Transferring Coins to Binance
1) Find the Coin and the Exchange
Want Ripple? Head to coinmarketcap.com and see what exchanges have Ripple: Ripple Markets. The exchange with the highest trade volume is Bithumb, but the exchange pair is Korean Won (KRW) - which I don't have. (But if you do, go ahead and make an account on Bithumb). The next exchange is Binance which is allowed in the US and possibly your country as well. Next, what crypto is needed to exchange for Ripple? Refer to #2 and #10 in the image below, Binance allows the exchange of Ripple to/from Bitcoin (BTC) and Ethereum (ETH), respectively.
Therefore, you know that Binance has Ripple and you need BTC or ETH to exchange for Ripple.
2) Set up an account on Binance
Use my referral link to set up an account on Binance: Set Up Binance Account. Similar to my Coinbase instructions (Open Coinbase Account), use a strong, different password and set up 2FA with Authy.
3) Send Coins from GDAX to Binance
In Binance, navigate to 'Funds' > 'Deposits Withdrawals' to view your cryptocurrency wallets. Locate your BTC or ETH wallet since those are the only currencies that can be exchanged for Ripple (I will be using ETH since it is faster for me). Since I am trying to send ETH to Binance, I am depositing ETH into Binance, therefore, click on 'Deposit' on Etherum's row. If done correctly, you will see the 'ETH Deposit Address' which is a code with numbers and letters.
Now go to GDAX (Be sure to use GDAX to send BTC or ETH to Binance to avoid Coinbase fees: Zero Fees with GDAX). Since you are trying to send ETH to Binance, you are withdrawing ETH from GDAX. Therefore, navigate to your ETH exchange view and click on 'WITHDRAW'. Next, select 'ETH Address' and enter the amount of ETH that you want to send, copy and paste your ETH address from Binance, and insert your 2FA.
*Be sure to double check your address. Make sure that you copied the right address and that it's an Ethereum address. Since this is your first time transferring coins to another exchange, you should test this process by sending a smaller amount that you planned (maybe 0.01 ETH). This way, if you made a mistake, it won't cost you much.
Next, click 'Withdraw funds'.
In about 30 minutes, your ETH will show up in your Binance account. If not, don't worry, sometimes transactions can be slow. If you still don't see your ETH in Binance within a few hours, you may have made a mistake. Double check all of your steps above and try again. If you do see your ETH in Binance, congrats! Go ahead and send the rest of your ETH to Binance.
4) Exchange for Altcoins in Binance
Navigate to the Ripple/Ethereum exchange view (XRP/ETH). You can do this by clicking 'Exchange' > 'Basic'. Then you will see the image below. On the right, click on 'ETH', search for 'XRP', and then click on 'XRP/ETH'. Remember to always check the trading/exchange fees for every exchange platform that you use, refer here for Binance Fees: Binance Fees. Within Binance, there is a 0.1% trading fee or you can use BNB for 0.05% trading fee. Now look at the Binance exchange view. Look familiar? It should! It has the same lay out as GDAX: sell and buy orders, trade history, chart, your open orders, and order history.
At this point, you can place a limit, market, or stop-limit order and obtain some Ripple!
Conclusion
Congrats! You now know how to locate which exchanges have your altcoin and how to exchange for them. Note that you can send altcoins to an exchange and exchange into one of the 'big 3' coins for another altcoin (i.e., send Ripple to Binance, exchange into Ethereum, then exchange into Stellar). You can also send your altcoins to your hardware wallet (I recommend the Ledger Nano S: Hardware Wallet).
Remember, never invest with money that you can't afford to lose.
Happy that you can trade for altcoins? Come and join the picnic!
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