Would you like to trade on Coinbase Pro? If yes, then you’ve come to the right place. Before we get started, this article is geared towards educating you on how to trade on Coinbase Pro and not Coinbase. There’s a significant difference between Coinbase Pro and Coinbase. However, we are not going to discuss that today. Instead, let’s check out what is Coinbase Pro and how to get started. Remember to research every token or coin you want to buy, especially if they are for long-term investment.
What is Coinbase Pro?
Take a minute to appreciate the fact that there’s the word ‘pro’ at the end of this name. That word says a lot about this exchange. In simple terms, Coinbase Pro is a platform where you can buy and sell cryptocurrencies. The platform also includes information on the current market price of each cryptocurrency that’s listed. More importantly, each currency is listed in pairs. The same way you will get EUR/USD pairs is the same thing that happens in crypto, for instance, BTC/USD.
Coinbase Pro includes advanced trading tools that can help speculate the price changes and the crypto volume. As such, Coinbase Pro is an exchange that suits only experienced traders. A new crypto-trader will have difficulty understanding what’s happening on the site.
Registration and Identity Verification
To get started on Coinbase Pro, you will have to register your details. That said, here’s a step-by-step guide:
- Go to the Coinbase Pro website and click on the ‘Get Started’ button found in the top right corner
- After clicking on the ‘Get Started’ button, you will be redirected to a new page where you will have to write all your details.
- An email verification will be sent to your email address to confirm that you prompted the registration. It might take a while for the verification message to arrive. After confirming the email, you will get a text to add your mobile number.
- After verifying your phone number, then you will get access to the dashboard of Coinbase Pro. With that, you can now start trading on this platform without any worry.
Adding Payment Options
- To add payment options to your platform, you will have to verify your identification. Click on the ‘Buy/Sell’ button found on the top right side. That will lead you to verify your identification.
- Next is to click on ‘Verify your ID,’ which will lead you to a drop-down where you will write information about your location and occupation.
- You will then have to add a copy of your ID. You will get an email confirming whether or not the application has been processed. It will take up to 15-minutes to complete this verification process.
After completion, you can add payment options. Coinbase Pro supports several payment options including, bank account transfers, debit card transfers, wire transfers, and PayPal, and each of these payment options has specific sets of advantages and disadvantages. Here’s a list of the drawbacks and perks of each payment solution.
Funding your Account
Once you’ve completed adding your specific payment option, funding your account should be a walk in the park. All you have to do is click on the ‘Buy/sell’ button, and you will be directed to input the amount you’d like to spend to buy an account.
You can also fund your account using the Coinbase Pro App. It’s available on any android or Apple device in supported countries. This application ensures you have access to your account at all times, even when you are on the move. More importantly, you can check on your trades and the progress of your portfolio.
Deposit and Withdrawal
Coinbase pro brings you to a screen with multiple options to deposit your digital currencies on your Coinbase Pro account. You can either choose to;
- Use funds you have deposited in your Coinbase account
- Deposit from a bank account linked to your Coinbase account
- Do a wire transfer from your bank account
Go to ‘Assets,’ then click on the ‘Deposit’ button. Here you will be prompted to pick the type of currency you would like to deposit into your account. You will b provided with an address to where you will send your coins to.
The withdrawal option is similar to the deposit procedure. First, you need to tap on the ‘Assets’ button then ‘Withdrawal.’ Further, you will need to enter the type of currency you want to transact and the wallet address you’d like to send the crypto-currency.
You also have the option to transfer funds between your Coinbase pro and Coinbase account. The alternative is free, and can you can easily do it through your ‘Assets’ page. You have to select the relevant ‘Destination’ in your Coinbase or Coinbase pro wallet.
Countries Supported by Coinbase Pro
Coinbase Pro is supported in the United States except for Hawaii. What’s more, the better part of Europe is also supported. The complete list of the supported European Countries on the Coinbase pro website is as follows.
Available Cryptocurrencies for Exchange
Coinbase pro provides a wide range of supported cryptocurrencies. However, the availability of the currencies for deposit, withdrawal, buying and selling differs depending on the cryptocurrency. What’s more, each digital currency’s fees and availability depend on your payment method and country.
Some of the available pairs per every country include:
To get the comprehensive list of trading pairs available on Coinbase pro per country click here.
Should I trade on Coinbase Pro?
Coinbase Pro is one of the best crypto-exchange platforms in the US. This exchange is designed with an intuitive interface capable of handling all your trading needs. If you are a quick study, then Coinbase Pro should fit into your trading needs like a glove.
However, if this is your first time trading, I’d probably not advise you to go for this platform. It might complicate your learning process and possibly discourage you from trading again. That said, you can try trading on Coinbase first before heading to Coinbase Pro.