So you’re ready to start buying cryptocurrencies, but you want to do it as cheaply as possible with the minimal fees, well you’re in the right place. To buy Bitcoin or any other cryptocurrency you need to exchange your FIAT, which is your local currency; US dollars, Euros, Pounds etc. for cryptocurrency.
One of the easiest way to do this is using the Coinbase exchange which allows the purchase of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH). This site has a super simple interface and allows you to use debit / credit cards or bank transfers to buy cryptocurrency. However this simplicity comes at a cost as Coinbase fees are relatively high. However, there is a little known method to eliminate Coinbase fees and we are going to show you how to buy Bitcoin, Ethereum and other cryptocurrencies with no fees!
Investing in cryptocurrencies should be fun, but be sure you understand this site is not financial advice and the risks involved.
How to save Coinbase fees
GDAX Is Coinbases own exchange and what they don’t make clear is that when you register for Coinbase you also automatically get a GDAX account. If you don’t already have a Coinbase account signup here and you will get $10 of free Bitcoin when making your first $100 purchase. So let’s go ahead and walk through step by step how to get the low fee crypto:
Logon to Coinbase and choose accounts from the menu. You will then see the screen below, select your local currency wallet in this case Dollars and click deposit. If you live in the UK be sure to check out get fee free cryptocurrency UK to avoid international banking charges.
Coinbase deposit funds
In the next screen, if you are based in the US, choose bank deposit (wire transfer is quicker but there is a fee) will cost more. In Europe chose SEPA deposit and use the account details on screen to setup a transfer from your standard bank account. Once the funds arrive in Coinbase you can proceed with the next step.
GDAX logon screen
In GDAX ensure the correct local currency pairing it set eg BTC / EUR at the top left of the screen. Then click on deposit.
Selecting Euro market and deposit in GDAX
Select buy and enter the amount you wish to purchase in Euros and click place order this will cost 0.25%. This is a market order and is easiest and quickest.
GDAX buy market order
To purchase for zero fees you will need to place a limit order, check out the GDAX ultimate guide for more information on this.