Entering into the crypto market for US is pretty hard right now...

illinest

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Quote from: Iwantthesundae on December 18, 2017, 05:17:34 AM

my coinbase account was finally verified a couple days ago and I transferred money tot he account now im in a hold pattern for that... What I did notice was that in coinbase you actually don't buy the crypto's at market value that jack the price up. So I did some research Ive been applying microeconomics and reading about the fees and it seems you can transfer money for no charge to GDAX and then if i am correct you can buy crypto at face value not a inflated coinbase amount.

has anyone done this or does anyone know this can be done to get around the inflated purchase prices of crypto through coinbase?

Yeah, GDAX traders don't pay Coinbase's "conversion fees." When you buy and sell on Coinbase, you get GDAX's ticker price plus the conversion fee (1.5-4%). When you trade on GDAX, you pay 0.25% taker fee and 0% maker fee. It's slightly higher for LTC and ETH. So obviously, the difference is massive.

Also, GDAX does not have any network transfer fees. People are complaining about Coinbase withdrawal fees because they don't realize they can withdraw from GDAX for free. My thinking is that Coinbase really needs liquidity for their order books (look at the BTC and ETH flash crashes earlier this year). So they cater to their traders, especially on maker orders, while they screw the noobs with Coinbase fees.

Iwantthesundae

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my coinbase account was finally verified a couple days ago and I transferred money tot he account now im in a hold pattern for that... What I did notice was that in coinbase you actually don't buy the crypto's at market value that jack the price up. So I did some research Ive been applying microeconomics and reading about the fees and it seems you can transfer money for no charge to GDAX and then if i am correct you can buy crypto at face value not a inflated coinbase amount.

has anyone done this or does anyone know this can be done to get around the inflated purchase prices of crypto through coinbase?

patt0

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What you said is correct and in my opinion you are choosing the right exchanges as well. I think coinbase and bittrex are one of the most reliable exchanges out there. I never heard anything bad about gemini, but I wasn't searching, so I don't know if those rumors are false or not. I have been using coinbase, and I have my account verified and already made some bank withdrawals as well and everything went fine. The only bad thing I heard about bittrex, is that they somehow accidentally leaked information about ID verification. Right now that is the only thing that is keeping me from going to bittrex. Which is quite sad, because I wanted to invest in cardano when it was 12cent and I didn't, and now it had this massive rally.

romani245

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Quote from: Iwantthesundae on December 15, 2017, 03:14:42 AM

Coinbase, Gdax, poloniex, Gemini(yikes!) Have been a real head banger trying to get verified. I read some bad things about Gemini not sure I will use it because of what I read(I actually deleted my bank acct just to be safe. something about not communicating and money being lost from ach/bank wires even when the customers bank verified the wire was correct... just scary viewer comments not sure this has been fixed..??

Haven't heard verified reports of this. People often make public complaints when there is some kind of delay/problem and don't update when things are fixed. One problem with Gemini which is often not publicized is they require REAL ID. If your state ID or passport isn't REAL ID compliant, don't bother. In general, I've heard they are decent, but no leverage and only BTC/ETH? No thanks.

VPNs are a wonderful thing, you know. Private Internet Access with leak protection turned on and you are golden for trading on non-KYC exchanges.

Bitmex is highly recommended for trading BTC and altcoins with leverage. Wink

mawhelchel99

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Yes, I tried that approach on day one -- unfortunately it did not work because of this message:

We were unable to successfully verify your address. Please contact your card issuer for more information.

So I used ACH transfer from the SAME bank and it worked just fine. BUT while the ACH worked the next day the bitcoins were held up until Wednesday. When I started this --- ripple was .30 and just yesterday it hit .80, waiting might be expensive. Thanks for the advice however.

cToph24

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Quote from: mawhelchel99 on December 16, 2017, 09:54:16 PM

In the US, what is fastest way to BUY bitcoin and receive delivery so it can be transferred into XRP? Coinbase is 7 days -- anything faster?

I ran into this problem originally, but you can circumvent waiting that time if you use a debit card.

Debit cards deposit immediately into the currency you've purchase/usd in coinbase..

Enjoy.

mawhelchel99

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In the US, what is fastest way to BUY bitcoin and receive delivery so it can be transferred into XRP? Coinbase is 7 days -- anything faster?

Iwantthesundae

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Quote from: DaMut on December 15, 2017, 03:41:42 AM

yes that's correct,
the reason why they did that because coinbase support credit card (if i remember it correctly).
if binance support that kind of transaction i believe they will not doing that kind of activity because it'll charge more fees compared to do it on one exchange.
yes there're a lot of problem happened with every exchanges,not only on gemini.
in general all of them did something stupid like that and in my opinion it's not recommended to verify our account using our own document.
what i mean is they can selectively choose their victim by using it,
which mean it's not totally safe but instead it will help them to choose their victim based on their residence.
if you're doing a research you will find this kind of activity caused by those exchanges.
never believe the exchanges because they're only as good as an exchanges no more than that.
diversify your portfolio or it would be better for you to hold it by yourself in your offline storage and then sell it when you're finding a suitable place to sell it.

well coinbase supports credit card and bank transfers for larger amounts...

ok so just to clarify, the steps I mentioned is the correct way to transfer from coinbase to binance and the way my friend did it added an extra step throwing changelly into the mix and added fees? Im trying to make sure the way I learned to do it form reading is the most efficent way? or is it more efficient using ETH or LTC because of lwoer transfer fees?

anyone have a list that has all the different transfer fees from exchange to exchange and coin to coin? would make things really easy

DaMut

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yes that's correct,
the reason why they did that because coinbase support credit card (if i remember it correctly).
if binance support that kind of transaction i believe they will not doing that kind of activity because it'll charge more fees compared to do it on one exchange.
yes there're a lot of problem happened with every exchanges,not only on gemini.
in general all of them did something stupid like that and in my opinion it's not recommended to verify our account using our own document.
what i mean is they can selectively choose their victim by using it,
which mean it's not totally safe but instead it will help them to choose their victim based on their residence.
if you're doing a research you will find this kind of activity caused by those exchanges.
never believe the exchanges because they're only as good as an exchanges no more than that.
diversify your portfolio or it would be better for you to hold it by yourself in your offline storage and then sell it when you're finding a suitable place to sell it.

Iwantthesundae

newbie

Activity: 47

Merit: 0

Coinbase, Gdax, poloniex, Gemini(yikes!) Have been a real head banger trying to get verified. I read some bad things about Gemini not sure I will use it because of what I read(I actually deleted my bank acct just to be safe. something about not communicating and money being lost from ach/bank wires even when the customers bank verified the wire was correct... just scary viewer comments not sure this has been fixed..??

So because of that I have been reading tons of info and vides along with the comments(lots of good info in comments) until i get verified, im not fomo'd out It is what it is and now im here to learn more.

I just want to make sure I have this right as far as jumping from exchange to exchange because a friend told me a some what STRANGE way he moved BTC from coinbase to changelly to XRP bittrexx??? he got it done but seems like he paid an extra fee and transfer because of changelly?

I thought If you wanted to get to the bittrexx exchange the process would be like so:

fund coinbase with usd, buy BTC in coinbase,

copy the deposit link from binance BTC,

go to BTC coinbase Send(withdraw) and paste the BTC bittrexx deposit link.

buy XRP with BTC on bittrexx Is this right?

Topic: Entering into the crypto market for US is pretty hard right now... (Read 157 times)