Using Coinbase to buy ALT Coins


#1

Hey guys, n00b question here… I’ve only recently gotten into Cryptocurrency as a whole, I’ve made a few trades and bought bitcoin and ethereum on coinbase by depositing fiat into GDAX and then buying the ETH/BTC then transferring back to coinbase.

I now want to start transferring my BTC/ETH over into Bittrex to get into NEO and OMG and the other ALT coins out there.

Do you typically buy ETH via GDAX > Transfer to Coinbase > Transfer to Bittrex > buy the alt coin? or do you use BTC as the medium of transfer?

It seems transfer fees for BTC are much higher than transfer fees for ETH… $4.98 vs $0.14?


#2

I am mgoing to be working soon to make my workflow cheaper, but I was buying my btc on coinbase and transferring to bittrex to trade to alts. but that fee on bitcoin was like 4 something on a $20 transfer. eth was much cheaper, so I am researching what is lost by going ETH from coinbase to bittrex and but the alt that way. I think the ETH transaction fee is significantly less right now.


#3

Yeah that’s how I saw it. I’ve just constantly heard other people on this forum using BTC to transfer over to bittrex and buying their Alt coins with BTC. But close to 5 bucks transfer fee is huge when I’m only spending ~100-200 a week with dollar cost averaging versus ETH for almost 1/10 BTC fee


#4

i bought 4600 in ETH and the fee on coinbase was 68 dollars


#5

If you purchase directly on coinbase, they’ll charge a fee. But I was referring to transfer fees when you send your coins from one wallet (ie. exchange) to another wallet.

If you don’t want to pay that $68 bucks to buy on coinbase, I’d suggest first depositing fiat into your USD wallet or directly onto GDAX, then purchasing. You wont have to pay coinbase’s fee and it’ll be $0.

Check out this video for instructions on how to do that https://www.youtube.com/watch?v=cCE6w3uAW_A


#6

Hey jollyhobbler, were you able to make your workflow more cost efficient? Seems like moving btc is a punch in the gut.

What about acquiring and moving LTC to exodus and trading into BTC or the ALTS? I’m not sure how those exodus/shapeshift fees compare to scenario 2)
Acquiring LTC, bringing LTC to bittrex, selling LTC into BTC, then xferring BTC out to a wallet.
3) Or as you mentioned funding with Eth and buying in Eth Markets.


#7

My apologies I missed your reply.
Did you but them with a credit card?


Have you seen this video?


#8

While fees are a punch in the gut when I buy BTC i swallow the fee and transfer it to my Exodus wallet.
I did transfer ETH to the Bittrex exchange, but I need to do the math and see what if any gain I got from my trade still.

LTC -> Exodus = fee
Exodus exchange LTC -> BTC = 2x fee and a bit for the pleasure

I am going to bring these together. for the ltc to bittrex see above you hit a few fees as well. I think using the zero coinbase fee method for getting your btc is good and then just moving that to your wallet. you really then only have the transaction fee to your wallet. my taking ETH into the market was a chance to bring in more capital at a lower rate, and as stated above I need to dig into that trade more as I went in and out a little less defined than with straight satoshis.


#9

What about Changelly or Shapeshift for conversions of BTC to alts? A lot of users are just using them for direct credit card purchases of alts. Yeah the fees, but with all the delays @ coinbase this could be the quick and dirty option…


#10

Login to GDAX.com with your Coinbase account, buy BTC or ETH and then login in to
Binance http://bit.ly/wheretobuyaltcoins and transfer them to your wallet. Binance has the lesser fees of all the exchanges, with 0.05%


#11

Please help how do I buy alt coins from coinbase with my ethereum I’m trying to buy the EMV coin


#12

I found a step by step guide on buying altcoins in Youtube, might be helpful: https://youtu.be/w8IHPJzb1Wc