STEP THREE: Transferring $ETH & Using Binance
- Follow steps 1 and 2 to buy $ETH on GDAX, or Coinbase then transfer to GDAX. **$ETH withdrawals are faster than $BTC, so it’s recommended that you use $ETH to complete this process.**
- On a desktop or laptop, create a Binance account (sign-up here).
- Secure your account using 2FA (2 factor authorization) using the Authy app. It is optional but recommended since you have to verify that it’s you who’s trying to access the account every time you try to log in.
- Once logged into Binance, hover over “Funds” in the banner and select “Deposits Withdrawals”
- Search for ETH then click on “Deposit” on the right
- Copy the long “0x . . . . ” address under “ETH Deposit Address”
- Go back to www.gdax.com/trade
- Go to the ETH/USD page
- Click on “Withdraw”
- Paste the “0x . . . . ” address where it says “Destination”
- Enter the amount that you’re withdrawing
- Enter verification code from the Authy app if you set up Authy with Coinbase or click “Get Code” if you didn’t. You’ll receive a code via SMS within seconds. Enter it where it says “Two-Factor Code”
- Click “Withdraw Funds” and wait about 15 to 25 minutes (may be 30 minutes if it’s your first withdrawal).
- You’ll receive an email saying “Deposit Sucess”
- Go to back Binance, click on “Exchange” on the top left, then “Basic”
- Click on ETH (highlighted in yellow on the top right of the image above)
- Search for your desired currency using the ticker name (Ethereum = ETH, and so on) in the box highlighted above
- Remember you’re trading other currencies using $ETH. Meaning, the number before the dollar price on the upper left side of the image above is the cost of buying one coin of $IOTA in terms of $ETH.
- On the bottom in the “Buy ____” section, enter the price that you’re willing to pay per coin (if it is above the current price then your order will process instantly, if lower then you’ll have to wait until price drops to your bidding price).
- Enter how many coins you want to buy (or use the 25%, 50%, 75%, 100% to determine how much you can buy if you use 25% of your ETH balance, for instance).
- Click on buy.
- Enjoy & trade wisely.
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Thank you for reading!
More content will be uploaded soon (such as: tips, do’s/ don’ts, wallets guide, and more).
Good luck. Trade wisely.