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Coinbase Pro Review & Beginners Guide 2021

Coinbase Pro Review & Beginners Guide 2021

Coinbase Pro is an advanced cryptocurrency trading platform from the popular US-based cryptocurrency exchange Coinbase. If you were lucky enough to have already purchased Bitcoin or Ethereum, it’s likely you have used Coinbase. Coinbase is normally the gateway for newbies to buy their first crypto assets.

However, purchasing the likes of Bitcoin on Coinbase (although very quick and simple) is not the most cost-effective way. By using Coinbase Pro you can buy Bitcoin, Ethereum, etc at a better price and reduce the trading fees to between 0% and 0.5%.

In this Coinbase Pro Review, I will explain how to make these savings when buying Bitcoin. Plus, how to deposit, buy with a market and a limit order, the difference between a limit or a stop-limit order, and how to sell and withdraw.

What is Coinbase Pro?

Coinbase Pro is a trading platform offering its users a secure way to buy, sell, and trade cryptocurrencies across 99+ trading pairs. Created back in 2015, Coinbase Pro is an evolution of the trading platform GDAX, which was rebranded to Coinbase Pro in 2018.

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 to as low as 0%. Coinbase Pro also allows you to place a buy or sell order, so you can simply wait for the market to reach that price as opposed to taking the price at the current market value.

what is coinbase pro

Who Can Use Coinbase Pro?

Coinbase Pro is designed for individual traders. Depending on your location, you may have access to crypto/fiat trading pairs, or restricted to crypto/crypto trading pairs only. A full list of locations and trading pairs can be found here.

If you have already have a Coinbase account, you can use the same credentials on Coinbase Pro and you do not need to create separate accounts or logins.

Coinbase Pro Support Countries

Coinbase Pro vs Coinbase

Both Coinbase and Coinbase Pro offer the ability to buy and sell the likes of 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.

Coinbase Pro Supported Cryptocurrencies

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.

A list of all available supported cryptocurrencies, for both Coinbase and Coinbase Pro can be found on their FAQ.

Coinbase Pro Order Types

With Coinbase Pro, you can create Market, Limit or Stop orders. A “Market” order, completes immediately at the current market price. A “Limit” order allows you to define the price you would like to pay for your crypto. Then finally you have something called a “Stop” order which triggers a buy or sell order when the price hits or dips to a certain value that you will define.

Depending on your trading volume, your order type may effect the trading fees that you will be paying.

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 50K+.

Coinbase Maker & Taker Fees

As a ‘Maker’ of the market they state, you will pay a fee between 0.00% and 0.50%, depending on your trading volume. As a ‘Taker’ of the market (which means you place an order which is filled immediately) 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.

Coinbase Withdrawal Fees

Withdrawal fees with Coinbase Pro will vary on the type of currency that you are withdrawing. Cryptocurrency withdrawals used to be free of charge and absorbed by Coinbase Pro. However, due to the hike in fees on the likes of the Ethereum blockchain, these are no passed onto their users. An estimate of the network fee will be displayed when withdrawing from the platform.

Withdrawal fees may also incur depending on your location, or the type of bank transfer.

Coinbase Pro withdrawal fees

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.

Coinbase Pro Safe

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. Therefore you have 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

How to Trade on Coinbase Pro

If you’re interested in trading on Coinbase Pro and want to buy your first Bitcoin on the exchange, then use this step by step guide. Although the guide shows you purchasing Bitcoin, you can use this process for any type of cryptocurrency purchase. The guide also explains how to log in, create buy/sell orders, plus how to withdraw from the exchange.

Coinbase Pro Login

With Coinbase Pro, your credentials are automatically transferred across from Coinbase. Therefore you do not need to create a new account or have a separate log in. Plus, all of your security/2 factor authentication settings are also transferred across.

coinbase pro login

Deposit Funds 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 ‘Portfolios‘ and select “Deposit“.

Choose your Currency Type.

If you choose to fund from a bank account, its important to include the reference number stated on your transfer. This is so that Coinbase can map your bank account and Coinbase Pro account together.

Transfer from Coinbase to Coinbase Pro

If you want to transfer funds from Coinbase to Coinbase Pro, select the Coinbase Account option.

coinbase pro deposit FIAT

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.

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 select the amount and submit your buy order.

If you wish to purchase Bitcoin at a price you define and wait for someone to match your order, select the ‘Limit’ tab. With a limit order, enter the amount of Bitcoin you would like to purchase (in BTC)

Then, enter the price you would like to Buy at, in the Limit field.

Coinbase Pro Limit Order

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”

Coinbase Pro BTC to GBP Sell Order

If you wish to sell your Bitcoin immediately at the current market value, select the ‘Market’.

If you wish to sell your Bitcoin at a price you define and wait for someone to match your order, select the ‘Limit‘ tab.

Enter the amount of Bitcoin you would like to sell (in Bitcoin).

Define a Price that you would like to sell at in the ‘Limit‘ field.

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 in ‘Fills’. You can cancel your order at any time before it has been filled by clicking onto the X beside the open order.

Withdraw 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 or certain bank accounts for free. Withdrawing from Coinbase can incur fees, please see the Coinbase Pro Fees for more information.

Go to ‘Portfolios‘ & click ‘Withdraw

Select the currency type you would like to withdraw. Select ‘Bank account‘ or ‘Coinbase Account’

Enter the amount you would like to withdraw or click onto Max. Click “Withdraw GBP

Your funds will then withdraw to your allocated account for free.

withdraw from Coinbase Pro

Coinbase Tutorial

If this is all too advanced 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!

Idiots Guide to Coinbase
The Pit by Blockchain.com Review & Tutorial

The Pit by Blockchain.com Review & Tutorial

Blockchain.com famous for their cryptocurrency wallet have now launched an exchange named “The Pit”. Their new platform is a place where you can exchange your crypto so that you can buy and sell cryptocurrencies without having to go through 3rd party exchanges like Coinbase Pro or Binance.

The Pit by Blockchain.com

What is the Pit?

The Pit is a new platform powered by Blockchain.com for trading digital assets. With the Pit, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. It is available in 200 countries and within some locations, you can also buy crypto using FIAT. As it’s still in Beta, over the next coming months they will be adding more order types and more trading features.

It was built by an all-star team of veterans from NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut. They aim to be the fastest in crypto by an order of magnitude – they measure in microseconds, not milliseconds – with a matching engine that could go head-to-head against any machine engine in the entire world.

Fastest Crypto Exchange

To ensure and encourage users to maximize control of their private keys, they’ve created a seamless connection function to link Blockchain Wallets with trading accounts on The PIT for easy deposits and swift withdrawals into their non-custodial wallet.

Blockchain.com chose Star Trek legend William Shatner to promote their new cryptocurrency exchange called The Pit. The campaign was designed to build awareness of the new trading platform The Pit, but also to educate people about crypto. William Shatner isn’t new to the world of crypto, he’s invested in Solar Alliance and Mattereum.

What Currencies Are Supported by The Pit?

In terms of deposits, depending on your location The Pit supports USD and EUR via bank transfers you can then buy and sell with the likes of BTC, ETH, BCH, USDT and XLM.

There are currently 17 trading pairs live with 12 more coming soon, and you can check the status on their website.

trading markets the pit

How Do I Open an Account with The Pit?

To open an account you simply need to enter your name, email address, date of birth and home address. If you already have a Blockchain wallet you have the option to “Connect to Blockchain Wallet”. This will be your only opportunity to connect and is only possible to do this during sign up.

Connect The Pit to Blockchain Wallet

If you are connecting to an existing Blockchain wallet, you will then be prompted to scan a QR code with your Blockchain app, or you can sign into Blockchain.com. This will enable you to easily transfer funds between the pit and your blockchain wallet. Also, if your blockchain wallet is already gold level verified you can benefit from gold level limits on the pit. 

Once you’ve verified your email address and accessed you account you’ll need to secure it with 2FA. Consider unlocking to gold level for increased withdrawal levels and fund your account.

Ledger Nano X - The secure hardware wallet

How Do I Deposit Funds?

You can deposit funds with EUR, USD, crypto or straight from your connected Blockchain wallet. To deposit funds you will need to have 2-factor authentication enabled in The Pit.

Deposit funds

How to Deposit from your Blockchain Wallet

When depositing from your Blockchain Wallet, your wallet password, private keys and backup/recovery phrase are never shared with The Pit. To deposit from your Blockchain wallet, select “Deposit“.

Click “Deposit From Your Blockchain Wallet” and input your Blockchain Wallet ID and password. 

From within Blockchain.com select Send besides the cryptocurrency, you would like to send.

depositing from blockchain

An address will appear in the Blockchain Wallet send form. You will then need to enter the amount you would like to deposit and click send.

How to Deposit from a 3rd Party Wallet

If you are depositing from a 3rd party wallet, choose “Deposit” and select the type of cryptocurrency you would like to deposit from the drop-down menu.

Copy the wallet address shown in the window.

Head over to your third party wallet and send the amount of funds you would like on your account to the address you have copied from The Pit.

How to Deposit FIAT

You can deposit the likes of Euros or USD, to deposit these funds. Select “Deposit” and choose Euro or USD.

You will then be prompted with bank details for the associated FIAT currency that you will need to send your funds to. Funds are generally available to trade in 1 business day. You also need to ensure that your recipient name matches the account holder name on your bank account for the transfer to be successful.

What Are the Fees?

The fee structure is based on a maker/taker model. You’ll pay 0.24% in taker fees if you trade less than $100,000 per month and 0.14% in maker fees making it 0.01% lower than Coinbase Pro fees. It starts with an introductory tier that’s lower than most exchanges. The more you trade, the less you pay.

Market Orders – A market order is an order type that executes immediately at the current price. With a market order, you are considered a taker of the market as you are taking the market value.

Limit Orders – A limit order is an order where you define the price that you want to buy or sell at. There are then a set of time conditions that you can apply to your limit order.

You can also check out The Pit fees here

How To Buy

To buy your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Buy” on the right-hand side.

how to buy on the pit

Enter the “Amount” of your chosen cryptocurrency you would like to purchase and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to buy at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Sell

To sell your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Sell” on the right-hand side.

how to sell your crypto

Enter the “Amount” of your chosen cryptocurrency you would like to sell and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to sell at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order, you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Withdraw

With the Pit, you can withdraw your assets directly to your Blockchain wallet, to a third party wallet or depending on your account verification level you can withdraw to your bank account.

Withdrawing Crypto Assets

To withdraw your crypto assets to your Blockchain or third party wallet. Click onto your balance in the top right-hand corner of the screen and click “Withdraw“.

withdrawing assets from the exchange

Select the type of cryptocurrency you would like to withdraw.

From the destination address, select either “My Blockchain Wallet” (if connected) or “External Address“. If you are withdrawing to an external you will need to enter your public address.

Enter the amount that you would like to withdraw in your chosen cryptocurrency or in USD.

You will then be prompted to enter your 2-factor authentication code and you can click onto “Withdraw“.

Withdrawing FIAT

Withdrawals to SEPA (for Euros) are free, with a minimum withdrawal amount of 50 euros.

Wire transactions (for USD) are charged at $10 for domestic payments and $30 for foreign (which is deemed as accounts outside of the US) with a minimum withdrawal amount of $5,000.

To withdraw to your bank account, you need to first make a small deposit so that they can link your bank account.

Other Crypto Exchanges

Coinbase Pro

Trade Bitcoin with Coinbase Pro

Binance Exchange

Binance for Beginners