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I am going to try with GDAX. In this article, there are several steps

You can fund your GDAX account by sending digital currency from another exchange or wallet provider.

  1. Go to gdax.com/trade

  2. Choose a trading pair with the currency you wish to deposit from the "select product" menu. If you want to deposit ETH, select ETH/USD or ETH/BTC.

  3. ​Select the Deposit button at the top left.

  4. Select the "BTC address", "BCH address", "ETH address", or "LTC address" tab.
  5. Copy the account address shown. This address will be permanently associated with your GDAX account. Any digital currency sent to this address will be added to your balance.
  6. Open the external wallet you would like to deposit from, and send to the GDAX account address provided.

My question is in step 6, what is the external wallet? Is it a hardware or software? Is it from the third party or from GDAX itself?

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No. 6 can either be a hardware or software wallet (such as metamask) or from another exchange. A wallet at it's base level consists of a uniquely identifiable address which holds your ETH/LTC/BTC blah - these take on many shapes and forms.

In 6. GDAX is just telling you how to deposit funds from wallet to wallet. If you don't have an external wallet then it's chill. GDAX just created one for you in 5.

Hope this helps.

  • So did you mean that step 6 can be skipped since step 5 can create a wallet for me at GDAX? – Love May 21 '18 at 18:36
  • Unless you already have some funds in a wallet which you want transfer into GDAX (it sounds like you don't). Then yes. Now just use some fiat to purchase crypto and happy trading. – hellohihihi May 21 '18 at 19:08

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