Coinbase Pro is the cryptocurrency trading platform from Coinbase. If you have bought Bitcoin or Ethereum in the past it’s likely you have used Coinbase. Coinbase, as well as Blockchain.com, are normally the gateways for newbies to buy their first crypto assets.
Using Coinbase to buy and HODL your Bitcoin is all well and good, but if you want some Alt-coins you will have to use an exchange like Coinbase Pro or Blockchain Exchange. Not only that, but you’ll also find that buying your crypto on an exchange will save you money.
The Coinbase Pro platform offers individuals the ability to trade a variety of digital assets along with the likes of Bitcoin, Ethereum and Litecoin. You can track the market, trade history and monitor open orders. One of the many benefits of using Coinbase Pro as opposed to Coinbase is the fact that the fees greatly reduced. With Coinbase Pro you can also place a buy or sell order and simply wait for the market to reach that price as opposed to taking the price at the current market value
What is Coinbase Pro?
Coinbase Pro is a trading platform offering its users a secure way to buy, sell and trade cryptocurrencies across various trading pairs. Created back in 2015, Coinbase Pro is an evolution of the trading platform previously known as GDAX and was rebranded to Coinbase Pro in 2018.
Who Can Use Coinbase Pro?
Coinbase Pro can be used by anyone looking to buy or sell cryptocurrencies. By already having a Coinbase, or (the formerly named) GDAX account, you will automatically have access to Coinbase Pro.
Coinbase Pro Vs Coinbase
Both Coinbase and Coinbase Pro offer the ability to buy and sell Bitcoin and Ethereum, however, traders who are looking for more advanced functionality are advised to use the Coinbase Pro exchange. With Coinbase you are only able to buy at the market price where fees for the convenience are higher. Whereas Coinbase Pro allows you to define your own price and trading fees are generally lower.
What Cryptocurrencies do Coinbase Pro Support?
The cryptocurrencies availability and fees will depend on your country and payment method. See the below list of all supported cryptocurrencies on the Coinbase Pro platform by region.
The Coinbase Pro cryptocurrency trading pairs available for the UK;
TC/GBP, BCH/GBP, ETH/GBP, ETC/GBP, LTC/GBP, BTC/EUR, BCH/EUR, EOS/EUR, ETH/EUR, ETC/EUR, LTC/EUR, XLM/EUR, XRP/EUR & ZRX/EUR
The Coinbase Pro cryptocurrency trading pairs available for United States (New York excluded);
ALGO/USD, BTC/USD, BCH/USD, EOS/USD*, ETH/USD, ETC/USD, LTC/USD, LINK/USD, REP/USD*, XLM/USD, XRP/USD, XTZ/USD*, ZRX/USD*, DASH/USD*, OXT/USD* & ATOM/USD
The Coinbase Pro cryptocurrency trading pairs available for Europe;
BTC/EUR, BCH/EUR, EOS/EUR,ETH/EUR, ETC/EUR, LTC/EUR, XLM/EUR, XRP/EUR & ZRX/EUR
For more information on Coinbase Pro trading pairs, please click here
How to Trade on Coinbase Pro
Coinbase Pro Login
With Coinbase Pro, your credentials are automatically transferred across from Coinbase, so you do not need to create a new account or separate log in. Plus, all of your security settings are also transferred across.
How to Deposit Funds on to Coinbase Pro
To get started with Coinbase Pro the first thing you need to do is deposit funds into your account. Your account can be funded with digital assets or fiat currency. Some deposits do incur fees, please refer to Coinbase Pro Fees for more information.
Go to My Wallets and select “Deposit“
Choose your Currency Type.
Note: If you wish to transfer directly into Coinbase Pro, please ensure that you enter the reference number stated so that Coinbase know which transfer to look out for.
Transfer from Coinbase to Coinbase Pro
If you want to transfer funds from Coinbase to Coinbase Pro, click onto the Coinbase Account tab on the right-hand side
Enter the amount you’d like to deposit or click Max to deposit all available funds.
Funds transferred from Coinbase to Coinbase Pro are fast and free and will take roughly 10 seconds to process.
Note: There is a minimum deposit amount of £1,000 for UK Transfers into Coinbase Pro
How to Buy on Coinbase Pro
The below steps will explain how to buy Bitcoin. However, the same process will apply for purchasing other cryptocurrencies.
Select the market to Buy in i.e. BTC to GBP if purchasing in GBP and Click “Buy“
If you wish to purchase Bitcoin immediately at the current market value, select the Market tab.
If you wish to purchase Bitcoin at a price you define and wait for someone to match your order, select the Limit tab.
There are different fees associated to these types of orders.
Limit orders have the least fees. So click onto Limit
Enter the amount of Bitcoin you would like to purchase (in BTC)
Enter the price you would like to Buy at.
Tip: If you want to be a maker of the market, ensure you put in a value below the current market price.
You can then view the associated Fees at the bottom of the screen
Click “Place Buy Order“
Your buy order will then appear under Open orders. If the market changes or you simply want to cancel an open order you can do so, by clicking on the X icon beside it.
Once filled your order will then appear in the Fills
How to Sell on Coinbase Pro
The below steps will explain how to buy Bitcoin. However, the same process will apply for purchasing other cryptocurrencies and fiat currencies.
Select the market i.e. BTC to GBP & Click “Sell”
If you wish to sell your Bitcoin immediately at the current market value, select the “Market Tab”
If you wish to sell your Bitcoin at a price you define and wait for someone to match your order, select the Limit tab.
You have to be the maker of the market to get the lowest fees.
Enter the amount of Bitcoin you would like to sell
Define a Price that you would like to sell at.
Any associated fees and the total will be shown at the bottom of the screen. Click “Place Sell Order“
Once someone has bought at the price you have defined the order will show infills. You can cancel your order at any time before it has been filled by clicking onto the X beside the open order.
How to Withdraw Funds from Coinbase Pro
You can withdraw digital assets of fiat currency from Coinbase Pro to an external wallet or bank account. Alternatively, funds can be withdrawn to a Coinbase Account for free. Withdrawing from Coinbase can incur fees, please see the Coinbase Pro Fees for more information.
Go to My Wallets & Click “Withdraw“
Select the currency type you would like to withdraw. Select “Coinbase Account”
Enter the amount you would like to withdraw or click onto Max. Click “Withdraw GBP“
You can then withdraw your funds to a UK Bank account from Coinbase for free.
Coinbase Pro Fees
Previously, one of the major reasons for using Coinbase Pro over Coinbase was using the Maker trade option. As a Maker of the market, (which means placing an order which was not immediately matched by an existing order), you used to pay reduced amounts in commission fees. However, this has recently changed and now only really applies to people trading millions of dollars.
Now as a ‘Maker’ of the market they state, you will pay a fee between 0.00% and 0.50%, depending on your trading volume.
And as a ‘Taker’ of the market (which means you place an order which is filled immediately), they state you will pay 0.04% and 0.50%.
However, for trading anything less than $50k, you will pay the exact same amount in commission fees whether you are a maker or a taker of the market.
Is CoinbasePro Safe?
Coinbase is one of the most trusted cryptocurrency platforms for buying and selling crypto. Any digital assets held by Coinbase are secured through a combination of online servers and offline “cold” storage. The platform stores 98% of customer digital currency in cold storage, with the remainder serving as liquidity to the markets.
Coinbase, as well as 3rd party underwriters, provide insurance greater than the amount held by Coinbase. Their insurance is to protect customers from security breaches, hacks, employee theft, or fraudulent transfer. Any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro accounts are not covered. Responsibility is with the account holder to use a strong password and maintain control of all login details.
Digital currency, such as Bitcoin, Litecoin, and Ethereum, are not subject to Federal Deposit Insurance Corporation (“FDIC”). However, U.S. customer funds that are held as cash are insured by the FDIC with maximum coverage of $250,000 per customer. If you want more information around Coinbase insurance, check out their website
It’s not recommended to keep any digital currencies on an exchange, as you do not have access to your private keys and therefore less control over your funds. If you want to protect your assets, make sure your store them in offline “cold” storage, such as a Ledger or Trezor.
If this is all to advanced for you, and you haven’t even bought your first digital currency, check out my Coinbase Tutorial. I go through the process of how you can get started and how to buy and sell Bitcoin. Coinbase gives you the convenience of buying crypto with a credit/debit card or via bank transfer. You can now even withdraw to PayPal (in the UK) free of charge!
Want to earn some free crypto? Earn while you learn, with Coinbase Earn you can discover how specific cryptocurrencies such as Stellar Lumens (XLM), Basic Attention Token (BAT), etc work, whilst also receiving the token in return to try for yourself.