Since Binance disabled new sign ups, people have been asking me for an alternative. Well, here it is! How to go from USD to an altcoin in a very cost-effective way. We will be using POE for this example but it’s literally the same steps for all altcoins.
Disclaimer: Using the Coinbase link will net you and I both an extra $10 of BTC if you happen to purchase $100. The Binance/Kucoin links are also affiliate links.
Let’s Get Started
- Create a Coinbase account if you don’t already have one.
- Connect your bank account to avoid credit card transaction fees.
If you don’t want to wait, you can immediately buy funds with a credit or debit card (Visa/Mastercard).
- Sign up for Kucoin.
- Login to GDAX with your Coinbase account. GDAX is simply Coinbase’s exchange. The reason we are using GDAX is that it is free to transfer funds out of, whereas in Coinbase, there incurs a fee. It also free to transfer funds from Coinbase into GDAX, so don’t worry there.
- Confirm your identity on GDAX with something as simple as a picture of the front and back of your license. The process can also be completed on Coinbase here. It took about 24 hours for my identity to be verified, but I’ve heard it’s considerably sped up since.
If you get rejected instantly a few times, try using the mobile app. That worked for me.
- If GDAX identity confirmation is taking some time, go ahead and transfer funds from your bank to buy Ethereum (ETH) so we’ll be ready to go once you are confirmed. Purchase the USD amount you want to invest into Po.et (POE), we are only using Ethereum to exchange for POE, or another altcoin of your choosing.
Once Everything Has Been Set Up…
We’re good to go. The flow of funds looks like this:
I know it looks a bit daunting, but trust me — it isn’t and wont take but 15 minutes or so (depending on transfer speeds). Plus, I’ll walk you through the whole process myself. Okay, here we go!
- Go to this page on GDAX to deposit your ETH from Coinbase.
2. Press the DEPOSIT button as shown above, and press the Coinbase Account tab, selecting ETH Wallet as the source.
3. Press the Deposit funds button and confirm the deposit.
4. Navigate to this page on Kucoin.
5. Copy your ETH wallet addressand go back to this same page on GDAX. Press the WITHDRAW button this time.
6. Navigate to the ETH Address tab and paste in your ETH wallet address from Kucoin into the DESTINATION field, and press the (MAX) button to populate the amount for you.
7. Press Withdraw funds and wait for the ETH to transfer to Kucoin. You can check on the status within Kucoin here, once they are transferred they will appear.
8. Once they are in Kucoin, navigate to this page, and press the ETH tab.
9. Press on POE/ETH or another coin you wish to buy. You will be taken to this page.
10. Press the blue hyperlink to the right of “Best price”. Then, press the blue hyperlink to the right of “Max”. Then, press the Buy button.
CONGRATULATIONS you now own POE or another altcoin!!!!
There’s nothing to do now but hodl on and watch the price shoot up!