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Showing posts with label day trading. Show all posts
Showing posts with label day trading. Show all posts

Saturday, March 20

How to save on Coinbase |Pro| transaction fees - Transfer back and forth method.

 Even in the instances in which a new or novice trader is adept enough in managing transactions in day trading (quick and volatile types of trades) in Coinbase, or Coinbase Pro, there ought to be some respite from scaling in to all-out trading madness, which is sometimes inherent in doing such a thing as quick trading.

[At this point in time, a few weeks in to taking a dip in the cryptocurrency trading and investment thing], I encountered a simple little loophole that helps cut out the fees involved in converting from some transaction pairs in Coinbase Pro - as that the fiat currency pairs, which are purchased with USD, and the stablecoin markets, which are purchased (mostly) with USDC, feature familiar currency pairs, from having started out in Coinbase, as a trading platform, and therefore, we had the opportunity to familiarize ourselves with the cryptocurrencies as enterprise and organizational foundries, with some purpose and meaning behind them. This sort of thing helps build affinities, attractions, loyalties, and it brings some folklore in to starting out on these developing platforms of investment and trading. 


As you can see, my more haphazard and impetuous trading self had built up a sizable amount of fees, for doing impulsive sellouts and buy-ins in volatile market conditions. In essence, these fees fees in to what could have been some profit, potentially, but I do appreciate the Coinbase platform itself, as it offers notable perks and features for the beginner, in it’s relative simplicity. 



The workaround for saving on transaction fees, here, which, since we’re not able to convert directly between USD and USDC, to trade on the different platforms - fiat and stablecoin, and we would otherwise have to buy in on BTC or ETH in an intermediary transaction to transfer investment funding in to the different markets - 



Is to simply withdraw the money from Coinbase Pro in to Coinbase, as either USD, or USDC, with the caveat of that there are one week and two week withdrawal limitations, in time basis involved requisite for allowing us to withdraw, in the first place (something like that… or does that apply to withdrawals to a bank? Maybe not just withdrawals to a bank, but perhaps also withdrawing from Coinbase Pro to Coinbase), such as I’m describing here. 

Withdrawing is simple enough.


The thing about it is, though, is that we can convert USDC to USD, and vice-versa, for free, on Coinbase, and we are not able to do it directly, and for free, on Coinbase Pro. It’ll save you some change, but the fees add up, especially in the heat of the moment, when trying to capitalize on market volatility, and in needing to dump sunken losses, for the time being. For when it’s “like that,” so to speak. Use the “sell” option, in Coinbase, for converting the USD in to USDC, or the other way around, buying USDC with USD. Then, transfer it back in to Coinbase Pro, to purchase a new currency pair trade.







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