Using an exchange, like Coinbase, means we can send funds directly from our bank account to the exchange to buy crypto and when we come to withdraw our Bitcoin balance from CFX we need an exchange/external wallet to send that Bitcoin to.
If you will be wanting to turn the crypto into fiat currency you will need an exchange to be able to do that so it’s important to understand this and have a suitable exchange in place.
You can also link a credit card, although be aware that your credit card company charges a high fee for this service and Coinbase also charges a higher fee than they do for a direct bank transfer.
It’s not so much a problem when sending fiat to your Coinbase exchange as the fees are relatively low at 1.99%, directly from your bank account to the exchange BUT it will become a bigger problem, with much higher fees, when eventually you will want to withdraw your higher profits so that you can convert to your fiat currency, and also when you want to send money from your Bitcoin wallet to transfer it to the CashFX wallet to put into your account in order to upgrade
The $20k contract for example will bring with it quite a sizeable fee with such a transaction if you send the money directly from Coinbase and not its trading counterpart – pro. Coinbase.
The larger the amount of money you move from your Coinbase wallet to someone else’s, e.g your CFX account, the larger the fee is.
The fees ARE HIGH (comparatively) when we just use Coinbase so I recommend that you open an account withCoinbase account
Coinbase PRO is Coinbases version of their cryptocurrency trading exchange. (Think Binance). Many who are new to cryptocurrency only see Coinbase as a crypto wallet but over the years they have become a popular crypto exchange as well.
Use PRO Coinbase to lower those fees with Coinbase drastically. You have to have a Coinbase account first in order to open up a Pro. Coinbase account.
Go here for info on setting up your Coinbase account
Once you have your Coinbase account, open up a Pro Coinbase account, using the same email address and password that you have for Coinbase.
Send your money to yourself from your Coinbase account to your Pro. Coinbase account.
Login into Pro. Coinbase > click on deposit on the left-hand side > Click on BTC > Click on from Coinbase.com The Bitcoin in your BTC wallet in your Coinbase account will immediately be sent to your Pro. Coinbase wallet It is safe to hold it there or use the trading facility to convert it to whatever crypto/fiat currency you wish.
When you want to withdraw you can make the transfer to your external wallet (where you want the bitcoin to go to) from Coinbase Pro and the fees are zero or very very small compared to Coinbase and many other exchanges like Binance.
You simply click on withdraw, a pop-up appears and you fill in the wallet address the crypto is going to and then choose the type of crypto and how much you are sending to that wallet.
Once you have your Coinbase Pro account set up and working you can withdraw directly from there to your bank or to Paypal, so no need to send it to a wallet and then to the bank – this is free when done from Coinbase. pro.
This short video explains how to trade your BTC to GBP and withdraw to your bank account: https://youtu.be/jlx8MSA35Qo
All of this sounds complicated and overwhelming at first but unfortunately, there is no way, that I know of, around this so TAKE THE TIME TO READ THROUGH THIS POST A FEW TIMES…..SLOWLY until you understand it.If you are already with Coinbase get your Pro.Coinbase account (it’s very easy once you have the main Coinbase account set up and you will be glad you did to avoid those heavy fees
.I encourage you all to start this process now so that you are ready when the time comes for those huge withdrawals.https://pro.coinbase.com**And finally a great article to read thoroughly: http://bit.ly/coinbasevsprocoinbase