In this post, we are going to see the best options to deposit funds in Coinbase without paying a lot of fees and in different ways.
Coinbase allows its users to buy in an easy and simple way, using their credit card and without having to do many operations to deposit funds. On coinbase, you can directly buy cryptocurrencies with your payment method, or deposit funds with your currency, to later use them to buy cryptocurrencies.
Let’s see the different ways coinbase allows you to deposit funds, as well as send cryptocurrencies from another exchange or wallet to coinbase, either to have them safer, sell them and withdraw money to your bank account or exchange it for another cryptocurrency.
Where to buy cryptocurrencies on Coinbase
The first way to deposit funds is to directly buy a cryptocurrency with your payment method, usually your credit card, and thus have funds already directly in the cryptocurrency you want.
In order to buy cryptocurrencies on coinbase, you can do it directly with your payment method that you have indicated. When you create your account, you will be asked for a payment method where you can add a credit or debit card to buy cryptocurrencies. If you did not add it, in your profile, you can go to payment method, and add the information to be able to start buying and selling cryptocurrencies on coinbase.
With the payment method indicated, it is as simple as clicking on buy/sell in the desktop version, the app operation is very similar. In the buy part, it will first ask you what type of purchase, if it is a one-time purchase, every day, every week, every two weeks or every month. This is a way to buy an asset every so often, and thus buy both when it has a lower price, and when it has a higher price. To avoid entering at the time when the price of this cryptocurrency is at its highest.
Once you have selected this, usually you will select in single purchase, the next thing is to indicate the quantity. You will be able to see different price options, and you can click on customize to indicate a specific number that is not in these options. Also, remember that the amount you indicate, is in the currency you have indicated, either euros if you live in Europe or dollars if you are in America.
The next step is to indicate the cryptocurrency we want to buy, let’s say ethereum, in buy we select the arrow and we will see a list with all the cryptocurrencies available on coinbase to buy. You can use the search engine to find it faster. In case you don’t find it, it is very possible that it is not available on coinbase and you should use another platform to buy the cryptocurrency you want.
The last step is to select the payment method, which comes by default the one you indicated when you created your account. If you click on the arrow, you will be able to add another payment method and see the limit of your payment method.
Click on buy now, and confirm the transaction with your bank if verification is required using the app or with an SMS. With the purchase done, you will be able to see in your balance the amount you have and in your assets the cryptocurrency you have purchased.
If you go to your assets, and click on your currency, for example, euros, you will see a button to deposit funds. This is the other way we have to deposit on coinbase, instead of cryptocurrencies, deposit our currency on the platform. Here, you will be able to deposit using bank transfer, which usually takes between 1 to 3 business days to arrive and have the balance in your account.
You will be able to see all the information to make the deposit and it is very important that the name of the account you make the transfer, has the same name as your account. So other people will not be able to make a transfer to your account to have a balance.
From Binance to Coinbase
Now let’s see how to deposit funds by sending it from another Exchange, in this case Binance as it is the most used one. Although the operation is the same if you use another Exchange to send cryptocurrencies to Coinbase. The same happens with wallets like metamask, where the operation is very similar to send cryptocurrencies to your Coinbase account. With that said, let’s get started.
Binance also allows you to deposit with a credit card and buy many different cryptocurrencies. We will focus on how you can send cryptocurrencies, and not the whole process of depositing and buying within Binance. If you want to know how it’s done in more detail, you can find a guide on our page.
If you don’t have an account with binance, you can create your account just below.
With the cryptocurrency we want to send in the binance balance, for example, with Bitcoin, we will go to wallet and spot wallet.
Here, the first thing we must indicate the Coinbase address where to deposit Bitcoin. To find out the address, go to Coinbase and click on send/receive. Here, under active we will indicate the cryptocurrency we want to receive and copy the address. Copy the address and paste it in binance. Select the same network as indicated in Coinbase, in case of Bitcoin, the Bitcoin network. Indicate the amount you want to send and confirm the transaction with your email and mobile codes. You will see the commission, which in the case of the BTC network, is not very high. Above all, when you copy the address in Coinbase, look at the network that indicates you to select the same in Binance.
With this, after a few minutes you should be able to see your cryptocurrencies sent in your Coinbase main account balance. Now you will have funds to use in Coinbase to buy any of the cryptocurrencies within the platform.
Always make sure to see which network is the address Coinbase uses to receive, and indicate the same on Binance or use the same network if you are using a wallet like metamask, to avoid losing your funds. If you can, first send a small amount to check that it arrives without problems.
I hope this has helped you to be able to deposit funds in Coinbase, without paying high fees. If you don’t have an account with either exchange, you can create your account below.