You’ve just bought some Bitcoin, Ethereum or Litecoin on Coinbase and now you’re wondering, ‘What’s next?’
How do I move the coins from Coinbase to another exchange or wallet?
In a similar tutorial, we showed you how to move your digital currency from Coinbase to Exodus on your computer. In this tutorial, we will run through the steps required to move your Bitcoin from Coinbase to QuadrigaCX, a Canadian cryptocurrency exchange.
If you are not familiar with Quadriga, Step 1 of our Beginner’s Guide shows you how to sign-up for an account.
Why would I move Bitcoin from Coinbase to Quadriga?
There are many reasons you may wish to move your digital currencies from Coinbase to Quadriga. The two main reasons might be, (a) Bitcoin has increased in value and you would like to sell, or cash out to CAD, or (b) you would like to start trading to try and increase your portfolio.
How to move Bitcoin from Coinbase to Quadriga
In this example we will send Bitcoin from our Coinbase wallet to our Quadriga wallet. The process is the same for Ethereum and Litecoin, but making sure you are sending/receiving to and from the correct addresses. In other words, make sure you are sending ETH to your Ethereum wallet address (beginning with ‘0x’) and LTC to your Litecoin wallet address.
To get started, sign in to your Coinbase account. Once your are logged in, click the ‘Accounts‘ tab in the main navigation.
Next, click the ‘Send‘ button under the currency you wish to send out. In this example we are sending Bitcoin, but the steps are similar for Ethereum or Litecoin.
The next screen you will see is the ‘Send’ screen showing the transaction details boxes you need to fill out, as shown below.
In this case, you are sending your coins to Quadriga, so you need to input your Quadriga Bitcoin wallet address. To find this address, login to your Quadriga account in a separate tab or window. On the Dashboard screen, click your XBT balance to show the dropdown options.
NOTE: XBT is the coin symbol that Quadriga uses for Bitcoin. Coinbase uses BTC, which is more common, but both refer to the same Bitcoin currency.
Click the Fund Account link in the dropdown, as shown in the screen below. This will take you to the XBT Account Funding page.
On the XBT Account Funding page you will see two things: (1) your Bitcoin wallet address, and (2) a Payment QR Code representing your Bitcoin wallet address.
Highlight the Bitcoin address with your cursor and copy the characters. It is also possible to send Bitcoin from the Coinbase iOS and Android apps, so this is where you could scan the QR code with your phone camera. But for now, we can ignore the QR code, and we will manually copy the wallet address.
Go back to your Coinbase account in your browser. Select the Recipient field in the Send box and then paste in the Bitcoin address you just copied from Quadriga.
Next, enter the amount you wish to send. If you want to send your full balance, click in either box—CAD or BTC—and then click the ‘Send Max’ button that appears. Otherwise you can enter an exact amount in either CAD or BTC.
If you would like to attach note to this transaction you can do it here. You can leave this blank.
The network fee is the transaction fee paid to miners who process and confirm the transactions. This fee does not go to Coinbase, but directly to miners, and it cannot be changed. However, it does fluctuate, so if you feel the fees are too high you can wait and try another time when the network is not as busy.
TIP: Look out for the bonus tip at the end of this tutorial where you’ll learn how to send for free from Coinbase!
When you are ready click ‘Continue.’
This will take you to a confirmation screen, shown below, where you will have the opportunity to check over everything and make sure you are happy with the details before proceeding.
As you can see in the screen above, all the details we entered are shown again for us to check. At this point it is a good idea to quickly go back to your Quadriga browser tab and view the first and last 4 to 5 characters of your address, then do the same on the confirmation screen in Coinbase. This is just an easy way to make sure you haven’t dropped any characters at the beginning or end of the address if you manually copied in. Copying and pasting is usually safe, but it’s always good to get into the habit of visually checking addresses as mistakes cannot be rectified afterwards.
If the first and last few characters match, that’s a good indication that the addresses match and you haven’t lost any characters along the way!
Finally, you will need to enter a 2-step verification code in the box provided. Open the Google Authenticator app on your phone and find the Coinbase code.
NOTE: If you haven’t already done so, it is very important that you enable Two-factor Authentication on your Coinbase account. See Step 1 of our Beginner’s Guide to learn how to do this.
With your 2-step verification code entered, click ‘Confirm‘ to process the transaction. This will show you a confirmation screen with details of the transaction.
You should also receive an email notification once the transaction has fully sent. This may not be immediate, as sometimes congestion in the Bitcoin network can cause delays. Ethereum and Litecoin transactions are usually very quick—however Bitcoin can sometimes take up to an hour or more to be sent out.
You can click ‘View this transaction’ to see the details in your account.
Alternatively you can view your account page where the transaction will show up as ‘Pending.’ This means it has been added to the memory pool on the network and is waiting to be mined.
Clicking the transaction in your account history will allow you to view the details again, and will display a link where you can ‘View Transaction.’ This will take you to a blockchain explorer website where you can view the current status of your transaction on the Bitcoin ledger, such as the amount of confirmations as well as other details connected to the transaction.
Once the transaction has been fully mined and has received enough confirmations it will appear in your Bitcoin wallet and you will see your balance increase.
That’s it! You can now repeat the process for your Ethereum and Litecoin balances if you wish.
Want to know how you can send from Coinbase without paying fees? Of course you do! Here’s how…
Deposit Bitcoin To GDAX
Instead of sending your Bitcoin directly to your Quadriga wallet, you can first send it to GDAX. GDAX is the trading exchange owned and operated by Coinbase, and so they facilitate free transfers of your balances between the two platforms.
You can use your existing Coinbase account to login to GDAX, at https://www.gdax.com. Once you have opened the trading platform, you will see a notice that says: “VIEW ONLY. BTC/USD trading is not yet available in your region.” Instead, select ETH/BTC from the dropdown menu. Now you’ll see two buttons, ‘Deposit’ and ‘Withdraw’, shown in the screen below.
Click the Deposit button and you will see the Deposit Funds pop-up. Make sure you are on the ‘Coinbase Account‘ tab—then, under Sources, select BTC Wallet. Type in the Amount you wish to transfer, and when ready, click the ‘Deposit funds‘ button. After a few seconds you should see your Bitcoin balance update in the upper left of the screen.
Withdraw Bitcoin From GDAX
Once your balance has updated, you can now click the Withdraw button to reveal the Withdraw Funds pop-up.
This time you will use the BTC Address tab. Type in the amount of Bitcoin you would like to withdraw, or click (Max) to select your full Bitcoin balance.
Next, enter your Quadriga Bitcoin wallet address in the Destination box. This is the same Quadriga address you copied in the first part of the tutorial near the top of this page. Finally, enter your Two Factor Authentication code from the Google Authenticator app on your phone.
Remember, always visually double-check the destination address! Once you are happy that you have entered all the details correctly, click the Withdraw funds button to complete the transaction. As this is an external transaction, it will not be as quick as the deposit transaction, and will take longer to confirm. Your Bitcoin should arrive in your Quadriga wallet in 30-60 minutes (longer if the network is congested.)
These transactions can be seen in your Account history in Coinbase, as shown below.
We hope you enjoyed this quick bonus tip on how to save on network fees in Coinbase. If you haven’t done so already, don’t forget to read Step 3 of our Beginner’s Guide for a review of hardware wallets and a tutorial on how to store your cryptocurrencies offline.