Best way to move money into crypto?

Amazon / Eng Amazon.com
Dec 20, 2017 17 Comments

I know a lot of people who have a hard time putting Fiat money into a crypto exchange to purchase coins. We all want a method that is fast, has low/no fees, and is secure. I’m not aware of a single entry point that offers all 3 of these together. I wanted to share my current method for going from Fiat -> any coin. Please comment if you know of a more efficient way:

1. Have a GDAX account (this is the same as your Coinbase login if you use that) and a Binance account.
2. Initiate a money wire from your bank with USD to the GDAX wallet for USD.
3. Exchange the USD for BTC/ETH/LTC on GDAX.
4. Send the newly bought crypto to the Binance wallet for the coin you just bought.
5. Find the Binance exchange between the Alt that you want and the coin you just bought and trade.

The longest step in this is the money wire to the GDAX account, which may take up to a day, but that’s much better than purchasing on Coinbase and waiting like a week for the funds to arrive to the wallet. Everything else here happens within minutes usually. I also see a lot of posts of people criticizing the use of Coinbase/GDAX—is there something else we should be using to exchange the USD? I believe this method involves the least amount of fees as possible, as well.

The reason I use Binance is because it requires no verification so you can trade almost immediately if you already have Bitcoin. Its much easier to use than Kraken (which doesn’t even work like 70% of the time) and Bittrex (which doesn’t offer as many coins). Please share your thoughts!

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TOP 17 Comments
  • Uber / Eng bag
    By “Fiat money” you just mean like USD and other standard currencies? Is that common terminology? I have not heard it used ever (however I have no deep finance/trading/crypto knowledge)
    Dec 20, 2017 1
  • Two Sigma / Eng tear
    One upside to bittrex is that it's US based, so maybe less likely to disappear than binance.
    Dec 20, 2017 0
  • Symantec zXUU44
    Agreed
    Dec 20, 2017 0
  • Google k4zYaNdA
    BTC ETH USD low fees, use gemini.com
    Dec 20, 2017 5
    • Tesla Cobalt
      Low fees but I've heard long delays just like coinbase
      Dec 20, 2017
    • Google k4zYaNdA
      You've heard? I use it daily. No delays.
      Dec 20, 2017
    • Tesla Cobalt
      You transfer Fiat into crypto daily? Not talking about crypto to crypto exchanges here
      Dec 20, 2017
    • Google k4zYaNdA
      Transferring fiat to crypto uses ach or wire transfer. When I was riding btc from 6k to 15k, I'd cough up the 30$ wire fee to get fiat into crypto.
      Dec 20, 2017
    • Google k4zYaNdA
      ACH took 5 days which was too long given how quickly btc was climbing
      Dec 20, 2017
  • New revsfan
    The issues I have with Bitcoins that nobody can specifically tell me if it's reading it as if it's an investment or a currency. As a currency it doesn't work because the valuations are so volatile that you can't cash it out making it pretty much entrapment. As for an investment unless you quickly traded well beyond that if not just a long-term or short-term investor but something it's so speculative that it has to be traded hourly dramatically limits the user base.
    Dec 20, 2017 3
    • LinkedIn Nightlight
      Your statement made no sense.
      Dec 20, 2017
    • New revsfan
      Uh it is pretty basic 🙄
      Dec 20, 2017
    • Google k4zYaNdA
      It's neither. It's pure speculation. Transfer fees can be fairly high these days, confirmations of txs can take quite a bit of time, and it's so volatile that using it as a currency always feels uncertain.

      As an investment...well...uhh.. Again pure speculation.

      Blockchain will be used in the future. But probably not bitcoin.
      Dec 20, 2017
  • Salesforce Foodology
    Coinbase is horrible. I’ve been moving all my crypto off this shitty platform. I’ve lost some $ due to how slow this system is or service interruptions
    Dec 20, 2017 0
  • GM Financial / Mktg UJwi40
    I thought GDAX was spun out of Coinbase. Are they not the same company? And if so why is it faster thru Coinbase?
    Dec 20, 2017 0
  • Deutsche Bank LPeJ52
    Interesting - looks like I need an account on binance
    Dec 20, 2017 0

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