Coinbase Pro is our favorite fiat-to-crypto exchange because it is fast, stunning, responsive, and full-featured. Best of all, CoinbBase Pro is entirely free for knowledgeable users. That’s right — free trades, free withdrawals, and free deposits. There is no better way to trade U.S. dollars to bitcoin, ethereum, litecoin, bitcoin cash, and ethereum classic. Coinbase Pro also expects to add more cryptocurrencies to its trading platform in the coming months. This Step-by-Step Guide to Coinbase Pro reviews how to sign-up for Coinbase Pro, deposit funds, withdraw funds, and place free buy and sell orders.
Visit the Coinbase Pro website and select the get started button. There are two ways to create an account on Coinbase Pro: connect an existing Coinbase account or create a new Coinbase Pro account.
The first way to connect to Coinbase Pro is to login with an existing Coinbase account. Many users will have used Coinbase before Coinbase Pro anyways. You can learn how to create a Coinbase account from our Guide to Buy Your First Bitcoin on Coinbase. If you sign up with Coinbase through Crypto Space Guides, you will receive $10.00 of free bitcoin if you purchase at least $100.00 in bitcoin. Simply sign in with your existing Coinbase account to get started with Coinbase Pro.
Congrats, you are now connected to Coinbase Pro. Let’s start by visiting your profile to increase your account security and link the bank account used to buy cryptocurrency.
Let’s start with important security settings. From your profile, select to view or update your security settings.
Coinbase Pro’s security is the same as Coinbase. Users will arrive at the Coinbase security settings to view and update security. We recommend that users enable two-factor authentication with Google Authenticator. This means users will receive a code in the Google Authenticator app on Android and iOS, which they enter for key transactions such as logging into Coinbase Pro and withdrawing funds.
Let’s next make sure you have a bank account linked to Coinbase Pro. With a linked bank account, users can trade fiat currency with cryptocurrency on Coinbase Pro.
Coinbase and Coinbase Pro work from the same linked bank accounts for each user. Users will arrive at the Coinbase linked accounts page to view and update linked accounts. We already had a debit card and checking account linked to Coinbase. Select the link a new account button to add another bank account.
Users have the option to link a bank account or debit card to Coinbase Pro, or initiate a wire transfer. It only takes a few clicks and entries to link a bank account. We generally prefer to link a bank account because there are no fees for withdrawals and deposits. The downside is that it can take several days for funds to transfer from a bank account. Users may consider a wire transfer if they need funds faster. However, for Coinbase Pro, users can do a wire transfer directly from Coinbase Pro rather than in Coinbase.
Let’s next show how to deposit funds in Coinbase Pro. Select the deposit button from the upper left.
Users can deposit any fiat currency or cryptocurrency supported by Coinbase Pro. Select U.S. Dollar to deposit funds from a bank account.
There are three ways to deposit U.S. dollars into Coinbase Pro for trading.
- Wire Transfer: Users can wire transfer funds from their bank account. The advantage of a wire transfer is that users will receive the funds for trading that same business day if they submit the wire transfer by 1:00 PM pacific fime. The disadvantage of a wire transfer is that it requires a $10 payment to Coinbase Pro, plus whatever the user’s bank charges (usually $20-$40).
- Bank Account: Users can ACH transfer funds from their bank account. The advantage of an ACH bank transfer is that it’s free. The disadvantage is that it takes 3-5 days to clear before the user has access to the funds for trading.
- Coinbase Wallet: Users who store U.S. Dollars in their Coinbase account can instantly transfer it to their Coinbase Pro account.
For this guide, we transferred $150.00 to Coinbase Pro via an ACH bank transfer.
Coinbase Pro will display a message when your U.S. dollars deposit has been initiated.
Users can also deposit cryptocurrency such as bitcoin into Coinbase Pro for trading. The deposit is free. After selecting deposit from the upper left of Coinbase Pro, choose bitcoin from the drop-down menu. Users can deposit bitcoin from an external bitcoin address or their Coinbase wallet.
Coinbase Pro will display a message when your bitcoin deposit has been initiated. It ordinarily takes only a few moments to receive the bitcoin deposit.
Let’s next walk through the key features of the Coinbase Pro trading interface. Coinbase Pro is our favorite trading platform for serious bitcoin and ethereum traders because it is fast, slick, responsive, and full-featured. Users who do not need a full-featured trading interface like Coinbase Pro and want relatively low fees should check out our Step-by-Step Guide to Gemini.
The upper left displays your wallet balance for the selecting trading pair. It displayed our wallet balance in USD and BTC because we had selected the BTC-USD trading pair.
The left displays the order form where users enter buy and sell orders.
The order book displays the current orders for the trading pair with near instantaneous updates. The spread is prominently displayed in the center of order book. Coinbase Pro’s order book is much more fluid and easy to scroll than other other exchange we have used.
The price chart is prominent in the center of the trading interface. It shows the trading price and volume. Users can customize the time period for chart candles, whether to include a chart line, and add a variety of overlays to the chart. The price chart is incredibly smooth, but it does lack some of the technical indicators that the most advanced traders may want.
The depth chart is just below the price chart. It helps users visualize the size of current buy and sell orders on the order book.
The far right displays the trade history for the selected trading pair.
Coinbase Pro displays the user’s filled orders just below the depth chart.
Coinbase Pro also displays the user’s open orders just below the depth chart.
Users select a market to trade from the drop-down menu in the upper left of Coinbase Pro.
Let’s next show how to trade on Coinbase Pro with a free buy order. Limit orders executed as “post only” are entirely free because they are “maker” orders. Such an order sits on the order book until filled by another user. We will purchase bitcoin with the entirely of the $30.83 in our Coinbase Pro account. To begin, we selected the BTC-USD market, the buy tab, and the limit tab.
Next enter the amount to buy and amount to pay. For the price, we entered a limit price of $6,6674.35. Users can also select a price from the order book to have it auto-fill in the limit price box. For the amount to buy, we selected the “max” option in the amount box. This caused Coinbase Pro to auto-fill the maximum amount of bitcoin we could purchase with our U.S. dollar balance, which was 0.00462016 BTC. Users can also manually enter an amount to buy.
Double-check that the execution is set as “post only.” This ensures that the order is a free maker order. Select place buy order to place the order.
A placed order is immediately reflected on the order book and in the list of open orders. For example, our order for approximately 0.0046 BTC at a price of $6.674.35/BTC is shown below.
The buy limit order switches from the open orders to the filled orders box once a user fills the order. In addition, the wallet balance immediately reflects the trade. We now own approximately 0.0046 BTC and zero U.S. dollars.
Now let’s show how to place a free sell order on Coinbase Pro. Remember, limit orders executed as “post only” are entirely free because they are “maker” orders. Such an order sits on the order book until filled by another user. We will sell all of our bitcoin in our Coinbase Pro wallet in this guide. To begin, we selected the BTC-USD market, the sell tab, and the limit tab.
Next enter the price and amount to sell. For the price, we entered a limit price of $6,6686.16. Users can also select a price from the order book to have it auto-fill in the limit price box. For the amount to sell, we selected the “max” option in the amount box. This caused Coinbase Pro to auto-fill the maximum amount of bitcoin we could sell with our wallet balance, which was 0.004612 BTC. Users can also manually enter an amount to sell.
Double-check that the execution is set as “post only.” This ensures that the order is a free maker order. Select place sell order to place the order.
A placed order is immediately reflected on the order book and in the list of open orders. For example, our order to sell approximately 0.0046 BTC at a price of $6.686.16/BTC is shown below.
The sell limit order switches from the open orders to the filled orders box once a user fills the order. Notice that an order may be filled by multiple users, e.g., we had one order for 0.0041 btc and another order for 0.005 btc. In addition, the wallet balance immediately reflects the trade. We now own approximately $30.83 and zero bitcoin.
Let’s next show how to withdraw from Coinbase Pro. It is generally not a good idea to store cryptocurrency on an exchange unless you are actively trading that cryptocurrency. There are too many risks that either you or the exchange will be hacked. Hardware wallets such as the Ledger Nano S are generally better options for long-term storage of cryptocurrency. Select the withdraw button from the upper-left to withdraw your funds to an external source.
Users can withdraw fiat currency or cryptocurrency from Coinbase Pro. Select the currency you want to withdraw from the drop-down menu.
Users can withdraw cryptocurrency to an external address or their Coinbase wallet. For this guide, we withdrew all of our bitcoin to an external address. Simply enter the amount to withdraw and press the withdraw button. Coinbase Pro will ask you to enter your two-factor authentication code to confirm with the withdrawal.
Coinbase Pro will immediately display a confirmation that the withdrawal has been initiated. We have now reviewed how to sign-up for Coinbase Pro, deposit funds, withdraw funds, and place free buy and sell orders. You are ready to get started with Coinbase Pro.
Get Started With Coinbase Pro!