It is very frustrating for every Crypto trader to pay a high amount of transaction or trading fees while doing any transaction on Crypto Exchanges, so this guide is to discuss GDEX Fees.
GDEX is also known as CoinBase Pro and I am sure you as a crypto investor know that CoinBase and CoinBase Pro are both works under the same ownership.
CoinBase is more like a Crypto wallet which allows to deposit or exchange or buy any listed Cryptocurrency with Fiat or Cryptocurrency.
CoinBase Pro or GDEX is purely a crypto trading exchange, where you are allowed to trade cryptocurrency in exchange of CryptoCurrency and Fiat.
But the Major Difference with GDEX and Coinbase is, GDEX charge you a fee for depositing fiat directly to exchange from Banks however Coinbase won’t.
But as I said Coinbase and GDEX both are under the same ownership, so supporting each other functionality.
This guide is to help every trader to learn how to minimize your CryptoCurrency trading fees by focussing on the GDEX Fees structure.
Will Discuss a process in Detail, how to buy Cryptocurrency using Coinbase and GDEX which will help you to Buy for low trading Fees.
Let’s first discuss how CoinBase and GDEX are Interlink.
Table of Contents
GDEX and CoinBase: Interlink?
GDEX is known as CoinBase Pro and both Coinbase and CoinBase Pro is owned under the same ownership.
It’s headquartered is in the USA and Coinbase is one of the topmost Crypto Exchange or wallet in the world.
The challenge with CoinBase is listed with only a few Cryptocurrencies and if you want to trade with Altcoins like EOS or many more than you would need an Exchange.
Exchanges like Binance are very famous for very large trading volume but it suits well only if you are already crypto Currency holder.
But what if you want to buy using Fiat Currency in that case to avoid transaction fees it is better to go for Coinbase and GDEX as the initial GDEX fees to buy will be very low.
Well, if you want to buy Cryptocurrency than first you need to deposit your fiat like GBP, USD, EUR whatever Coinbase wallet supported.
Make sure you won’t place an order to buy Crypto, first you will deposit fiat to your CoinBase wallet.
Actual Buy order will be placed in CoinBase Pro. If you are registered and verified user of Coinbase than you are already verified registered user with GDEX or CoinBase Pro.
The best part is You can switch your CoinBase wallet amount to CoinBase pro with single click and that will be free.
In summary, both CoinBase and GDEX are working under the same ownership, where Coinbase is listed with only a few CryptoCurrencies and less trading pairs.
However, GDEX has been listed with the number of Altcoins and more trading pairs will discuss all in detail later.
Now our focus will be, how to buy Cryptocurrency from GDEX or CoinBase Pro with very low trading fees.
GDEX Fee and CoinBase Transfer to Buy Crypto
If you are willing to invest in cryptocurrency than GDEX is the best place to start with as it charges you a very low Maker or Taker Fee while trading on the exchange.
Well, I advise you to use CoinBase and GDEX only for first time purchase, but for rest trading Purpose you can do with Binance.
Why CoinBase and GDEX for initial Investment in crypto? The reason is simple to save the additional cost of initial transaction fees.
While talking about Binance to buy Cryptocurrency using Credit or Debit card, it will charge you 3.5% or 10$ whatever is maximum as transaction fees.
The other fiat to Crypto buys platform Changelly charge you around 10% flat transaction fees or 10$ minimum, whatever is higher for buying crypto using USD, EUR, GBP.
Imagine you are investing 100$, will directly cost you 10$ as transaction fees.
Hence this guide will help you step by step process on how GDEX Fees and CoinBase wallet will minimize additional transaction fees.
Let’s divide this whole section into three parts and explain each of them in separate details.
Use CoinBase To Transfer Fiat
Coinbase will allow you to deposit CryptoCurrency and fiat directly to their wallet. The process will be very simple and easy.
First, you would need to sign up Coinbase, here is the link to start and then verify your CoinBase account and Bank account from which you want to send money to CoinBase.
Approval from CoinBase may take up to 24-hours max and once account got approved from the Coinbase, you are eligible to deposit fiat to the wallet.
Deposit of Fiat should be done through the approved bank account only and once you are done with that in the next few minutes balance will be available in your fiat wallet.
If you are in the USA will display fiat wallet USD, if in Europe will display GBP and EUR, in such a way CoinBase will show local country fiat wallet, if not than USD wallet.
Let say to Deposit GBP go to, Account -> Click to Deposit of GBP that will display the reference number and bank account details to transfer money.
Take that bank account details and transfer your GBP from approved bank account to that Coinbase bank account by providing the reference number, it won’t charge a single penny.
If you deposit 100 GBP, you will have 100 GBP in your CoinBase wallet and based on the country, if your local currency is not listed with Coinbase in that case conversion fee will apply.
But that fee will apply by your bank only, let say INR wallet is not with Coinbase in that case you would need to deposit USD for which your bank may charge conversion fees.
Now your fiat is available with CoinBase to buy sell available crypto but to let you know buy-sell on Coinbase may charge you the higher cost of trading fees as listed below in pricing detail.
That means to buy 100 GBP which is close to 125 USD and in result, you would need to pay around 2.99 GBP as the transaction fees.
If you want to buy Cryptocurrency like Bitcoin, Ethereum, Litecoin, Bitcoin cash or all listed major cryptocurrency by paying transaction fees, you can do with Coinbase immediately.
Coinbase allows trading immediately after the successful deposit of fiat to the wallet, there won’t be any hold on the deposited amount.
But any CryptoCurrency or fiat added to Coinbase wallet will be available to withdraw or transfer to another platform only after 3-4 days.
While depositing Fiat you will be getting an email with all the details as till what time your digital or fiat asset will be on hold with Coinbase.
But if you want to minimize this transaction fees further down and can wait for around 3-4 days to buy later than GDEX will be the best option as the GDEX fees for trading is far lower.
But even you want to buy major Cryptocurrency with Coinbase than even this fees is very less as compare to other big exchanges.
Now let say, we have GBP available with Coinbase wallet and want to buy other altcoins which are listed with GDEX than follow below steps.
CoinBase to GDEX Transfer
This process will be very simple and easy, to register with GDEX you won’t need to go with any separate registration process.
Every user registered with Coinbase is default register with CoinBase Pro or GDEX. If not then do register first with CoinBase.
Now next step is to transfer your CoinBase wallet GBP or USD balance to GDEX wallet, to do so follow the below steps.
Click to any Deposit Option available on GDEX dashboard and a window popup will open to chose currency, I have chosen GBP and below two options will display.
One is transferring from Bank and other is Coinbase Wallet and you would need to choose Coinbase wallet.
That will display available balance in CoinBase wallet, if there is 0.00 GBP in funds on hold then you are eligible to transfer the whole amount to GDEX.
Amount display in Funds on hold will not be eligible to transfer out form Coinbase until it passes its maturity date, which will be around 3-4 days.
Provide amount and hit to Deposit GBP will transfer your Coinbase wallet amount to GDEX and now you are eligible to trade on GDEX.
The best part is there will be no charges to transfer amount from Coinbase to GDEX, means you deposited 100 GBP and with trading exchange still you have 100 GBP.
Buy CryptoCurrency from GDEX and GDEX Fee
Rest process to trade on GDEX will be similar to the other exchanges but to highlight GDEX fees let discuss in detail.
Place buy order on GDEX will be in three ways to do so first chose your market to trade. Let say if your wallet has GBP than select GBP market if USD than chose USD like BTC and ETH.
Trading pairs on GDEX are less, so the best way to buy Cryptocurrency is from the large volume low trading fee exchange Binance.
Hence our moto with GDEX is to buy only one cryptocurrency which we can send to Binance.
Hence Click to select market and chose the Cryptocurrency you want to buy, let say I want to buy ETH with GBP.
Click to ETH-GBP trading pair and a buy window will open where three ways to place an order and minor GDEX fees will apply.
Buy order will be placed in three ways as explained below.
Market – If you chose Market and provide Max GBP than whatever the current rate of ETH will be bought in exchange for your all available GBP.
Limit – It is like a limit price order, where you can set that you want to buy ETH only at set Limit Price.
Let say, you can set the Limit price of 74 GBP than your order will only fulfill if 1 ETH market price comes to 74GBP only and your available GBP will be exchanged for ETH.
Stop – If you are a daily trader than you can place an order by setting up a stop loss, where you can set Stop price to which order should execute and limit price to which you want to place buy or sell order.
In all cases, GDEX Fees are very nominal, if you are not a trader and want to purchase occasionally and in our case, we will buy only once.
To understand GDEX Fees, first, understand below two fees associated with each trading transactions fulfilled in GDEX exchange.
GDEX charge you maker and Taker fees for each transaction where charges will be different for both.
Maker Fee – If you are the maker of the price than you will be charged with the maker fees, let me explain you in simple word.
If currently, ETH is trading around 100 GBP/ETH and in the Limit price, we placed buy order by setting that you want to buy ETH only if 99GBP/ETH.
In that case, your order will not fill immediately and you are making price or waiting market to sell around 99GBP/ETH, hence you are the maker which cost you minimum transaction fees.
Taker Fee – If you want to buy immediately that means you are taking the price whatever market is selling that means you are demanding.
Let say, current ETH is selling around 100 GBP/ETH and if you placed buy order in Market which fulfills immediately means you will be charged with Taker Fee.
While finding the GDEX Fee or pricing details from the official GDEX support group, we have found the below fees for maker and taker fees.
You can see, that in both cases you will be charged a minimum of 0.15% and a max of 0.25% for buying any cryptocurrency with fiat.
Means for 100 GBP, you will have to pay only 0.15 GBP and 0.25 GBP respectively.
I advise placing future order less than current price so you will be charged with only maker fees and if your target hit immediately after placing an order in result for filled order will be taker fee.
If partial order fulfilled in that case for filled order taker fee and for remaining order will be in the open order book and will be charged for Maker Fees.
From the above screenshot, you can see that I have placed taker order to buy ETH for 100 GBP/ETH.
Which in result, charge you around 0.15 GBP as transaction fees, as the maker fee.
Now let say for 100 GBP you have placed an order and it got fulfilled than respective amount of ETH will be available in your wallet.
This time is to transfer that ETH balance to Binance as Binance is the best low trading fee exchange of just 0.01%.
Withdraw from GDEX to Binance
Withdrawal from GDEX will be same as other exchanges, you would need a destination address and simply send your cryptocurrency to that address.
To withdraw from Coinbase is immediately effective after buy there won’t be any hold like Coinbase.
To Withdraw Ethereum, go to My Wallet -> Click to Withdraw-> Chose Ether in Dropdown
Get your Ethereum wallet address from Binance and provide that Ether address to the above destination address and provide your max ETH amount.
Simply hit Withdrawal ETH and your wallet balance will transfer to Binance ETH address.
It will surprise you that GDEX won’t charge any network fees to transfer Cryptocurrency from one wallet to another wallet.
That means your 100 GBP, successfully transferred to 99.85 GBP equal worth of ETH and available on Binance exchange to trade with another cryptocurrency.
How to trade on Binance to buy Altcoins, learn our step by step guide in detail and on Binance you can minimize further trading fee up to 0.05%, how to check our detailed guide.
Let me summarize my view on Coinbase GDEX Fee and best exchange to trade.
My View on GDEX Fee and Crypto Buy
Entry to Crypto world first require to invest by fiat currency and there are very limited places which allow you to buy crypto using USD, GBP, EUR like fiat.
The available platform like Binance will charge you minimum 10$ or 3.5% whatever is the max, Bittrex asks for the minimum wire transfer of 1000$, Changelly charge you flat 10% transaction fees.
Means approx 1/10th of the initial investment you already lost in transaction fees, which you can save using GDEX fee structure.
Yes this process is bit alternative to take a round trip from Coinbase than to GDEX than back to your favorite trading exchange Binance
But the process is very simple and imagine if you are investing 1000$, this will help you to save 100$ worth of initial investment.
I am using this GDEX and Coinbase to buy the first-time crypto with fiat and the only problem is you have to hold your asset with Coinbase for a specified period of time.
If planning to invest in Altcoins than check our guide on best suggestions to Top Altcoins.
If you find this guide helpful, let me know in the comment and share this to the Crypto needed people.