It is always challenging for newbies to learn how this cryptocurrency works and especially asking about the transfer from one exchange to other its kind of tricky job for everyone. Hence this guide is to explain how to transfer from GDEX to Binance.
If you don’t know than GDEX and Binance is the best way to buy a cryptocurrency for nearly 0$ transaction fees.
If your aim is to trading than Binance is one of the best cryptocurrency exchange platform right now used by the number of crypto expertise.
Well before deep dive in detail process for transferring the cryptocurrency from GDEX to Binance, it is quite better to understand what these two exchanges are all about.
What are GDEX and Binance?
To buy any cryptocurrency, every beginner first starts with Coinbase because it seems to be easier than any other cryptocurrency exchanges.
Coinbase has its own cryptocurrency exchange, which is like a traditional exchange where multiple coins and their trading Pairs listed that’s called Coinbase Pro or other name is GDEX.
GDEX is offering to buy sell and exchange cryptocurrency using cryptocurrency or using fiat currency like GBP, EUR, USD, etc.
Trading fee with GDEX is less as compared to Coinbase and other cryptocurrency exchanges if you are buying first time only.
It allows depositing fiat currency to GDEX wallet which makes your job easier to convert fiat to crypto or vice versa in just a few simple steps.
To learn more in detail about How to use GDEX here is everything for you, make sure to complete that learning before start using GDEX.
Well, Binance is one of the largest cryptocurrency exchange which has an average of 2 billion USD daily trading volume.
Binance was started back in the year 2017 and it won’t ask you to complete KYC before use of binance and it has been listed with more than 150 cryptocurrencies.
Binance won’t allow to directly buy any cryptocurrency in exchange for fiat but using third-party gateways like Simplex will allow buying a few major currencies like Litecoin, Bitcoin, etc.
Binance is very active on social media for every single update happening on the exchange and the best part is the lowest trading fees offered by Binance.
To get detail idea on how to Use Binance check our Review with Binance and learn more about why Binance is one of the best cryptocurrency exchange.
Well if you are new to the cryptocurrency than you must make sure that you won’t waste your hard earned pocket money in trading and transactions fees.
To save your money, the best way is to learn how to transfer form GDEX to Binance and why?
Why Transfer from GDEX to Binance?
Whenever you enter in the crypto world as a beginner or already experienced guy than the first thing you need is to buy major cryptocurrency using Fiat.
It was just the beginning where you entered the crypto by buying like Bitcoin where it initially charges you around 3-4% or minimum 10$ as transaction fees.
That moment you need an exchange which allows exchanging your Bitcoin for all other altcoins than again new trading charges applied and in some cases, you are paying in between 0.25-0.50%.
To avoid all this and making your overall transaction fees close to 0$ GDEX and Binance will help us a lot.
GDEX is linked with Coinbase and deposit in Coinbase either Fiat or Cryptocurrency is free means if you transfer from Banks to Coinbase 100$ than coinbase wallet will have 100$.
You can switch this amount to GDEX in a simple step and now your 100$ fiat currency is in GDEX exchange.
Simply place a buy order of Bitcoin, Litecoin, Ethereum using fiat and it will charge you just 0.15-0.25% fees only means you have saved your transaction fees up to 3% or close to 9$ on your first buy.
But continuous trading on GDEX will charge you more trading fees to minimize this just transfer from GDEX to Binance cryptocurrency exchange where trading fees is just 0.05-0.1%.
Which means with your initial investment of 100$ you have purchased approx 99.50$ worth of cryptocurrency which is close to 0$ fees in this crypto world.
To learn more in detail check out the step by step guide on how to buy Cryptocurrency using 0$ trading fees in detail.
Now I imagine that you got an idea of why the transfer from GDEX to Binance is important?
To learn more in detail about the differences in between Coinbase vs Binance do not miss our ultimate guide.
Let’s go through the steps on how to transfer from GDEX to Binance.
How to Transfer from GDEX to Binance?
Blockchain technology is one of the big innovation of the 21st century where everything is supposed to be decentralized.
Like you have your own home address in a similar way in cryptocurrency every user will have an address of their wallet where they can hold their coins.
A cryptocurrency wallet is a place where you can hold multiple cryptocurrencies but to receive any cryptocurrency, you will have a separate alphanumeric code or address for each coin.
In a similar way to transfer from GDEX to Binance, you will need a destination address of that coin which will be alphanumeric code.
Let say you want to transfer Bitcoin from GDEX to Binance than you will need your Bitcoin Address from Binance.
This Bitcoin Address will work as the Destination address and after sending your Bitcoin to this address you can see that your funds got successfully transferred to Binance.
How to get Bitcoin Address and what steps you should follow will discuss all in detail.
- Create an Account with GDEX and complete your KYC with GDEX or Coinbase, as every user registered with Coinbase is default registered with GDEX.
- I imagine you already have cryptocurrency like Bitcoin with GDEX and you are expecting to transfer that out from GDEX to Binance, So do verify your available balance first.
- To check Balance with GDEX go to My Wallet –> click to Balance and check the balance. The currency will display according to your country specific wallet.
- Transfer from GDEX to Binance will also require an account with Binance and Binance won’t ask for KYC, so simply provide Email ID Password and you are active to trade.
- If you want to Transfer Bitcoin from GDEX to Binance, which means you need deposit address from Binance.
- Get Deposit address of Bitcoin from Binance, which you are transferring from GDEX to Binance go to Funds–> Click to Balance–>Search for BTC–>Click to BTC
- You will get a new screen with Bitcoin Deposit Address and that will be the address to which you would need to send your Bitcoin from GDEX.
- Copy the Bitcoin Address from Binance and go the GDEX exchange for sending Bitcoin to this Binance address.
- In GDEX go to My Wallet –>Click to Withdraw –>From drop Down Select Bitcoin (If you want to send any other Crypto than select accordingly)
- After selection, a New window will popup for Bitcoin send wherein Destination Address paste the Bitcoin Address copied from Binance. The amount is the place where you enter the amount of BTC you want to send from GDEX to Binance.
- After entry of BTC, equal worth amount of GBP will display beside that or you can enter vice versa. Simply hit to withdraw button but before that verify that you entered the right address.
- Check the last and first 4 characters of the address and if all ok simply hit to Withdraw button and your equal amount of BTC will be deducted form GDEX wallet.
- Go to Binance and click to Funds –> Balance–>Serch for BTC and verify the available balance. Available Balance is the one which you sent from GDEX to Binance.
Well, Deposit of any cryptocurrency with any exchange may vary with block confirmation duration.
Bitcoin may take up to 30-60 Minute, Ethereum up to 15 minutes and Litecoin may take up to 10 minutes.
So in case, you want to check how many confirmations it needs to verify your payment and available in Binance than check Funds–>Transaction History.
You every incoming or outgoing cryptocurrency will display there during pending confirmation and after completion as well.
Well, this all about on how to transfer from GDEX to Binance and make sure the deposit and withdrawal fee with GDEX.
GDEX Fees: Buy Sell and Deposit Withdrawal
GDEX is one of the very few exchanges which offer Free withdrawal of cryptocurrency.
You won’t be charged any single penny while transferring any Cryptocurrency like BTC, LTC, EOS Etc.
While referring to their official page I have found below transaction fees or trading fees associated with GDEX.
GDEX Deposit and Withdrawal FEES
GDEX Trading FEES
I imagine you already got an idea on how this Fees will apply, from Coinbase Pro full Review guide.
I hope you got all your answers on how to transfer from Coinbase Pro or GDEX to Binance and their advantages.
My View on GDEX and Binance
I always recommend everyone to do analyze first where you can save your money in trading and transaction fees.
Till date, these two GDEX and Binance are the best way to minimize all your trading fees and transaction fees.
The above-explained process for transferring BTC from GDEX to Binance is very similar for all other cryptocurrencies.
The only change you need is the destination address copied from Binance it must be the address of the coin which you want to send to Binance.
In GDEX also chose the withdrawal of that coin only for which you copied destination address from Binance else you may lose your funds and may not revert back anytime in future.
I hope I answered all your quires and if still facing issues than do comment will reply as soon as possible.
- Top 5 Adsense Approval Trick in 2020-2021 for Blogger and WordPress - June 28, 2020
- Bluehost Login (Review): How to Open Hosting Account (2020) - June 9, 2020
- 7 Types of Websites In Demand That Makes you Milionaire in (2020)? - February 20, 2020