How To Stop Paying Fees With Coinbase

I’m sure if you’ve been in the crypto scene for very long at all, you’re well aware of how limited the options are to convert crypto to USD. On top of the monopoly that Coinbase has in this service, it also comes with some rather large fees. I know what you’re thinking between miner transfer fees and liquidation fees, profiting in crypto quickly becomes an unwinnable uphill battle!

Source: Youtube

How Does It Work?

Coinbase has a backend UI that rewards you for being a “maker” in the market instead of a “taker”. A maker is qualified as a market participant that adds liquidity.

What Are Makers & Takers?

“Makers typically are high-frequency trading firms, whose business models largely depend on specialized trading strategies that are designed to capture payments. “Takers” are typically either large investment firms looking to buy or sell big blocks of stocks or hedge funds making bets on short-term price moves.” Source: Investopedia 

The Process:

Step 1

Add Funds To Your Coinbase Account

Step 2

Go To gdax.com

Step 3

Place a Limit Order Slightly Below The Whatever The Market Is. (Essentially hit the bid)

Step 4

Wait To Get Filled And You’re Done! Because You’re Not Placing A Market Order You Probably Won’t Get Filled Instantly However With Market Volatility Being What It Is You Probably Won’t Have To Wait Very Long For a Fill Either. Let’s keep our money in our wallets and out of the multimillion-dollar corporations, shall we?

Summary

As with most things in life, the easiest way isn’t usually the best way. If you have a minute or two to get in or out of your position, then this is by far the best way to execute orders!

If this article helped you out please share it to help a fellow trader out!

OTHER ARTICLES OF INTEREST

Check out my articles on How To Get Started Investing In Crypto & The Crypto Toolkit they are both great resources for beginners.

Need a more secure wallet? Check Out Ledger’s Hardware Wallet

How does 1% a day for 300 days sounds? Check out my article on Crypto Lending only if you like money that is.

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