When your new to crypto investing and you search for a Youtube video to find out how to invest some money one of the popular sights that come up for buying your first coin is Coinbase. This sight is well trusted and does work well however it charges you big fees for your investments and sending your currency ( should you choose to trade with other exchanges like bittrex, binance, poloniax that have access to other so called alt-coins ).
GDAX is an extention of coinbase and is a trading platform in its own right, this means you can do far more with your currency but more importantly when your funds are in GDAX you can exchange them to and from cryptocurrency and fiat currency ( £, $, Euro ) for free and here's how...
If you haven't already. then make your coinbase account
You can follow this link if you wish to help me out:
https://www.coinbase.com/join/59fa16f50207940111cff46dGo to https://www.gdax.com to enable the GDAX extension for your coinbase account ( this turns your coinbase into a real trading platform with potentially zero fees )
In coinbase select the Buy/Sell Tab. Next select the currency you want to buy and follow the steps to instantly purchase your currency. Alternatively if you are spending over £500 on the Crypto I suggest that you do a bank transfer to deposit funds directly onto your gdax account.
see part 4b)
On the picture below you can see the right hand side of the open GDAX account. Here you can click on the top right hand corner part to reveal a dropdown ( next to where it says my name ). If you select account at this stage then you will be able to put in the currency you have purchased on Coinbase directly to your GDAX account with zero fees.
4)a) on the account page select the currency you have purchased. For my example I will assume we have purchased Ethereum. As you can see below you will need to find the Ethereum part ( or whatever cryptocurrency you purchased ) then select the Down arrow ( meaning deposit ) The up arrow would be pressed if you wanted to withdraw that currency. Now you will see the screen I have up where you can deposit the funds in your Coinbase account to your GDAX account for FREE :)
4)b) If you choose to bank transfer funds into your GDAX then simply select the fiat currency that you want ( £, Euro, $ ) although I think for people in the UK such as myself you can only bank transfer Euro. After clicking the down arrow on the currency you want then the relevant information for you to make a bank transfer to will come up. Proceed to your bank to make the transfer and note that there will be a minimum of a £15 charge when exchanging currency ( for example I have £ in my account and would have to deposit Euro to GDAX so would expect an additional charge from my bank of £15 when making my deposit )
Below is an image of my GDAX homepage on the account. Which can always be accessed by clicking the GDAX logo on the top left hand corner. As you can see on the top right hand corner there is a button to the right of where it says "GDAX" which when you hover over will reveal all pairs (crypto to fiat ) that you can trade. In my example I will pick the ETH/EUR pair.
With the pair selected that you want to trade you can either Sell ( if you already have Eth and want to trade it for euro) or you can Buy ( if you want to buy Ethereum for the euro in your account ).
If you simply want to purchase your crypto with no hastle then select that you want to do a market order and just input the amount of euros that you want to spend on the crypto, however this method will cause you to pay a 0.25% market maker fee.
The second method is to use the limit buy option. In this case your order will appear on the order book and your contributing to the markets liquidity so there is zero fee. As you will see in the image below you will need to select your limit price (if your new to this select the price closest to the centre of the order book if your buying/selling) You also need to select the amount you wish to purchase.
If you have any questions throught this process then please leave comments and I will answer them as best I can.
Also comment with what you would like to see more content on, I am proficient with Elliot waves, many different currency exchanges, different technical analysis techniques and many other things.
I hope I can contribute to this steem society, make new friends and help some people out :)
Legal Disclaimer: This is only my opinion, how you interpret it is completely up to you. What I mean by this is that I am not giving you advice or recommendation to buy or sell anything! This information has been made for informative and entertainment purposes only.