There are plenty of exchanges out there to buy Bitcoin and other cryptocurrencies. The majority of which charge a fee for using there services.
Today I want to show you a trick to buying Bitcoin without having to pay any fees.
The exchange we’ll be purchasing from is GDAX.com. The company that owns GDAX is also the same company that owns Coinbase. Coinbase operates in the US, is a legitamate exchange and security is one of it’s top priorities. I’ve used both Coinbase and GDAX to make purchases and have not ran into any problems.
You may be asking yourself, if they are owned by the same company than what is the difference between the two? The main difference is who these platforms are targeted towards.
Coinbase is targeted toward introductory crypto traders. It has a very simple UI which makes buying and selling very easy. However it’s limited in the type of buy orders you can place.
GDAX on the other hand is targeted toward the more advance day to day traders of crypto. It’s UI is very nice looking but contains a lot of information that the normal person would not care about. Because it’s targeted at this different audience it allows you to place market, limit and stop orders.
- Create an account
- Verify your identity
- Connect a Bank Account, Debit Card or Credit Card
- Transfer funds into your GDAX account
Note: Transferring funds is not instant and can take multiple days until your account is credited.
Placing a limit order
One way to buy Bitcoin without paying any fees is by placing what’s called a limit order.
To place a limit order you need to supply the amount of Bitcoin you want to purchase and the price you want to purchase it at. You also want to make sure you check the box that says “Post Only” as well as set the “Time In Force Policy” to “Good Til Cancelled”.
The fastest way to getting your buy order filled is by accurately filling out the limit price to reflect the current market price. GDAX shows you all the current buy orders being filled inside the “Order Book” section of it’s dashboard. Look at the buy orders being filled and put your limit price equal to the last buy order.
Once you’ve filled everything out look at the “Total(USD)” right above the “Place Buy Order” button and make sure you have enough funds.
Once your happy, click the big green “Place Buy Order” button and watch your order be filled all while not having to pay a single cent in fees.