And an unknown secret to avoiding transaction Fees.
So now that you have purchased your first cryptocurrency it is important to learn how to send it. Reasons why you would want to send your recently bought cryptos:
- To purchase other cryptos from an exchange will require you to transfer Bitcoin or Ethreum to an exchange account.
- You can transfer crypto to a private wallet that is safer than storing coins online.
- Many businesses accept crypto as a form of payment that you can utilize buy sending coins.
In this section you will learn:
- AN UNKNOWN SECRET TO AVOIDING HIGH FEES
- How to send transactions
- How to verify your coins have been sent and received
- How to safely store your coins
An unknown secret for avoiding fees
Before you transfer and crpyto out of your Coinbase.com account, you need to know of a BIG secret to avoid there high fees.
When you sign up for a Coinbase account, they automatically create you an account to a similar trading platform called GDax — click here –> GDAX.com
Use your login for your Coinbase account to sign in. Here you can send and transfer your coins and replace Coinbase’s high fee with one for a fraction of the cost.
If you’re using a two factor authentication, your coinbase one is linked so you can use it.
***Make sure you are in the correct wallet. You will not be able to send Ethereum to your Bitcoin wallet and vice versa. To change the wallet click on the top left menu.***
Click on the coin you wish to send
Now you need to transfer your coins from your Coinbase to your GDAX account. This is a very simple and easy process. Click Deposit:
A pop up will appear, click the Coinbase tab.
You’re Coinbase balance will show under SOURCE and the amount you want to send under AMOUNT. Put in the total amount you want to transfer over in the AMOUNT box and click the blue Deposit Funds button. Within moments you should see your new balance here:
YAY! Now you’re ready to send crypto without paying high Coinbase transaction fees.
Now before you send large amounts of assets from your account, it is important you learn how to properly send cryptcurrencies and how to verify the transaction was processed. ***Although this next step is OPTIONAL, we feel it is highly important for every crypto owner to know.***
In this step you are going to send us a tiny amount of coins (about $2.00 USD) so you can:
- Learn how to avoid costly mistakes
- Know if your transactions have been processed
- And! Send us a small donation for providing this (AND MORE TO COME) awesome resource!!!
We’re going to show you how to send both Ethereum and Bitcoin. Remember, Bitcoin cannot be sent to Ethereum Wallets and vice versa.
If you are sending Etherum see below. If you are sending Bitcoin skip ahead to the “Sending Bitcoin” section.
Click the WITHDRAW button
Click the ETH Tab
The AMOUNT box is where you insert the amount of Ethereum you are sending. ***Please note the amount is in ETH and not USD. 100 ETH is worth far more than 100 USD.***
So it is import you understand how to calculate the price of the amount of ETH you are sending. This can be done with a basic division problem.
Amount of ETH = Sending Amount / Price of ETH in USD
The current price of ETH in USD can be found using this widget (or coinmarketcap.com if you want to double check)
At the time of writing this ETH was ~$740.00
So to calculate $2.00 worth of ETH:
=Sending Amout / Price of ETH in USD
= $2.00 / $740
The total amount ETH to transfer is .002703
***BE SURE YOU ENTER THE CORRECT DECIMAL PLACES*** If you were to accidentally enter .02703 you would increase the amount sent x10. It would be a $20 transaction instead of $2.
Now in the AMOUNT box enter the amount you want to send
Now in the DESTINATION box copy and paste this ETH address:
If you are using a Two factor code enter it now and then click the blue Withdraw funds.
Congrats! You sent your first cryptocurrency!
Now that you know how to transfer Ethereum you can participate in an ICO or a Token Sale.