Getting ADA fast with minimum fees?


#1

Hey, would anyone be able to offer a better way than what I am doing now?

  1. Transfer funds from the bank to Coinbase USD wallet (8 DAYS!!!)
    2 Convert into BTC on https://www.gdax.com/
    3 Transfer to https://www.binance.com/tradeDetail.html?symbol=ADA_BTC and exchange for ADA
    4 Transfer ADA to Daedalus

This entire process takes time and coinbase transfer is the worst of it. Is there anything I can do better without raising Fiat to Crypto conversion fees.

I am trying to invest a little bit from every paycheck so this is a an ongoing struggle.

Thanks!


#2

I hear you Re:Coinbase… It’s crazy how long it takes, not to mention their weekly/daily limits. You can buy ADA on Coinmama using a credit card, but you will likely pay a ~5% hike on the current ADA price + another 5.5% for credit processing fee. This is IMO ridiculous. I should also mention that some credit companies including Citi, Chase, BofA (I think) will no longer honor the purchasing of cryptos using their credit cards.

Anyhow, sorry I don’t of any other way of getting ADA either. I look forward to what others have to say about this.
P.S. I buy ETH and convert these into ADA. I don’t go through BTC


#3

It probably won’t help you but I can buy BTC or ETH on Coinbase by direct bank transfer (SWIFT, I think) sometimes the same day but if not always the next working day. Also, I don’t use GDAX, I just transfer direct to Binance.


#4

Just to be clear, do you mean I can send currency from USD wallet on Coinbase directly to Binance wallet as ETH or BCT? Will conversion take place automatic ? What are the fees?


#5

No, you cannot send USD from Coinbase to Binance…
1.- You can send USD from your bank account to Coinbase and keep the cash there
2.- Buy ETH instantly with the cash (you get the ETH immediately)
3.- Send ETH to binance and trade for ADA
4.- Send ADA to Daedalus
Buying BTC, and sending to binance is too expensive and time consuming…ETH is faster and cheaper


#6

Good to know, thank you


#7

It took me longer to get my ether from coinbase to binance then from my bank-account to coinbase. Blocked for 72 hours for security reasons.


#8

Dunno where you’re from but I would simply try to buy BTC with cash some other way.
Normal fx exchanges are the best option I know… there are a lot of changes/ATMs, depending on where you live.

Localbitcoins.com let’s buy from people - so riskier, but an option.
Coinmama.com is another option, the only one I know to buy BTC directly with credit card, their fees were high last time I checked, but maybe it’s better now.

This way you can buy the BTC directly to your Binance wallet (which usually 20-45 mins to show up on from what I’ve seen.)

EDIT : Here they say is a map of US ATMs, that’s the kind of resources I’d look for…


#9

Hi, Here’s a much quicker way (if you have a debit card attached to your bank account): about 30 minutes round trip.

  1. Buy ETH with Debit card (instantaneous) on CoinBase
  2. Transfer ETH to GDAX
  3. Transfer ETH from GDAX to Binance
  4. Purchase ADA
  5. Transfer ADA to Daedalus

#10

Some fees involved, of course, but speedy. Good luck.


#11

I see people say they do this but I don’t understand it. I transfer ETH/BTC direct from Coinbase to Binance. Is it a geographical limitation? I’m in the UK and Coinbase have a London office.


#12

I’m in the US and do the same : Coinbase ETH to Binance directly.


#13

I have never transferred ETH directly from CoinBase to Binance, but I don’t see why you couldn’t. Come to think of it, I don’t know why I started going through GDAX (owned by CoinBase), but perhaps that was the only way at that time. I’ll have to look into that.


#14

This sheds some light on the practice:

Coinbase is a great site to get started with and to purchase a base currency. To instantly purchase a currency a credit (debit) card is ideal. Coinbase actually offers some of the lowest credit (debit) card buy/sell fees in the industry.

It is recommended to use Gdax for withdrawing coins as they have no withdrawal fees. Transfer your coins to GDAX for free then withdraw from there to binance!

GDAX shines when it comes to saving on fees. Trading fees are typically .25% or less. You can see the specifics on their fee structure page. Coinbase charges ~1.5% when buying or selling via bank transfer and ~4% when using credit cards or PayPal.


#15

OK, that explains it. Thanks.


#16

Hi
If you follow this link Cardano with Visa you could buy ADA directly with your Credit Card.

I never used coinmama and i dont know about fees, anyway you can check it and you find out the fees, you could post it here, it will be appreciated :wink:

When you buy BTC or ETH from coinbase ( you are paying 1) transferring the money from bank to coinbase 2) the rate of bitcoin price in coinbase 3) the fee of BTC transaction 4) the fee of the exchanger BTC for ADA 5) the fees of exchanger to withdraw your ADA

So do little math between your process and coinmama with VISA to know which way is economically viable, so, fees is actually relative for each case


#17
  • Buy ETH, LTC, BCC or BTC with Debit card (instantaneous) on CoinBase
  • Transfer ETH, LTC, BCC or BTC from Coinbase to Binance
  • Purchase ADA
  • Transfer ADA to Daedalus

There…


#18

Obviously (?) the GDAX step could be omitted, but the OP states “minimum fees”, and this is explained above: Getting ADA fast with minimum fees?


#19

For me in Belgium (fiat=EUR), the easiest way I found to get ADA is a direct buy via Coinmama … Of course there’s a fee (got 5 USD), but it’s nothing like what coinbase charged me (10+ EUR = 12+ USD) …

Just for info, I got a 10 USD discount on Coinmama just by waiting a bit between my validation and the first purchase… Got a coupon in my mail as incentive…