Our 2018 review of Coinbase Pro
Coinbase has released a wide range of products and services this year and they don’t seem to slow down any time soon. Last week at the end of June they launched their latest product, this time targeting the increasingly active and growing trading community. Branded as an evolution of Coinbase earlier trading platform GDAX, meaning that traders on GDAX will automatically be moved over to the new trading engine. The name is however not the only thing that changed since Coinbase Pro comes with some new shiny features such as:
- Complete redesign of the user interfaces to make trading easier and more intuitive.
- Simplified process for withdrawal and deposit of funds
- Improved trading charts with easier access to historical data
- New portfolio view that showcases the user’s funds and balances at the same place
Even though these features are nice improvements, one of the main reasons for anyone investing in cryptocurrencies to start using Coinbase Pro is that you can buy your coins at a zero(!!) percentage fee. As you can see below if you buy or sell using a Limit order (maker), then you pay 0% fee no matter the volume you purchase. But even if you just use Market orders (taker) you pay a very competitive fee of 0.3% or lower.
Maker fee: 0% (all volumes) Taker fee: 0.3% (discounted down to 0.1% based on users 30-day trading volume) New to Maker/Taker fees? Read our explanation here..Go to Coinbase
We were really excited when we heard the announcement of Coinbase Pro since we always thought the GDAX brand was confusing people and that improvements were surely needed.
The Pro version of Coinbase comes with a higher barrier to entry but the lower or zero fees is definitely worth the struggle to get started. And if you follow our beginners guide below you’ll be going in no time.
Also, the easy integration with regular Coinbase is a future that is awesome and makes Coinbase Pro a great platform for the curious crypto investor that wants to try on trading.
Pros & Cons with Coinbase Pro
✅ Great integration with regular Coinbase account
✅ The most beginner friendly platform combined with a sleek trading engine
✅ Very high security
✅ Accepts multiple payment options
⛔ Requires verification with two separate ID’s/passport/driving license
⛔ Not as straight-forward as Coinbase but worth putting in the effort
Our Beginner’s guide to getting started
1. Get a Coinbase account and fund it
Most of you reading this can probably skip this step since you probably already have an account at Coinbase. But if you don’t, follow our beginner guide here and you will be set up quickly. You even get $10 on your first investment when you use the link below to sign-up!Go to Coinbase
2. Transfer the funds to Coinbase Pro
Next step is to get your deposited funds on Coinbase over to Coinbase Pro so you can start trading with them! If your deposit has gone through to Coinbase or if you already have some funds there head over the trade page on Coinbase Pro. On the left-hand side under Assets, go for the Deposit option. Then pick the currency type you want to transfer in the drop-down menu. In my case, this is EUR as you can see in the picture above. Select the amount and click the Deposit button to complete the process.
3. Buy some bitcoin
Now you’re ready to make your first order on Coinbase Pro. If you’re patient and want to pay zero fees you’ll need to buy or sell your cryptocurrency using a Limit order. This simply means that you put an order out on the market that someone ells then fills. Again, read up our explanation for maker vs taker to really grasp this key concept.
However, if you’re in a rush because maybe the price is shooting up, or just want your order to execute instantly you can make a market order and pay up to 0.3% in fees. Pick the price you want to buy/sell at through either entering it yourself or marking it on the price chart. Be sure to have Post only toggled so you get that 0% fee.
For the last step click Place Buy/Sell order when you filled out all the details of your order and double-checked that it’s correct.
5. Be sure to get your order filled
Once you put your order out on the market you’ll find it beneath the Price Chart under Open Orders. It can be a good idea to keep an eye on the status of your order until it’s been filled. Cryptocurrencies are extremely volatile and the massive price swings will definitely affect your orders so be ready to cancel it and put out a new one if it takes too long time. Once your order is moved from the Open tab to the Fills tab you’re done!
Now you’ve completed your first steps into the world of trading cryptocurrencies. If you appreciated this guide please share it with your friends and family so they also can come along on the crypto journey to the moon! 🚀