By using our step-by-step guide, you will be able to avoid lofty transaction fees that some exchanges impose and be able trade or hold cryptocurrencies easily.
Required:
In order to buy and trade you will need to set up a Coinbase account. You can do so buy clicking here. This will be used for buying your initial currency. To keep costs down use bank transfer rather than a credit card, this will help you to avoid extra fees.
To buy Cryptocurrencies on Coinbase
Go to the buy and sell option in your Coinbase account and use funds from a bank transfer or credit card to buy ETH or LTC. Follow all the steps through the buy and sell menus. You will now have currency in your wallet.
If funding via bank transfer and not credit card then go to GDAX and use your funds there to buy some ETH or LTC on the /USD exchange markets.
NOTE: If you buy BTC or ETH or LTC on coinbase you should transfer it to gdax, then send it to binance. No fees when sending from gdax.
To trade you will need an account on an exchange. The most popular exchange is probably Binance where you can easily trade ETH, BTC, LTC, Ripple, etc. You can sign up and to save 50% on trading fees using this link.
To keep transaction speeds to a minimum buy either LTC or ETH from coinbase.
When you setup you accounts its always best to enable 2 factor authentication (known as 2FA). There is an app on the Google Store that makes this simple.
Transferring to an Exchange
Head over to Binance, go to Funds and then Deposits and withdrawals
Search for your ETH or LTC wallet on the binance wallet list. Type ETH or LTC in search box to find them quicker.
Click on Deposit and then copy the deposit address from your binace wallet.
Now you can transfer your ETH or LTC from Coinbase/Gdax to Binance – Go to “Accounts” on Coinbase or GDAX and select your wallet, Click on “Send” and paste your Binance deposit address. The blockchain will automatically verify the transaction and you will see confirmed a number of times.
After the transfer is confirmed you will see your the coins in your Binance wallet balance. Remember that Gdax is recommend due to NO WITHDRAWAL FEES!
You can now use your coins to buy any cryptocurrency binance supports.
Go to Exchange > basic > in the top right corner select the currency you bought (ETH or LTC)
Search for a coin you’re looking to buy.
How to purchase a coin on Binance
We will use “NEO” as an example:
Click on NEO/(ETH) in the Exchange , basic section.
If you have LTC then first exchange it for ETH under LTC/ETH
At the bottom you can now see ‘Buy NEO’, ‘price’, ‘amount’, ‘percentages’, ‘Total’ and ‘Buy NEO’.
If you want to use all your cryptocurrency to buy NEO select 100%, if you only want to buy 25% select 25%, this way you won’t have to calculate anything.
Click on ‘Buy NEO’ and you will now see your balance under Funds > Deposits withdrawals.
Congratulations, you have now successfully bought and sold a cryptocurrency (or traded) to hold the currency you want.
