With the growing interest in virtual currencies, the number of cryptocurrency exchanges has increased.
In this guide, we’ll look at the platform’s features, the registration process, and all the information needed to understand this cryptocurrency exchange.
- Coinbase History
- Coinbase Pro
- Opening an account and KYC Verification
- Coinbase Pro Fees, features, and services
- Coinbase Pro API
- Security: How Safe Is Coinbase Pro?
- Referral Program
- Deposits and Withdrawals on Coinbase Pro
- Using trade interface
- Trade Example
In 2012, Brian Armstrong and Fred Ehrsam co-founded Coinbase.
The first service provided to users was a digital currency package. In October 2012, the ability to buy and sell bitcoin through fiat money was added.
In 2016, the platform received a new name and logo. According to the announcement of Coinbase, he name of the exchange was changed to GDAX (Global Digital Asset Exchange).
In 2018, GDAX announced its name change to Coinbase Coinbase Pro and transferred all customer accounts to the new Coinbase Pro platform.
Currently, the platform has more than 40 pairs that can be exchanged and it is aimed to appeal to more advanced traders who want to know more than just the basics of market fluctuations related to cryptocurrency pairs, having real-time order books, trade histories, and charting tools
At the moment, Coinbase pro supports a multitude of pairs besides BTC/USD, ETH/BTC, ETH/USD, LTC/BTC, LTC/USD, BCH/BTC, and BCH/USD, with new ones being added from time to time.
Opening an account and KYC Verification
To create a Coinbase Pro account, you must:
- Visit the official website https://pro.coinbase.com/ and click on the Sing Up button in the upper left corner.
- On the registration page, you will be asked to enter your username, email address, and password of at least 8 characters long.
- You will receive an email asking you to verify your email address. In that email, confirm your account creation
- In the next step, you must enter your phone number, and then you need to verify it via SMS. Depending on your area, you may be asked to provide other personal information, such as (name, address, date of birth, etc.).
- Finally, you need to do KYC (Know Your Customer) verification in which you need to provide your identification documents, passports, or driver’s licenses. After completing this step, you can operate on the platform.
Note: If you are already registered with Coinbase, you can use the same user to link accounts and access Coinbase Pro.
After you just need to login, by providing your chose Username and Password.
Coinbase Pro Fees, features and services
The platform will charge different fees depending on whether you are buying or selling cryptocurrencies.
Coinbase Pro uses the maker-taker model for fees.
If the transaction is a purchase transaction, a commission between 0.04% and 0.50% will be paid;
If is a sale transaction, the rate will vary from 0% to 0.50%, to be paid when making a successful order.
Below you can check the Fee Structure used by Coinbase Pro, as of 09/04/2021:
Coinbase Pro API
Coinbase Pro users can use third-party applications to work with exchanges. The API allows you to configure the receipt of information about prices, orders, history of operation of the website, or withdrawal of funds from your account. It also helps users develop programmatic and secure trading bots. There is also a dedicated page to the API and related documentation on Coinbase Pro, which you can access from here: https://docs.pro.coinbase.com/
Security: How Safe Is Coinbase Pro?
Coinbase Pro provides users with excellent security. The funds deposited on the platform are protected by SSL, cryptocurrency cold storage of 98% of the funds, or data redundancy. In addition, if the platform is hacked, the amount of money insured per user is $250,000.
Although cryptocurrency exchanges need to be used to protect their users’ investments, they must take all necessary precautions to ensure the safety of their funds.
Users must create a secure cryptocurrency password, store it offline and activate a second authentication factor to increase security.
Coinbase Pro users can benefit from the same referral program used by Coinbase.
Each user registered on the platform receives a link to invite their recommendations. When a user signs up for that link and deposits at least US$100, they both receive a US$10 bonus.
Deposits and Withdrawals on Coinbase Pro
To deposit digital currency into your Coinbase Pro account, go to “Assets” then “Deposit.” You will choose the type of currency you wish to deposit and given an address to send the coins to.
Withdrawing cryptocurrency is similarly easy. Go to “Assets” then “Withdrawal.” Choose the currency type and enter the wallet where you want to send the currency.
Depositing and withdrawing fiat currency is also done via the “Assets” page and “Deposit” or “Withdrawal” option.
When using USD, you can do an ACH transfer or bank wire from an American bank account, with the same options available for withdrawals.
Deposits and withdrawals using EUR can be done via SEPA transfers. The only choice for UK customers to fund their Coinbase Pro account is also via a SEPA transfer with EUR, but keep in mind that your bank may charge a conversion fee.
There is also the choice to instantly transfer funds between your Coinbase Pro and Coinbase account. This is free and done via the same “Assets” page. Just be sure to select the relevant Coinbase or Coinbase Pro wallet under “Destination.
Using trade interface
The Coinbase Pro interface can be divided into the following spaces:
(1) Wallet Ballance:
here we will see the balance of the cryptocurrency we chose to trade and its equivalent in US dollars.
(2) Order Form: Here we can choose to buy / sell, depending on what we want to do and where we will describe the necessary action.
In this section, we see three options:
- Market: The purchase/sale will be carried out at market prices. It will be used when the market price is adapted to your needs and you want to buy/sell as soon as possible.
- Limitation: The user decides the value of the purchase/sale order and can cancel it at any time. It is the most used option for most low to medium-level users.
- Stop Loss: the user can make a stop loss, which is a defined order to avoid losses. This option is used by intermediate/advanced traders.
(3) Order Book: The upper (red) is the sales order and the lower (green) is the purchase order.
One of the most important areas in this section is the central area, where we see the lowest sales order and the largest purchase order, very important information when placing a purchase or sale order.
(4) Price Chart: This section provides different data, in which we can see: a chart of the chart, which contains the price change of the selected pair, and is just below the purchase order and the Quantity sales order.
(5) Open orders: if there are any open order in this section, to cancel one of them, just click the X on the right.
(6) Transaction history: recent order history (green) and sales (red).
We want to buy Bitcoin in USD. In that case, we will trade the BTC / USD pair, which will be selected above the Balance section of the Wallet.
After a currency pair is selected, we will analyze the Bitcoin buy and sell orders to find the price that best suits our needs.
We put the required price in the limit price, insert the purchase amount in the amount section and then execute the order by placing an order. If a purchase order is not placed at the market price, it will remain in the open order pending execution.
What platforms do you use to trade and exchange cryptocurrencies? Share in the comments!
Disclaimer: The information expressed in this article are solely those of the author and do not necessarily reflect the views of CryptoDeFinance. Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment. *with information from , criptonoticias, Twitter, google, insidersport, mclaren, tezos