Lesson

Depositing Funds

 

We are already granted a lv.1 account that means that we can deposit as much funds as we want and withdraw up to 3 BTC in crypto value every day.

 

Cobinhood does not yet support Fiat to cryptocurrency trading we will have to get our funds elsewhere. I suggest looking at the coinbase course, oh you already did that?! Great!
So, if you have bitcoin, litecoin or ethereum on your coinbase account you can send those to your cobinhood wallet. We recommend sending ethereum or litecoin as those have much lower transaction costs.
In this example we will be sending Ethereum to our cobinhood wallet, it’s best to send your Ethereum to a hardware wallet first and then send them to cobinhood. Because they don’t really support deposits from multisignature wallets at this very moment. The transaction might go through or it could lead to invalid or even lost transactions. So you better don’t take that risk and play it safe.
First step click on “View exchange” on the middle of your screen.

The next step is hovering to the top right corner of the page and clicking on “Funds”

 

Once you have done that click the “Deposit” button for Ethereum.

The following screen with your Ethereum deposit address will pop up.

Like they mention, it’s best not to send funds from a multi-signature wallet to your Ethereum deposit address. Also never type the address but use the “Copy Address button” so you won’t make any mistakes.

Okay you have send some ethereum from your wallet to the Ethereum address. Once it has arrived you are ready to use the order book and start trading with 0% trading fees. (There are network withdrawal fees but cobinhood doesn’t make any profit of it.)

Course Discussion