All right so you want to know how to make your deposit the fastest and cheapest way possible. Well I have found it and I am going to provide you the information step by step so you can get going in a hurry if that is what you want, which is what everyone wants!
Here is a step by step list of how to make the most with your hard earned cash to put it to work in the cryto world. Well number one is that you have done your home work so putting your money onto the block chain will not lose the savings of getting your money in! (This is for US consumers however should work world wide).
- You need to make an account pro.coinbase.com or you can also use your current Coinbase account as there are no
fees to transfer from Coinbase to Coinbase Pro. - Validate your bank account (personally I have a bank account just for crytocurrency*)
- Validate your identity on Coinbase as Coinbase and Coinbase Pro are built on and share the same platform and
information. - When validating your identity use chrome for your browser anything else may cause problems or not validate your
personal identity.
a. Take a picture of the front and back of your drivers license or official identification card with your phone upload
photos to your computer if your not using the mobile app. I sent mine via email from my phone to my computer.
b. Login to either account and it hit deposit it will take you to validate identity and here is where you upload your
photo's it will also ask for a selfie. I did mine with my webcam there is probably a way to take one with your phone
if your using the mobile app.
c. Your account should now be verified if not Coinbase support 24x7 is very helpful! +1 (855) 577-1727 . - You are now ready to make a free deposit using a verified bank account not a debit or credit card or wire use ACH
your funds are available immediately however only for USD, Bitcoin,Bitcoin Cash, Ethereum and Litecoin for 3 to 5
business days. Although your funds for these coins are available immediately the transaction is being verified (ACH). - This is where you should not get excited like I did after verifying my identity and understand you are on Coinbase
and not Coinbase Pro. So your deposit will be on Coinbase it doesn't really matter because regardless of Coinbase
or Coinbase Pro you still have access to the same main coins until your ACH is cleared you can look on the site or
wait for an email letting you know your funds are available. - This is where your savings come in and I would be interested if somebody can find a cheaper way to get your money
on to the block chain. So your money is validated and ready to move so if you didn't deposit your fiat currency on
Coinbase Pro, the transfer to Coinbase Pro from Coinbase is free, so move it to Coinbase Pro ... (pro.coinbase.com). - Purchase Stellar Lumens (XLM) and transfer funds from Coinbase Pro if you want to use a different exchange. The
fee is .00001000 XLM very cheap but the best thing is that it is very fast just make sure you put the memo field in
mentioned in my previous article. You want the memo field to be the same as the receiving addresses memo. - There you go the cheapest but not necessarily the fastest way to get money on the block chain especially if your
block chain account.
*The reason I have a seperate account for crytocurrency should be obvious but in case it is not it is nearly a 0 balance
account where its primary use is making deposits and withdrawls from online sources if it is a 0 balances account
where you move money in and out of for a specific purpose nobody can get to your other funds that pay your living
expenses!
Well I hope you got value out of this posting and I believe it is the fastest possible way with the benefit of being the cheapest. If it is speed you are looking for I believe using a credit card will give you instant access to doing whatever you
want with your money on the block chain. However, I still believe it would be the cheapest fastest way of getting your investment going although it will cost more just because of the credit card fee's are higher on everything!
Please up vote and let others know about this for the reason I wrote it saving money and understanding how to get fiat currencies onto the block chain in the fastest possible way.
Also realize that Stellar Lumens (XLM) is the main ingredient for getting your money to the exchange of your choice being once you purchase them on Coinbase Pro and then deposit them on to the exchange of your choice only takes a few seconds instead of the lengthy process of depositing bitcoin to your exchange which can take hours at times. Lumens (XLM) takes seconds at which time you sell them on your exchange which will be very minimal and maybe even profitable the time is so quick the price cannot change to fast either way. No more horror stories of 4 hour waits for your money to be on your exchange just 2 extra steps buying XLM and then selling XLM on your exchange. However the main thing you need to remember is to fill out the MEMO field of the receiving address that is provided when you get the address again on the receiving end of the transaction and you will effectively put your money on the exchange of your choice in seconds after clearing the ACH verification 3 to 5 business days quicker depending on your bank. Credit card transactions can literally happen instantaneously if you are all set up with your verified account on Coinbase Pro. Simply deposit with your credit card buy XLM send XLM to your exchange and seconds later trade to whatever coin you like.
Like always, I wish you the best of luck and good fortune in crytocurrency do your home work and wait for your investment to make money don't be afraid to take profit now and then and don't be afraid to hold for a long time. The latter is what I like to do! As far as the bank account make sure you set up an account separate from your main account but linked so you can transfer funds into and from your main account that way it is not on the internet for anyone to drain!
Thanks again until next time!
P.S. Let me know if you have a faster cheaper way I would be interested in hearing it as this is the best I could do and it
has not failed me yet! Please up vote if you found this information useful and informative!