So, you’re want to know how to transfer from Coinbase to GDAX? No problem, I’m going to guide you through every step of the way!
Buying and selling cryptocurrencies is now a multi-billion-dollar industry and Coinbase are one of the most popular exchange options for beginners as they allow users to easily buy coins using fiat currency.
In my ‘How to transfer from Coinbase to GDAX’ guide, I am first going to briefly explain what each exchange does, along with their main features. After that I am then going to quickly talk about GDAX’s plan to rebrand to ‘Coinbase Pro’.
Once you have the required background information, I am then going to show you how to buy from Coinbase, how to transfer from Coinbase to GDAX and finally, how to use GDAX!
(So, if you’re already confident with your knowledge on Coinbase and want to skip to the focus of this guide, feel free to scroll down to the “How to Transfer from Coinbase to Coinbase Pro (GDAX)” section)
Let’s start by finding out what Coinbase is!
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What is Coinbase?
Coinbase is a cryptocurrency exchange broker that allows people to buy and sell a range of different coins. They were first launched in 2012 and are located in San Francisco in the United States. Coinbase have grown so quickly that they have now processed orders for more than 20 million users, amounting to a total of $150 billion in transactions! Not only this, but they also have more than 535 people working in their U.S. headquarters!
The main selling point of Coinbase is that they allow users to buy cryptocurrencies using real-world payment methods such as a bank account or a debit/credit card. This makes it really easy for people who are looking to buy cryptocurrencies for the first time!
The platform is also very simple to use, making it ideal for crypto newbies! At the time of writing in July 2018, Coinbase only list four different coins. These are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). However, the Coinbase team recently announced that they would soon be supporting Ethereum Classic (ETC) too!
When it comes to fees, Coinbase charge 3.99% to use a debit or credit card. Bank account deposits are much cheaper and can range from a cost of 0% up to 1.49%. Trading fees amount to 1.49%, which you will be charged every time you make a purchase. For example if you want to buy $1,000 worth of Ethereum, you will receive the ETH equivalent of $985.10.
You require ID to use Coinbase!
It is important to remember that you will need to verify your identity before you are able to buy cryptocurrencies using real-world money. The Coinbase KYC (Know Your Customer) process is really straight forward. All you need to do is supply your personal information, supported by a copy of your ID. In most circumstances the Coinbase system is able to authenticate this automatically, meaning that the process only takes a few minutes!
So now that you know what Coinbase is, the next part of my ‘How to transfer from Coinbase to GDAX’ guide is going to find out what GDAX is!
What is GDAX?
GDAX – which standards for Global Digital Asset Exchange — is a cryptocurrency exchange that was created in 2016 by the same company that created Coinbase. The platform is similar to most other digital exchanges as it allows you to buy, sell and trade cryptocurrencies directly with other users. GDAX act as a middleman between the buyer and seller and in return, take a fee.
The best thing about the Coinbase and GDAX relationship is that you only need to open an account at one of the two exchanges. For example, if you have an account at Coinbase, you will automatically have an account at GDAX!
GDAX support the same amount of cryptocurrencies as Coinbase, which are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). On top of this, it is also possible to trade these cryptocurrencies against the value of fiat currencies such as USD and EUR!
In comparison to Coinbase, GDAX is better suited for traders with previous experience, as you need to have at least a basic understanding of how trading works. While Coinbase only allows you to buy or sell a coin, the features at GDAX are much more advanced. This includes Limit Orders, Stop Orders and Market Orders!
When it comes to fees, GDAX charge different prices depending on the type of trade you make. If you are a “Market Maker”, which means that you provide the platform with the required liquidity, then trading fees are free! On the other hand, if you are a “Market Taker”, which means that you take the liquidity provided by the maker, you will pay between 0.10% and 0.30% depending on how much you trade.
So, now that you know what GDAX do, let’s continue! Before I show you how to transfer from Coinbase to GDAX, I wanted to quickly discuss the upcoming GDAX rebrand!
GDAX Rebrand to Coinbase Pro
In May 2018, it was announced that GDAX was changing its name to Coinbase Pro. Although all of the same features will be available, new services will also be added. This will include protocol and staking voting and additional tokens being supported.
Furthermore, Coinbase Pro will also make depositing and withdrawing funds even easier, as well as introducing a new feature that allows you to view your portfolio of investments.
It is important to remember that although GDAX are rebranding to Coinbase Pro, you will still be able to transfer from Coinbase to GDAX (Coinbase Pro).
On top of the GDAX rebrand, the parent company have also purchased a protocol called Paradex, which will allow people to do wallet-to-wallet transfers of ERC-20 tokens within the Coinbase platform.
Note: ERC-20 tokens are cryptocurrencies that have been built on top of the Ethereum blockchain. ERC-20 stands for “Ethereum Request for Comment”!
So, now that you know about the upcoming rebrand, the next part of my ‘How to transfer from Coinbase to GDAX’ guide is going to look at how to buy cryptocurrencies on Coinbase.
How to Buy Cryptocurrency on Coinbase
Before making a transfer from Coinbase to GDAX, you will need to first open an account with Coinbase. Once you have done this, you will also need to confirm your identity by providing a range of personal information (such as your name and address) and then upload your identity card (such as your passport).
If at this stage you already have coins within your Coinbase account, you can skip to the next section of my ‘How to transfer from Coinbase to GDAX’ guide!
- Once you are logged in to your account, click on Buy/Sell at the top of the page.
- Now, you will see a choice of four different cryptocurrencies that you can buy. Click on the one you want to purchase. In my ‘How to transfer from Coinbase to GDAX’ guide, I am buying Bitcoin.
- Scroll to the bottom of the page and enter the amount of cryptocurrency that you want to buy. Once you enter the amount in your local currency, the cryptocurrency equivalent will automatically update.In my example I am buying 750 EUR worth of Bitcoin, which will get me 0.12458237 BTC.
- Now click on the big blue Buy Bitcoin Instantly
- And that’s it! You’ve now bought coins from Coinbase!
So now that you know how to buy coins on Coinbase, the next part of my guide is going to show you how to transfer from Coinbase to GDAX.
How to Transfer from Coinbase to Coinbase Pro (GDAX)
Remember how I told you that when you open an account at Coinbase you will automatically have a GDAX account open for you? Well, at the time of writing in July 2017, Coinbase Pro has replaced GDAX! But don’t worry, you can still log in using the same log in details that you use at Coinbase or GDAX!
To make things easier for you, simply click my link to go straight to Coinbase Pro!
- Once you have logged in to Coinbase Pro, click on Wallets at the top of the screen.
- At the bottom of the page, click on the deposit
- Now you will need to decide which coin you want to transfer across from Coinbase to GDAX. You can even transfer your fiat currency balance too!
- As I am looking to trade USD with Bitcoin, I am going to transfer my USD balance from Coinbase to GDAX (Coinbase Pro)! Don’t worry, the process is exactly the same no matter which cryptocurrency or fiat currency you want to transfer!
- Finally, click on the blue Deposit button to complete your transfer from Coinbase to GDAX! Your Coinbase Pro (GDAX) account should be funded within a few seconds!
So, now that you know how to transfer from Coinbase to GDAX, the next part of my guide is going to show you how to use Coinbase Pro!
How to Use Coinbase Pro
- Now that your Coinbase Pro account is funded, click on Select Market to begin trading.
- You can now select the main currency that you want to trade. As I want to trade USD/BTC, I click on USD.
- Next, click on the pairing you want to trade.
- You will now be on the main trading screen for the pairing you want to trade! You will see lots of statistics, such as current market orders, as well as a chart that allow you to analyze price movements.
- On the left-hand side of the page, you will see the order form. Enter the amount of cryptocurrency that you want to buy or sell in to the box.
- If you are just starting out, it is probably best to use the Market order option. This will process your trade at the current market price!
- To complete your trade, click on the PLACE BUY ORDER (or PLACE SELL ORDER is you are selling) button. And that’s it! You have just completed your first trade at Coinbase Pro!
How to Transfer from Coinbase to GDAX: Conclusion
And that’s the end of my ‘How to transfer from Coinbase to GDAX’ guide! If you have read it all the way through, you now know how to transfer funds from Coinbase to Coinbase Pro (GDAX). As you now know, the process is really simple!
Although Coinbase Pro (GDAX) is for more experienced traders, the platform is actually really easy to use. What I like about it is how you can easily deposit real-world money straight in to your Coinbase Pro account by using a bank account!
If you found my ‘How to transfer from Coinbase to GDAX’ guide useful, or you have any questions, please let me know in the comments section below.