2% fee across the board. It doesn’t matter what current sees your trading between you will get charged the 0.2% every time. If you think about it this fee is extremely low. I mean if you exchange $1000 worth of Bitcoin for Ethereum you will only get charged a two dollar fee. Not bad at all but compare that to Binance for example which only charges a 0.1% trading fee, which is half of that charged by Gate.io.

Deposit fees are free which is really nice but the withdrawal fees can be a bit high.. The withdrawal fees vary a lot depending on the currency you are withdrawing. Below is a chart that shows the fee structure and the different withdraw fees associated with the different cryptocurrencies that you can take a look at… You can also view the full chart at their fee page here.


Security… How Safe Is Gate.io Really?

When it comes to cryptocurrency exchanges regulation is a big deal. I understand that many cryptocurrency enthusiasts are against governments intervening but when you have unregulated exchanges there is no one checking in on them making sure they’re doing the right things, which means you are a lot more likely to be mistreated and potentially scammed.

Now you may think that because the company that founded Gate.io is based in the United States that they are subject to regulation in such, but this is not how it works. They do not hold a NY Bitlicense and are not regulated by the US in any way. As far as I know they are completely unregulated. This means you really have to trust that they are doing the right things.

But anyway, this definitely does not mean they are a scam. It’s just something to consider and think about before hand.

When it comes to account security things look pretty good. They give you the ability to set up Two Factor Authentication (2FA) to add another layer of security to your account. With 2FA you are required to enter a code from your phone when logging in. This is in addition to entering your password. So what this means is that it makes it a lot harder for hackers to get into your account and is pretty much a standard when it comes to cryptocurrency exchanges nowadays.

They also offer a feature where you can “bind IP” to your account. What this helps do is stop hackers from getting into your account because the system will see that they are trying to get in from an IP address that is not “bound”.


Is The Support Any Good?

The support that this exchange offers seems to be pretty decent I guess. You are going to find and exchange out there that offers exceptional support, other than maybe Coinbase and GDAX which offer phone support.

They offer your typical ticket support where you can submit a ticket to them and will receive a reply via email or another good option is you can chat with representatives via Telegram, which can be a good option at times.

I will say though that I have seen a fair number of complaints about the support offered. Now this isn’t unusual or anything with crypto exchanges but it’s worth mentioning. Some people claim that they receive broken English responses that are hard to understand and often times responses that do not answer their question or fix their problem in the least bit.


What Countries Can You Use Gate.io In?

I wish they would be more upfront with this information but unfortunately they are not and I had to do a little digging around to find it. They list the countries that are not supported by the exchange on their User Agreement page. If you live in the following countries you are not supposed to use the exchange: Bosnia, Herzegovina, Democratic People’s Republic of Korea, Ethiopia, Iran, Iraq, Syria, the Crimean region, Cuba, Uganda, Vanuatu, Yemen, and the United States of America.

HOWEVER…. It seems that they might just be saying this to avoid legal troubles in these countries because I know for a fact that if you live in the US, where I live, you are able to create an account as use the exchange. You can deposit funds, trade, withdrawal and everything. I have read some complaints from people claiming that they can’t withdrawal but some people do it just fine within these “banned” countries.

So I don’t really know what to make of this.


Conclusion on Gate.io – Is It Worth Using?

Gate.io is definitely not a scam but this does not mean it’s worth using. I think it’s a decent exchange but it’s not the greatest. They offer tons of different trading pairs which is awesome and all but I’m a little hesitant to use this exchange much just because of the lack of regulation. Also the fact that they aren’t upfront with what countries are banned to use the exchange is somewhat concerning. I’ve seen plenty of posts on forums from people creating accounts in banned countries without even knowing they weren’t supposed to. Now of course, like I said, it seems that people in banned countries are still able to use the exchange it’s just that they are not supposed to do so.

Something else to consider before using this exchange are the fees. If you are able to use Binance I would go with this exchange. As I explained above the fees are only half that what they are at Gate.io and Binance has been around for a while longer and is more trusted. Bittrex is also a great choice which I use regularly as a cryptocurrency trader and investor.

But join Gate.io if you want to. I’m not calling them a scam nor my saying you shouldn’t sign up to use the exchange. They offer trading pairs that I don’t even know if you can get on any other exchanges and this is great to see.

Anyway… I hope you enjoyed this review and found it insightful. Please leave any questions or comments you may have below and I will get back to you as soon as I can 🙂

How to Delete a Coinbase Account – 4 Simple Steps

How To Delete a Coinbase Account

So you are looking to delete your Coinbase account are you? I’m guessing you either are deciding to withdrawal from the cryptocurrency market altogether, you already made your investments and want to eliminate your account so you don’t have to worry about hacking, or maybe you fed up and think Coinbase is a ripoff so you are taking your money and/or cryptocurrency elsewhere.

Well no matter what the reason is, the process of deleting your account is all the same and in this short post I will be going over the four simple steps for how to delete a Coinbase account.


Requirements Before You Can Delete Your Account

Before your account can actually be deleted you must have two requirements met.

First off you must actually have an account. If you don’t have a Coinbase account you will not be able to delete one because there will be no account to delete (this is a joke).

But really, one of the requirements is that you must have a zero balance. You must not have any holdings of any kind in your account, whether it be Bitcoin, Ethereum, USD, EUR, etc. This is a good requirement to have. Could you imagine deleting your account and forgetting to send your cryptocurrency elsewhere before doing so?… And it could never be retrieved by you again? That would be an absolute nightmare.

Luckily, as you will see in the steps as I go over them below, you cannot accidentally close your account with cryptocurrency and it. You can initiate the process but it’s not like Coinbase will allow your account to be completely closed if there are any funds remaining.


How To Delete It… The Process

Step 1: Go to “Settings”

The first thing you need to do is log into your Coinbase account. After you log into your account you should see a dashboard that looks like the screenshot below. It will show the different price charts for the various cryptocurrencies on the exchange. In the upper menu you will see a tab labeled “Settings”. You are going to want to click on that…

Step 2: Click on “Security”

Now that you are on the Settings page the first thing you should see is the area where you can mess with your user profile, which is because it automatically goes to the “My Profile”. You’re going to want to go over to the right and click on the “Security” tab…

Step 3: Click on the “Close Account” button

On the Security page there is a lot going on. You will first see the area where you can set your phone number information and set up two factor verification, but of course this is not what we are interested in. What you want to do is scroll down to the very bottom of the page where you will see a Close Account section. There is a button labeled “Close Account” that will turn red when you hover your mouse over it. You are going to want to click this button.

Take note that it says “this cannot be undone”. So this should not be done on a whim. Think about this long and hard before you do it.

Step 4: Enter your password to verify and click “Close Account”

Once you click to close your account this little caution box will pop up. It tells you that you will be able to withdraw your funds from your account and after that it will be closed… Permanently. And if you’re ready to do this you can enter your password, click the “Close Account” button and that is that.

Then if you have any funds to on your account you can go and remove them and if you don’t that’s all there is to it.

On a side note: I would make sure to remove all your funds before initiating this process. I know that Coinbase make sure you are able to access your account to remove the funds after you have initiated the process, but I’ll just play extra safe… Especially if you have significant holdings on this exchange.


Where To Send Your Funds

Coinbase only deals with the top cryptocurrencies, currently being Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Since all of these cryptocurrencies are very popular it is not hard to find wallets for them. If you are planning to use a different crypto exchange then you could send your funds there or if you are planning on storing them and holding them long-term there are an abundance of different hardware wallets, desktop software wallets, mobile app wallets, or you could even create your own paper wallet.

If you’re looking to hold long-term and want to keep things as safe as possible while still having easy and fast access to your cryptocurrencies then I would suggest a hardware wallet like KeepKey, TREZOR, or Ledger Nano S. They all are great wallets and will hold all of the cryptocurrencies that Coinbase offers. TREZOR and Ledger Nano S have been around longer and are more popular but KeepKey seems to be the best bang for your buck.


The Best Coinbase Alternative

I don’t know why you are closing your account but if you are doing so because you think it’s a ripoff to use Coinbase then the best alternative that I’ll suggest using would be GDAX.

The crazy thing is that GDAX is actually end by Coinbase. GDAX is an entirely different exchange that is built more for professional and institutional users. The exchange is a bit more complicated to use and there is not as much “handholding” as you could say, but the fees are practically nothing and because it’s owned by Coinbase you get the same amount of safety/security.

The fees will vary with both exchanges but overall the fees on Coinbase are in an insane amount higher than on GDAX. Coinbase charges fees of up to 3.99% when using a debit card for purchasing and 1.49% when using a bank transfer, whereas at GDAX the highest fee they charge is only 0.3%, which you don’t even get charged half the time because of how their fee structure works. So there is a huge difference (which you can learn more about in my comparison of GDAX and Coinbase)

I almost always recommend people use GDAX instead of Coinbase. The only time I really recommend Coinbase is to those who are very new to the world of cryptocurrency and want things to be as easy as possible. While GDAX isn’t quite as user-friendly it is still well worth using.

Anyways… I don’t know your situation. I don’t know if you are looking to use another exchange. I don’t know if you are looking to store your cryptocurrency long term. All I know is you’re looking to close your Coinbase account, which I went over above. I hope you found this post helpful and if you have any questions/comments please leave them below and I’ll get back to you as soon as I can 🙂

How to Buy Ripple on Kraken – The Easy & Cheap Way

How To Buy Ripple On Kraken

Kraken is a fairly popular cryptocurrency exchange and is one of the better choices out there if you are looking to buy Ripple. Why? Well because on this exchange you have a lot of different purchasing options. You are able to purchase Ripple with various fiat currencies unlike other popular crypto-to-crypto exchanges like Bittrex, Binance, COSS, etc. Fiat currencies such as USD, EUR, CAD, and JPY are able to be used… in addition to being able to buy it with Bitcoin. In this guide I’m going to be showing you step-by-step exactly how to do this…how to buy Ripple on Kraken.

The first thing you are going to have to do of course is create an account, which can be done at kraken.com. If you have not done this already you will have to before you can move forward. But assuming that you already have, let’s continue…

The first step to buying Ripple is to deposit funds into your Kraken account.


Step 1: Deposit Funds

There is a long list of different currencies you can deposit but since you are buying Ripple you are not going to want to just deposit anything into your account. Your choices include Bitcoin, USD, CAD, EUR, and JPY. You will see why these are your only options in the next step.

There is a slightly different process for depositing the different currencies. If you are going to deposit Bitcoin then is really easy, all you really do is send your Bitcoin from your wallet to your wallet in your Kraken account. You will have to click on the “funding” tab, click on Bitcoin over in the column on the left, and then click the green button to generate your new Bitcoin address, which is where you will send your bitcoin.

But if you are looking to deposit fiat currencies it’s a bit more tricky.

If you are going to deposit USD you first must have your account verified to prove you are who you say you are. As you can see below, you would have to verify your account down to “tier 2” before you can deposit USD. Both tiers 0 and 1 do not allow for USD deposits…

If you are looking to deposit a currency that requires verification you can verify your account by going to the “get verified” tab and scrolling down to the bottom where you will be able to submit all the information needed.

But don’t do this yet because you don’t have to for all the different funding options. It’s not like this for depositing all fiat currencies. For example if you deposit euros you can do a simple wire transfer without going through all of this verification. So it all just depends.

Don’t Want To Pay The Fees?

I did label this post “the easy and cheap way” so here are a few tips to help you save on fees.

There are different fees that you will have to pay depending on what fiat currency you find your account with. These include…

For the most part the fees are not too bad in my opinion, but they could be better. If you are making a small deposit it might not really be worth it that.

What you can do it as an alternative would be to buy Bitcoin over on the GDAX exchange and then send it to your Kraken account. On GDAX you can make free USD deposits, so they are a good option. GDAX is the exchange that I use pretty much exclusively to purchase cryptocurrency with fiat money (you can buy with EUR, USD and GBP). One thing you definitely don’t want to do is use Coinbase. I have seen “how to guides” for buying different cryptocurrencies on Kraken and they refer people to Coinbase to make their original purchase with fiat money… But what they don’t tell you is that the fees are extremely high on this exchange. GDAX is definitely the better alternative.

But if paying the fee to deposit fiat funds on Kraken doesn’t really matter to you then just use Kraken so that the process is more straightforward and you don’t have to go sign up for another exchange account. The fees are minimal for the most part and something else you would have to consider if you do purchase Bitcoin over on GDAX is that you will have to pay the Bitcoin network fee when you send it over to Kraken. So you have to weigh the cost versus the reward. In many cases is probably best to just stick with doing everything on Kraken.

But anyways, the reason I put this section in this article is because I saw many different articles out there telling people to use Coinbase to first buy Bitcoin and then transfer it over to Kraken, which is the worst advice ever.

Step 2: Make The Exchange for Ripple

Now that you have deposited your fiat currency or your Bitcoin it is time to make the exchange for Ripple. To do this click on the drop-down menu and scroll down to XRP. This will bring up another little menu and you will want to click on XRP/(whatever currency you just deposited). For this example I am clicking on XRP/USD but the process is the same for all of them…

After you click on the correct trading pair be sure that the “Trade” menu is selected and that you click on New Order. Of course you are looking to buy Ripple so make sure that the By button is green. Next up you will want to enter the amount of XRP and the price in the particular currency you are using to buy it with. This will give you the total cost. Alternatively you can enter the total amount you want to spend in the box that it says “total”, enter the price per XRP that you want to pay and it will spit out the amount of XRP that you will be buying.

You are able to set the price per XRP that you want to purchase it at but it’s not like you can just go and enter any number you want. Pretty much the only time you would use this on a buy order is when you think the price is going to drop and you want to set in order at a lower price so that when it does drop your order is executed.

To make things easier you can just click on the “market” button, which I have a green arrow pointed at, and this will automatically set your buy price at the current market price which means your order will pretty much execute instantly.…

Step 3: Move Your Ripple Off The Exchange (Optional)

After you place your trade and it is executed your XRP will automatically end up in your Ripple wallet on the exchange. If you think you will be trading your Ripple in the near future then you may want to leave it on the exchange so that it is more liquid, but if your plan is to hold onto it long term then leaving it here isn’t the best choice.

There are many different types of wallets you can use to store your Ripple, such as mobile apps, desktop wallets, and so on, but if you are trying to keep your Ripple as safe as possible while still having easy access to it, then you are going to probably want a hardware wallet. And when it comes to hardware wallets there are also a lot of them out there on the market… KeepKey, TREZOR, Ledger Nano S, etc., but most of them don’t support the Ripple cryptocurrency.

The Ledger Nano S is one of the few that you are able to store Ripple on and this is a good choice because it is one of the best and most popular hardware wallets on the market today.


Summary of Everything

Okay, so to sum everything up: the first thing you need to do after you create your Kraken account is deposit funds into your account. Because of the different trading pairs available to buy Ripple with on Kraken you will need to either deposit Bitcoin (XBT), USD, EUR, CAD, or JPY. And in some cases you will have to take extra steps to verify your account before being able to deposit these funds. After that you will simply trade what you just deposited for Ripple and will end up with Ripple inside your wallet that is provided to you by Kraken.

I hope this wasn’t too confusing but I can understand if it might be. Sometimes I’m not the best at explaining things so if you do have any questions about any part of the process be sure to leave them below and I’ll get back to you as soon as I can 🙂

How to Buy Ripple on KuCoin

There has been a lot of talk about KuCoin adding Ripple as one of the available exchange cryptocurrencies but as of now it is still not listed. I’m not sure exactly when they are going to list it but many people do still expect them to in the near future even though there haven’t been any official announcements of it.

It was back in December of 2017 when I saw a Reddit post that was getting some attention. It talked about how they were going to add Ripple in the coming month or two… but now its been a while past that and its still not added.

I don’t know what the deal with this is exactly but as soon as it is listed I will write up a guide on how to buy Ripple on KuCoin.

How to Buy Ripple on Bitfinex – Simple Guide

How To Buy Ripple On Bitfinex

In this short article I will be going over how to buy Ripple on Bitfinex. There is nothing strange about this process but I can understand how it can be complicated and confusing. For this reason I will try to break it down best I can into different steps.

The nice thing about Bitfinex is that they allow for fiat money deposits, which is something you don’t see too often in the world of cryptocurrency. Fiat money, in case you don’t know what I’m talking about, is “normal money” like USD, EUR, etc.

One of the major downsides to Bitfinex is that they do not allow users from just anywhere. One of the biggest hits to their user base came in November 2017 when they shut the doors on US customers. So as of now if you are living in the US you cannot use Bitfinex as an individual.

If you are a US resident now you know that you are going to have to go elsewhere. What I would suggest for people who can’t use Bitfinex and want to buy Ripple is reading this post about using GDAX to buy Ripple. But anyway… I’m assuming that you are in a place that Bitfinex supports so here are the steps to purchasing…


Step 1) Deposit Funds

What you first are going to have to do is deposit funds into your Bitfinex account (assuming that you already have created a Bitfinex account… if you haven’t you have to do this first). There are many different currencies you can deposit, such as fiat currencies like the US dollar, euro, Japanese yen, pound sterling, tether, and tons of different cryptocurrencies, but you aren’t going to be able to deposit just anything.

You are only able to trade USD and Bitcoin for Ripple. So this means you are only going to want to deposit USD or Bitcoin.…

If you plan on depositing USD then you are first going to have to go through a verification process on your account before you can do this. This can take a few days to fully go through and can be annoying. However your probably going to want to do this because after you purchase Ripple and want to withdraw it you’re going to have to verify your account at that point anyhow.

If you can’t or don’t want to deposit USD, or don’t want to go through the whole verification process then your only other option is to deposit bitcoin. If you choose to do this you are going to click on bitcoin and you will then see a Deposit Bitcoin page that lists three different wallets including your exchange wallet, margin wallet, and funding wallet. You are going to want to click to generate the address of your exchange wallet.

Then you can go over to the exchange, hardware wallet, or wherever you have your bitcoin stored and enter in this address to send bitcoin to.

Don’t have bitcoin and need to buy some? If you don’t have any Bitcoin then you have two options, You can either buy it at Bitfinex or you can buy elsewhere and send it over to Bitfinex. If you do choose to buy Bitcoin on Bitfinex it is much more simple than trying to buy ripple. You can buy Bitcoin with all of the different fiat currencies that this exchange supports, Japanese Yen, Euro, USD etc.

If you want to use a different exchange then I would suggest using GDAX. They accept USD, EUR, and GBP.

Step 2) Exchange Funds for Ripple

Now that you have deposited your funds it is time to exchange them for Ripple. You can do this by heading over to the Trading link in the upper left menu, scrolling down until you find Ripple, and then clicking on either XRP/USD or XRP/BTC, depending on what you just deposited.…

After that it’s pretty straightforward. You will be presented with a price chart for ripple and off to the left hand side you will see where you can buy/sell. All you have to do then is enter in the amount, the price you’re looking to buy it at, and click on”Exchange Buy”. What will then happen is Bitfinex will place your order on the exchange and match it up with someone looking to sell their XRP at the price you are looking to buy it at.

If you are looking for the purchase to go through instantly then you are going to want to put your buy order at market price, which there’ll be lots of sellers, meaning that your order will get matched pretty much instantly and go through right away.

Step 3) Move Your Ripple Off Of The Exchange

This is optional but you more than likely are going to want to move your Ripple off of Bitfinex and into a wallet that is more safe. Bitfinex provides you with a Ripple wallet, but they basically hold your cryptocurrency in their hands. So if they get hacked, which has happened in the past, you could lose your Ripple.

There are a lot of more safe options out there than storing your ripple on an exchange. If you are looking to hold onto it long term then you’re going to want to keep it safe and secure. If you want to keep it as safe as possible while still having easy access to it then I would suggest a hardware wallet. There are a lot of hardware well it’s out there, TREZOR, KeepKey, Ledger Nano S and others but not many of them support Ripple. The Ledger Nano S is one of the few choices that I know does and they are one of the best hardware while it’s out there, making a good choice altogether.


Summary of The Process

Okay, so in order to buy Ripple on the Bitfinex exchange you are either going to have to deposit US dollars or Bitcoin. And since the exchange is shut down two individuals living in the US then I’m guessing most people’s only option is going to be purchasing with Bitcoin. If you already have bitcoin then great, but if you don’t then you can purchase it through Bitfinex or other exchanges like GDAX.

When it comes to purchasing bitcoin on Bitfinex it is much easier. You can purchase it with any of the different fiat currencies that are on the exchange. So what you would do if you wanted to do this is deposit your fiat currency, by bitcoin with it, and then use that bitcoin to buy Ripple.

And if you wanted to use another exchange like GDAX you could purchase Bitcoin through them with USD, EUR, GBP and then send your bitcoin over to Bitfinex, where you could exchange it for Ripple.

I hope this little guide helped you out. I know it can be confusing and I probably could’ve done a better job explaining some things, so if you have any questions about anything just leave them below and I’ll get back to you as soon as I can 🙂

How To Buy Ripple On GDAX – Beginner’s Guide

Buy Ripple on GDAX

So you are looking to purchase some Ripple are you.. and you are wondering how to buy Ripple on GDAX? Well the truth is that you cannot purchase Ripple directly on GDAX. However, GDAX is a great choice to use in the process of buying Ripple. It can be used as the first step. Now I know this might not make much sense right now but you will see what I mean. In this short post I will be going over this process step-by-step.


Process of Buying Ripple With GDAX In a Nutshell

There are very few ways of purchasing Ripple directly, and depending on where you live there may be pretty much no ways to do this. The more common way that people buy Ripple is by first purchasing a cryptocurrency that is able to be easily bought with regular money…then exchanging that cryptocurrency for Ripple. It’s a roundabout method and there is an extra step involved but it’s actually quite simple and anyone can do it.

The GDAX exchange is great for this because it allows users to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat money such as USD, EUR, and GBP. It is also one of the most trusted exchanges out there because of it being regulated by the US government, having an insurance policy to protect customers, and the simple fact that they have been around for a while.

So what you’re going to do is first purchase cryptocurrency on GDAX and then exchange it for Ripple on another exchange.


Step 1: Buy Cryptocurrency on GDAX

Okay so the first thing you need to do is purchase a cryptocurrency which you will then used to exchange for Ripple.

In order to buy cryptocurrency from GDAX you will first need to create a Coinbase account because Coinbase is the company that ends GDAX. If you want to support this website you can use my Coinbase referral link here: Coinbase.com/join, which you can also earn a free bitcoin bonus from. After creating your Coinbase account you can then go to GDAX.com and login with the account you just set up.

Then inside of the GDAX you are going to want to select either BTC/USD or ETH/USD, which you will be buying. Then click on the deposit button as you can see in the screenshot…

*If you already have BTC or ETH then you can skip ahead to step 2

When you click on deposit a pop up will open up where you will be able to deposit funds. On GDAX you first have to deposit USD, EUR, or GBP to your account before you can make trades. You can do this either by linking a bank account or by doing a bank wire transfer. I already have a bank account linked to my GDAX account so I don’t have to do anything, but what you have to do is click on the add bank account button if you want to use this method. You will then be directed to Coinbase to link your bank account to your account.

If you already did have a Coinbase account and have money deposited in it you are able to use the money there on GDAX, but if you just set it up as directed above then you will not have this option.

After your bank account is linked and you deposit your funds it can take a few days to actually go through and be deposited in your account. Then after that buying is very simple. Click to buy either BTC or ETH, enter the amount you want to buy and click buy.

Step 2: Transfer It To Binance

Now you have your cryptocurrency available and are ready to transfer it to another exchange where you will be able to trade it for Ripple. Binance is a great exchange to do this through.

What you will first have to do before you can transfer it over is create a Binance account. You can go to Binance.com to do this. After your account is approved you will want to go to Funds up in the top menu and then click on Balances…

Next up you will want to go to the search bar and type in the symbol for the cryptocurrency you just purchased on GDAX, which should be ETH or BTC. As an example I am showing you ETH. So as you can see my Ethereum wallet pops up at the top of the list and what you want to do next is click on deposit.

When you click on deposit you will be given your “ETH Deposit Address” which is a bunch of numbers and letters. Copy this code.

Then what you are going to have to do is head back on over to GDAX, go to the cryptocurrency that you purchased, in my case Ethereum, and click on withdraw…

You will see a Withdraw Funds box and you will want to click on ETH Address… This is where you want to enter your Binance wallet address that you just copied. After that withdraw the funds and you are done with step two.

Step 3: Exchange For Ripple

Now that you have your cryptocurrency on the Binance exchange it is time to trade it for Ripple, which was the end goal all along.

What you now need to do is click on exchange (1), click on the cryptocurrency you just bought which was either BTC or ETH (2), and type in XRP (stands for Ripple) into the search box (3) and click on it. If you bought Bitcoin you should see a XRP/BTC chart and if you bought Ethereum you should see a XRP/ETH chart as I do here…

Then you are going to want to scroll down and below the price chart you will see a section where you can buy and sell XRP. Of course you’re going to be interested in the “Buy XRP” side of it…

So what you will be able to do here is trade your BTC or ETH for XRP. You will enter in the price you want to pay and the amount of ETH or BTC that you want to spend. What Binance will do is place your order and match it up with someone that is looking to sell XRP for ETH or BTC. So it’s not like you can buy it for any price you want to. If you want your order to go through as fast as possible just set the price at the current market price for XRP/BTC or XRP/ETH.

After your order is processed, which should be done in a matter of seconds if you chose to buy at market price, then your XRP will end up in your Ripple wallet which you can access by going to Funds in the upper menu, click laying on Balances, and typing in XRP into the search box.

Step 4: Move Ripple Off of Exchange (Optional)

If you want to you can leave your Ripple in your wallet on Binance, but this is not advisable if you are planning to hold onto your Ripple long-term. The reason it is not advisable is because if Binance were to be hacked you could end up losing your funds. Now I’m definitely not saying this is going to happen. Binance is one of the best exchanges out there like this, but I’m just saying it could happen and is not the safest way to go about holding onto your Ripple.

There are many different types of wallets you can store your Ripple on, including smart phone app wallets, desktop software wallets, hardware wallets etc. If you want to keep things as safe as possible while still keeping your XRP readily accessible then you are probably going to want a hardware wallet.

But there aren’t really many hardware wallets out there that support XRP (TREZOR and KeepKey do not). Ledger Nano S is going to be your best bet. It is one of the top two cryptocurrency hardware wallets on the market and I personally use it, so it is something that I would recommend.


Summary of Everything

Okay, so GDAX is not an exchange that you can buy Ripple directly at. However they are a good exchange for “on boarding” because they give users the ability to purchase cryptocurrency with fiat money such as US dollars and euros. Because of this GDAX is a good choice for the first step towards purchasing Ripple. So you by your bitcoin or Ethereum on GDAX and then you send it off to another exchange such as Binance where you can exchange it for Ripple. It’s a little more complicated than I would like but it’s actually pretty simple once you go through it.

Something else you might want to take a look at since you are looking to purchase Ripple is Changelly. Changelly is another exchange and they give you the ability to purchase Ripple directly with a debit card. The downside is that this option is not available in many countries. But if you’re interested you can read my post on buying Ripple through Changelly.

As always if you have any questions or comments please leave them below and I will get back to you as soon as I can. I know this might get a bit confusing for some of you so don’t hesitate to ask for help 🙂

How To Buy Ripple on Changelly – A Simple Process

How To Buy Ripple on Changelly

So you are looking to buy Ripple (XRP) and want to use the Changelly exchange to do so? This is a decent choice, but there are some drawbacks depending on how you are trying to pay. In this guide on how to buy Ripple on Changelly I will be giving over how to go through the process, limitations that there are two buying, different payment methods you can use, and more.

There are a few requirements that you must have before you are able to purchase Ripple, which I will be getting your first.


Requirements Before Purchasing

One thing that makes Changelly different from many other exchanges out there is that they do not provide cryptocurrency wallets to their users. So before purchasing Ripple you first must have a Ripple wallet set up so that when you do buy it you can send it there.

All Changelly really does is make the exchange for you. You send them one form of currency and they send you another form of currency, both of which you selected. Needing to have your own wallet may seem like a downside for many, but you could also look at it the other way… You don’t have to take an extra step to withdraw the cryptocurrency from the exchange yourself.

Anyways… You must also have either one of the 60+ cryptocurrencies that the exchange supports or a Visa/MasterCard debit card. Why? Because these are the payment options that they offer.


The Process of Purchasing Ripple

The process of buying Ripple is a very simple and straightforward. On the homepage of Changelly.com you will be able to begin.

First you will select the currency that you want to pay with, then you will enter in the amount you want to pay, next you will select XRP, which is the symbol for Ripple, and then you will click exchange. As an example I will first be showing you how to purchase Ripple with USD, which requires you to have a Visa/MasterCard debit card.

After you enter in the information and select the currencies you will have to click the green exchange button. This will then take you to a confirmation page that will just have you double check and confirm the transaction that you want to make.

After that you will be prompted to enter your Ripple wallet address. So enter in your wallet address from another exchange, a hardware wallet, or wherever yo have your Ripple wallet… After you make the purchase it will automatically be sent to this address.

Next you will confirm all the information entered so for once again to make sure that everything is correct. The last thing that you want is to buy Ripple and have it sent to someone else’s wallet. When you confirm this the next step is to make your payment, where you will see the screen below…

When you pay with a Visa/MasterCard debit card to buy Ripple on Changelly you will be directed to IndaCoin, which is another exchange that is partnered with Changelly to handle the debit card transactions. This is different than if you were to try to buy bitcoin on Changelly, where Simplex would process the transaction. I’m not sure exactly why they have two different services processing debit card transactions, but this is just the way it is.

The big downside here is that IndaCoin does not support all regions/countries. There are a lot of big countries out there that aren’t supported and if you live in one of them you will not be able to use a Visa/MasterCard debit card to purchase Ripple here. But if you are able to and make it through, you will be prompted to enter your payment information and then the next thing that will happen is you will receive a phone call where you will have to enter a code they give you. This is just a little verification process to ensure that you really are who you say you are.

Buying Ripple With Cryptocurrency

Besides purchasing Ripple with a Visa/MasterCard debit card, you can also purchase it with other cryptocurrencies as I mentioned. As I’m writing this there are over 60 different cryptocurrencies that Changelly supports. These include all the big name cryptocurrencies like bitcoin, Ethereum, Litecoin, Dash, Monero, etc.

The process of buying with cryptocurrency is easier than buying with a Visa/MasterCard debit card. Pretty much all you do is send then the cryptocurrency you want to pay with two an address that Changelly gives you, they exchange it, and then you get it back in the Ripple wallet that you provided.

Of course the downside to purchasing with cryptocurrency for many people out there is that you first have to have cryptocurrency of course.


Can’t Buy Ripple On Changelly With a Debit Card In Your Country & Don’t Have Any Cryptocurrency?

If you don’t have any cryptocurrency available to purchase Ripple with and you can’t purchase it with a debit card in the country that you live in, then what you are going to have to do is first buy cryptocurrency. You can purchase bitcoin right from the Changelly exchange if you want to and then exchange that bitcoin for Ripple. The reason you are able to do this is because debit card bitcoin purchases are processed by a different service, which as far as I know will accept payments from all over the world.

In order to purchase bitcoin from Changelly with a debit card you will go through the same sort of process as I showed above for purchasing Ripple with a debit card, which means you will need a bitcoin wallet available so that you can receive it.

What you can also do is purchase cryptocurrency from another exchange, such as Coinbase and GDAX. Both Coinbase and GDAX allow users to buy cryptocurrency with fiat money, such as USD and EUR. However, you can’t buy Ripple on either of these exchanges with fiat money. So what you can do is first purchase one of the cryptocurrencies that Coinbase and GDAX offers, such as bitcoin. Then you can sign up for your free Changelly account and exchange the bitcoin you just purchased for Ripple. If you are completely new to all of this and one things to be as simple and straightforward as possible then I would suggest using Coinbase, but if you have any experience or are looking to pay as little fees as possible then GDAX is definitely the way to go.

If you want to learn more about these two exchanges and think that this is the route you’re going to take then you can read my GDAX versus Coinbase comparison article for more information.


Summary of Everything

So Changelly is an exchange that you can send one type of currency and have them exchange it for another one which they will send back to your wallet. There payment methods include Visa/MasterCard debit cards and various different cryptocurrencies, which you can use to purchase Ripple. Unfortunately many people reading this, which might be you, will not be able to purchase Ripple on Changelly with a debit card due to many parts of the world not being supported. So what you will have to do if you still want to use Changelly to purchase Ripple is you will need to pay with cryptocurrency, which you could buy right on the Changelly exchange or you could buy on other exchanges such as Coinbase or GDAX.

I hope you found this little “how to” guide helpful. If you have any questions or comments at all feel free to leave them below and I will get back to you as soon as I can 🙂

Is GDAX Better Than Coinbase? – Most Of The Time… Yes

Is GDAX Better Than Coinbase

Is GDAX better than Coinbase? This is one question that gets asked a lot and I’ll be answering it in this post. I wouldn’t say that either exchange is really better than the other, because it depends on your situation and what you are looking for. Personally I use GDAX instead of Coinbase because the fees that you get charged are much lower, but there are a few upsides to using Coinbase which many people might prefer.

I will be going over the main differences between the two exchanges and what I would recommend using based on what you are looking for.


2 Exchanges 1 Company

What you might or might not already now is that both Coinbase and GDAX are owned by the same company… The main company being Coinbase. Coinbase was the original cryptocurrency exchange founded back in 2012 and GDAX is a separate cryptocurrency exchange that was created by Coinbase later on.

The big difference between the two exchanges is that Coinbase is more for the casual cryptocurrency buyer, it is very easy to use, well laid out, but charges higher fees. GDAX on the other hand is more for the professional cryptocurrency purchasers, whether it be large institutional buyers, day traders, etc. GDAX has many of the same features as Coinbase but is lacking in some areas, yet is better in some areas.

If you don’t want to read this entire post then what you should take away from it is this: Coinbase is better if you are a complete newbie and one things to be as easy and straightforward as possible. GDAX is better if you are experienced, and/or just want to save money on the fees and aren’t afraid of the process being a tad more complicated.


What Both Exchanges Do

Both Coinbase and GDAX allow users to purchase cryptocurrencies with regular old money, such as USD and EUR. Additionally they allow users to sell cryptocurrencies back into regular old money, which they then can have transferred to their bank account. Both of these exchanges are like an in and out for cryptocurrency users. They are safe easy ways to buy into the cryptocurrency market and to sell out.

On both of these exchanges they offer the same cryptocurrencies for purchase. As I am writing this the following cryptocurrencies are available…

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin

So if you want to purchase any of these cryptocurrencies with fiat money (USD and EUR) you are able to do so as well as sell any of these cryptocurrencies back into fiat money.

And since both of these exchanges are owned by the Coinbase company, there is really no difference when it comes to trust. If you trust one exchange then you pretty much have to trust the other. The end going along with this I would say that both exchanges are some of the most trusted on the market. They have been around for a while and one thing that I think makes a big difference is that they have their headquarters in San Francisco California, which means they are subject to US laws and regulation, which they are compliant with.


Why You Should Use One or The Other

People Who Should Use Coinbase

I pretty much only recommend people to use the Coinbase exchange if they are brand-new the cryptocurrency. Why? Just because it is more user-friendly.

Buying cryptocurrency on Coinbase is as easy as going to the buy/sell menu, clicking on a cryptocurrency you want to purchase, choosing your payment method, entering the amount you want to spend or purchase, and clicking by. Of course you have to create your account and get it verified along with your payment method before you can do this, but the point is it is very simple and straightforward…
buying bitcoin on Coinbase

One feature that users really like about Coinbase is the ability to use a credit/debit card. When you purchase through the exchange with a credit/debit card you get your cryptocurrency available to you instantly. This is easy, convenient, and fast which is something everyone should like.

The downside to using Coinbase is mainly the high fees. If you are going to purchase with a credit/debit card you are going to get hammered with the fees, in many cases paying around 3.99%. And if you purchase cryptocurrencies through Coinbase with a bank transfer you are still going to get hit pretty hard with what is usually a 1.49% fee. These will vary a bit depending on where you live and some other factor is but overall the fees on Coinbase are very high, which is the price that comes with the user-friendliness of the exchange.

Another downside is that it just doesn’t offer the trading tools necessary for serious traders. On Coinbase you are presented with a very basic price chart for each cryptocurrency. It shows you the trend in price over time but other than that there isn’t much to it.

People Who Should Use GDAX

people who should use GDAX instead of Coinbase or those that are either looking to pay minimal fees, to be able to make more advanced trades, to better be able to analyze the market, etc. GDAX was created for the more professional cryptocurrency buyers/sellers, but you certainly don’t have to be a professional to use this exchange.

When it comes to buying cryptocurrencies on GDAX with fiat money you don’t have as many options. You do not have the option of being able to purchase with a credit/debit card. Instead what you have to do is either a bank transfer or a wire transfer. And when selling it’s the same type of deal.

But for me and many others it is definitely worth it. GDAX only charges a 0.3% fee at most… Much of the time you don’t get charged at all. This has to do with how their fee structure works, with “makers” and “takers” but I’m not going to get into that here. The point is the fees or so so so much less and if you are a big buyer/seller you can save a ton of money using GDAX instead of Coinbase.

Another upside to using GDAX is that the trading platform is more advanced and you can do more with it. You can see from the chart below that there is a lot more to it. You can better see what’s going on just by looking at the price chart, you have the order book that you can look at to really narrow and at what price you want to buy/sell at, you have some overlay tolls available to you that you can do a little bit of technical analysis with, and you have the ability to make limit orders as well as stop limits.


Is One Better Than The Other?

No one isn’t better than the other, it just all depends on where you are coming from and what you are looking for. For the majority of people out there I would recommend using GDAX just because of the amount of money you can save. It’s a tad more complicated to use because of the additional features and not being able to purchase with a credit/debit card, but I really don’t think that’s too much of a downside… And too many buyers/sellers it is an upside.

I mean it is somewhat of a bummer that you cannot use a credit/debit card to purchase on GDAX, but the additional features that make it a bit more complicated are also what make it better for many. These additional features are what allow users to make lower-cost buys and higher sells, which is what everyone wants.


Creating an Account

Whether you want to use Coinbase or GDAX you are going to have to create a Coinbase account first, since this is the company behind both of them. Then if you want to use Coinbase you are all set and ready to go, and if you want to use GDAX you will simply go to GDAX.com and login with your Coinbase account information.

If you do plan on creating an account and using one of these exchanges I would appreciate it if you used my referral link below. This will not only help support this website but you can also receive $10 in free bitcoin when you make your first $100 purchase on Coinbase… If you use Coinbase that is. But either way since you have to create a Coinbase account first you can use my referral link.

Create Your Account Here: Coinbase.com/Join

And as always, leave any questions and comments below. I will get back to you as soon as I can 🙂

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