TL;DR- First, sign in to your regular Coinbase account. Then open another tab on your browser and go to CoinbasePro.com. Click deposit on the left side of the trading screen. You’ll be able to bring in funds from your regular Coinbase account or send them from another exchange or hardware/software wallet. Hit the select market button in the top left and choose the trading pair you’re looking for.
For a full step-by-step with screenshots, use the ‘Jump to Section’ menu above and go to ‘How to Set up, fund, and trade on your Coinbase Pro account’ further down this page.
It’s no secret in the crypto community that Coinbase’s fees are astronomical. Thankfully, we have Coinbase Pro. Coinbase Pro’s fees are a small fraction of the fees on Coinbase. You should always be using Coinbase Pro with your trades. With that said, Coinbase has an amazing UX that makes crypto friendly and has welcomed a swarm of people to the asset space. That’s good for prices. We want everyone to get in on crypto!
You can also set stop losses on Coinbase Pro.Stop losses are a good way to ‘stop the bleeding’ when the price of a crypto falls. However, if a stop loss is triggered and your crypto sells but then the price goes way back up, you’ll miss out on those gains. Click the link earlier in this paragraph for a more detailed explanation about stop losses & take profits.
Don’t be intimidated by Coinbase Pro’s slightly more complicated-looking interface, it only takes five minutes to learn. In the long run, you’ll save plenty in fees as opposed to trading on regular Coinbase. You’ll still get all the same benefits you get with Coinbase. You’re doing business with a company that’s publicly traded in the US, with all the consumer protections therein.
How to Set up, fund, and trade on your Coinbase Pro account
Funding your account (steps 1-3)
First things first- you can use your same Coinbase login credentials and connected bank account to make trades on Pro.
For mobile, download the Coinbase Pro app (it’s separate from the regular Coinbase App) and follow the instructions to connect Pro to your regular Coinbase account.
0. (The easier way) Make sure you’ve funded your regular Coinbase account. There’s an easy way outlined below to move funds from your regular Coinbase account to Pro. The other option will be to copy and paste wallet addresses to send funds to Coinbase Pro which is slightly more risky.
1. Log in to your regular Coinbase account on your browser. Open another tab and go to CoinbasePro.com. You should automatically be logged in to your same Coinbase account!
2. If you’re not on the trade screen (shown above), click trade on the top menu bar To fund your Pro account, Click deposit on the left side of the screen.
You’re met with a pop up with a list of cryptos to deposit. Select the cryptocurrency/fiat currency you’d like to send over to your Coinbase Pro account. In this example, I’ll be using the Cardano (ADA) I already purchased on regular Coinbase.
3. You’re given a choice to either pull it from your regular Coinbase account or to send it from another address. See this guide for sending crypto from one address to another. After clicking deposit, you’re met with the Deposit [crypto] screen. Pro will show you how much of that crypto is available in your Coinbase account. Enter the amount you’d like to pull from your Coinbase account. If you’d like to select all of it, select max in the text box. Click deposit at the bottom of the box. You’ll get a confirmation. Select done.
The funds should transfer to your Pro account within a few seconds.
Trading (steps 4-6 selling, steps 7 & 8 buying)
4. To make a trade, you’ll first need to find the trading pair. Bitcoin, Ethereum, and fiat currencies (GBP/EUR/USD) have pairs with most cryptos. However if you’re trying to trade one small altcoin for another, you’ll have to trade first to fiat and then to the other altcoin. In this example, I’ll be trading Cardano (ADA) for Avalanche (AVAX) using USD as an intermediary.
Hover over the select market button on the left of the screen and choose the crypto you’d like to pull in. I’ll select ADA-USD to convert my ADA to dollars so I can then buy AVAX with dollars.
5. Once I’ve found my ADA-USD pair, I’m going to hit the red sell button to bring up the sell screen. When buying and selling, you have three choices:
- Market: sell immediately at the best available price. I always use this because I’m impatient.
- Limit: put the lowest possible price you’re willing to sell at. Could take time to execute.
- Stop: set a stop loss on your crypto so it sells at that point if the crypto starts to crash.
If you want to sell right now with no frills, hit market and enter the amount of the crypto you’d like to sell. Hit the max button in the input box if you want to get rid of all of it. Then hit the red place sell order button at the bottom.
You’ll see your order pop up in the open orders box.
6. Scroll up on the left side to where it says wallet balance. You should see that your crypto has now been converted (sold for USD in this case).
7. Now it’s time to take your fiat currency and buy a new coin! There are about 100 or so to choose from in Coinbase Pro. Hit select market and enter the crypto you’re searching for into the search bar. If you see the pair you’re looking for below, select that pair. In this case I’ll be buying Avalanche (AVAX) with my USD because I think it’s awesome.
8. Select the green buy button and if you’re looking for a no frills immediate purchase, select the market tab. Enter the amount of crypto you’d like to buy or if you’d like to spend all your currency/crypto on this coin select max in the text box. Select place buy order. Scroll up on the left to where it says wallet balance and you should see ownership of the new crypto.
Congrats! That’s how you use Coinbase Pro and avoid the big trading fees you get on regular Coinbase. You’re not part of the few that know how to use the Pro UX and now you’ll get much lower fees because of it!