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Trade Bitcoin with Coinbase Pro

Coinbase Pro Review 2020: Beginners Guide

Written by LouiseElizabeth

2nd February 2020

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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

Coinbase Pro Depositing your Coinbase Funds

Enter the amount you’d like to deposit or click Max to deposit all available funds.

Click “Deposit

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

Coinbase Pro Buy Bitcoin Save Fees

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.

Coinbase Pro Trading Fees explained

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.

Coinbase Pro Limit Order

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”

Coinbase Pro BTC to GBP Sell Order

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. 

Coinbase Pro Trading Fees

Click “Limit

Enter the amount of Bitcoin you would like to sell

Define a Price that you would like to sell at.

Selling BTC with Limit Order

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.

How to withdraw from Coinbase Pro

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.

Secure your crypto assets with a Trezor Hardware wallet

Coinbase Tutorial

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!

Coinbase Earn

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.

Earn $50 FREE Stellar XLM with Coinbase Earn

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8 Comments

  1. Max Huelber Celante

    Hello there
    I’ve watched your Coinbase Pro tutorial and found very helpful all the info there. However, as I am new to this (£200 in total to start with CBP), I still have not fully understood the trading scenario. I placed a few orders, a total of 5, and on each order I paid between £1 and £0.97p fee transaction. I am struggling to understand where is the profit here. Is there something I have missed? Can I have some help please?

    Reply
    • LouiseElizabeth

      You place 5 trades at a cost of £1 each, so out of your £200 those trades have cost you 2.5%. Then when you want to sell you will again need to pay a fee of say 2.5%. For you to break even or make a profit off this trade, the price of your crypto asset will need to increase to over 5%+ (roughly)

      I hope that makes sense, the best option would be to buy and hold and try to keep transactions to a minimum, as the fees will add up. However, I’m not a financial advisor, so please do your own research.

      Thank you

      Reply
  2. casmir

    hello dear
    I have watched your coinbase pro tutorial videos, is very helpful.
    But coinbase is not supported in my location (Solomon Islands), pls is there any other way out?
    thank you.

    Reply
  3. Richard

    Hi Louise, can you tell me how to increase my coinbase buy limit from £50 per week. Thanks

    Reply
    • LouiseElizabeth

      Have you gone through the verification process on Coinbase?

      Reply
  4. Richard

    Hi Louise,thanks for the reply…Coinbase increased my limit today,so all good for now. But maybe you can help with this one B-) …
    I’m trying to register with Binance.je. But every time i reach the self portrait section,it’s saying ‘Sorry, your camera doesn’t seem to be working’
    But my webcam works fine on other stuff? Now i’m locked out for 24hrs. Thanks again..Have a great day.

    Reply
    • LouiseElizabeth

      Are you able to register with your phone? and use your smartphone instead of the webcam?

      Reply
  5. Richard

    Hello again… Not sure how to do that. I’ll look into it. Thanks atb

    Reply

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