Table of Contents
- What is Coinbase Pro ?
- How to register on Coinbase Pro
- Verify your account with your ID card (KYC) on Coinbase Pro
- Secure your Coinbase Pro account (2FA)
- How to buy cryptocurrencies on Coinbase Pro
- How to sell your cryptocurrencies on Coinbase Pro
- How to withdraw funds from Coinbase Pro
- FAQ about Coinbase Pro
What is Coinbase Pro ?
Coinbase Pro offers you a professional experience of the Coinbase environment. This platform belongs to Coinbase‘s ecosystem, just like Coinbase commerce. If you’d like to learn more about these exchanges and specifically the initial platform, we refer you to our article about Coinbase.
Coinbase Pro launched in 2018, offering customers of Coinbase, and investors in general, a better trading interface and new features. With this new platform, traders can exchange crypto more efficiently thanks to the tools that are provided, such as limit orders, and stop orders.
However, fees charged by Coinbase Pro are relatively high, we would therefore not recommend using it for large amounts. If you want to save on your trading fees, go have a look at our articles about FTX or Binance.
How to register on Coinbase Pro
To register with Coinbase pro, click here. The registration takes place on Coinbase, but don’t worry, your Coinbase and Coinbase Pro accounts are one and the same. You’ll receive €8 in Bitcoin as a gift, a small sum at the start but which could increase over time. To do this, simply fill in the information required in the form (first and last names, e-mail, and password).
Once that is done, you need to proceed with identity verification, in accordance with the platform’s policy and the legislation of your country.
Verify your account with your ID card (KYC) on Coinbase Pro
If you’ve created your account using Coinbase pro, you’ll be required to verify your identity and then secure your profile. These settings will be set directly from the Coinbase website.
To begin, you need to authenticate on Coinbase using the code sent to your mobile. Next, you need to choose your country of residence. If you choose France, prepare your ID card. But before that, fill in all the basic information regarding your identification, such as your name, address, as well as a few questions about yourself and any potential links that you may have with Coinbase.
Coinbase will then require you to input the amount of crypto you think you’ll be trading over a period of one year, and your business sector.
The next step requires you to get hold of your ID documents: driver’s license, passport, or ID card. Choose the one you want to use, but note that the driver’s license is recommended because it is easier to process. Next, you need to choose how to transmit your document: either with your webcam, if you have one, your phone, or by importing it directly from your PC.
Once your document is transmitted to Coinbase, it’ll take them a few minutes to check your identity, or maybe a few hours in the worst case. Then you’ll be able to access all the content on your Coinbase and Coinbase Pro accounts.
Secure your Coinbase Pro account (2FA)
To prevent any risk of losing your funds in case your account gets hacked, it is important to secure it with two-factor authentication. Also called “2FA”, it allows you to connect to your profile using two methods to confirm your identity. To activate this function, follow these steps:
- Step 2: once you’re there, click on the “Security” tab.
- Step 3: in this tab, you’ll find everything necessary to secure your profile. We advise you to activate the authentication function. With an authentication app such as Google Authenticator, you’ll be able to connect securely with your phone as well as your PC. All you need to do is download the Google Authenticator app on your mobile phone and follow the configuration instructions on Coinbase.
- Bonus step: it is also possible to secure your customer account by SMS using a security key, in addition to your connection via Google Authenticator.
However, SMS are not as safe because they may be tapped by a third party. On top of that, needing a security key forces you to always have it with you.
Once you have secured your Coinbase account according to the steps we described, you’ll also secure your Coinbase Pro account, you can now use it safely.
How to buy cryptocurrencies on Coinbase Pro
Deposit funds on Coinbase Pro
Before purchasing a cryptocurrency on Coinbase Pro, you need to deposit funds into your user account. We’ll now guide you through this process.
- Step 1: go to your wallet. To do that, click on “Portfolios” in the top right corner of the home page.
- Step 2: select the currency that you want to deposit into your user account. You can deposit fiat money such as euros as well as crypto. You just need to click on “Deposit” in the top right corner and choose your currency.
Deposit fiat money on Coinbase Pro
- Step 3: if you want to deposit fiat money such as euros or dollars on Coinbase Pro, then just select the currency of your choice in the list. In this example we chose euros.
- Step 4: after you clicked on euros you’ll have two choices: send your euros from your Coinbase account to your Coinbase Pro account, or a bank transfer.
If you want to learn how to deposit funds with your credit card before you send them to your Coinbase Pro account we refer you to our article on Coinbase.
If you choose to deposit your funds by bank transfer then you need to use your bank’s payment application. Designate your Coinbase Pro account as a new beneficiary and wait a few days for the transfer to go through.
Deposit cryptocurrencies on Coinbase Pro
- Step 3 bis: to deposit cryptocurrencies on Coinbase Pro, you need to select the crypto that you want to transfer to your Coinbase Pro account. In this example, we are transferring Bitcoin.
- Step 4 bis: when you click on “BTC / Bitcoin”, Coinbase Pro offers you two different ways to transfer Bitcoin to your customer account. You can either send your Bitcoin from your Coinbase account to your Coinbase Pro account, or you can do it by using your crypto address.
To learn how to get Bitcoin into your Coinbase account so that you can send it to your Coinbase Pro account, we refer you to our article on Coinbase.
If you prefer to make a transfer using your crypto address, continue until the end of the process on Coinbase Pro. Be careful when typing the address during this step, you do not want to make a mistake here. If you get the address wrong, your funds will be lost forever. We therefore strongly advise you to double-check the address that you copy-pasted. You could also send a small sum in a “test” transaction to make sure the address is correct. Once you’re confident that you have submitted the correct address you can send as much as you want.
Remember, a Bitcoin address looks like this: “3JcydrxkqdiwLgFwx7CMkEdGaj8MWdBZU8 ”.
How to buy cryptocurrencies on Coinbase Pro
After you successfully deposit funds on Coinbase Pro, you’ll be able to purchase the cryptos that you want. There are three ways to purchase a cryptocurrency on Coinbase Pro, they’re called market orders, stop orders, and limit orders.
Before we get into the details of these three types of orders, let’s first see how to access the trading screen.
- Step 1: if you aren’t already there, you need to go to the trading screen by clicking on the “Trade” button in the top left corner.
- Step 2: once you’re on the trading screen, you need to select the market that you are interested in using the “Select Market” button.
- Step 3: choose the market that you want, for example, if you click on “EUR” you’ll have access to all the trades denominated in euros. In this review, we are going to select the “BTC-EUR” pair“, meaning the pair that will allow us to buy or sell Bitcoin against euros.
Now that you’ve selected the pair that you are interested in, let’s see together the different possibilities you have to purchase crypto.
Buy with a market order
A market order allows you to buy as much Bitcoin as possible with the amount you are spending in euros, and at the market price of the time of the trade. For example, if one Bitcoin is equivalent to €100,000 and you spend €1,000, you’ll get 0,01 Bitcoin.
- Step 1: once you have selected your pair, you should automatically be redirected to the trading screen. The “Market” tab, on the left, should also be the default tab. If that’s not the case, this is where you need to click:
- Step 2: now that you are on the correct tab, you only need to input the amount, here in euros, that you want to spend in the selected coin, which is Bitcoin in this case.
- Step 3: check the sum, as well as the platform’s fees and once you are satisfied with the amount of crypto you’ll receive, all you have to do is place the order.
You should receive your cryptocurrency as soon as a seller is found. With a market order, it is usually very quick.
Buy with a limit order
A limit order allows you to purchase a specific amount of cryptocurrency at a set number or better, which in the case of a purchase order means a lower cost.
- Step 1: select the “Limit” tab on the left of the trading screen.
- Step 2: put the amount of cryptocurrency that you want to purchase and the limit price, In this example we choose one Bitcoin and a limit of €60,000.
- Step 3: once you’ve checked the amount of crypto, the limit price according to the existing market, and the fee that is applied by the platform, you can place your trade.
As long as the limit price is in your favor, the order will trigger purchases of the crypto until the total amount is filled.
Buy with a stop order
A stop order is similar to a limit order with the main difference being that the stop order will trigger at a specified level or better. It’ll trigger at a specific number and will be filled at the market, which can result in a wide price gap.
- Step 1: go to the “Stop” tab on the left of the screen.
- Step 2: now you just have to input the stop price, which is the price at which your purchase order is sent to the market, the amount of coins you want to purchase, and the limit price at which you want to purchase.
- Step 3: once you have checked the amount and the platform’s fee, click on “Place buy order”. Your purchase order at the “Limit Price” will be triggered when the “Stop Price” is reached.
Congratulations! You now own your first cryptos on Coinbase Pro. We’ll then see how to sell them when you become really wealthy.
How to sell your cryptocurrencies on Coinbase Pro
Once you own crypto on Coinbase Pro, you can sell them whenever you want to. The platform offers you the same type of orders as when you are purchasing, we will therefore not enter into the details of it in this section. However, if you want to learn about the different types of orders that exist, we refer you to our section above called “How to buy cryptocurrencies on Coinbase Pro”.
- Step 1: access the trading screen by clicking on the “Trade” button in the top left-hand corner.
- Step 2: once you’re there, you need to select the market in which you are interested by clicking on the “Select Market” button. You can choose crypto-to-fiat markets such as euros, or crypto-to-crypto markets.
- Step 3: select the market in which you are interested, you can for example click on “EUR” and you’ll have access to all the trades denominated in euros. In this review we will select the “ETH-EUR” pair, meaning the pair which allows you to buy or sell Ethereum against euros.
- Step 4: select the “Sell” button and choose which type of sell order you want to place. You can choose between a market, a limit, or a stop order.
In this example, we will select the market order option. It is the simplest one because it’ll enable you to put your Ethereum on sale at the prevailing market price when you placed your trade.
- Step 5: when your order is ready, check the fee that is charged by the platform as well as the price at which you’ll sell your cryptocurrency. If everything is correct then just click on “Place sell order”.
Be careful, whether you are selling crypto against USD (dollars) or EUR (euros), depending on your country’s tax of residence, you’ll probably need to pay taxes on the realized gains. This would be valid for all your transactions. It may be wise to convert your crypto against USDT (Tether) or USDC (USD Coin) because those are also cryptocurrencies and you would therefore not be taxed on the sale.
Good, you have now sold some of your crypto. You may now want to use the proceeds on another platform or just send them to your bank account? If so, just follow the next step.
How to withdraw funds from Coinbase Pro
If you wish to withdraw your funds from Coinbase Pro to use them on another platform, you can do that at any moment. You can also send your crypto to a physical wallet, whether paper or software. This will help to secure your funds.
To withdraw your funds from Coinbase Pro, follow these easy steps.
- Step 1: access your wallet by clicking on “Portfolios” in the top right corner.
- Step 2: click on “Withdraw” to withdraw the desired currency from your account.
Withdraw fiat money from Coinbase Pro
- Step 3: in the withdrawal list, select the fiat currency that you are interested in. For example, we could choose to withdraw euros.
- Step 4: you’ll have two options to withdraw euros. You can either withdraw them by wire transfer to your bank account, or you can transfer them to your classic Coinbase account.
You are probably more interested in withdrawing them to your bank account.
To do that, you must inform Coinbase of your banking details, choose the amount you want to withdraw, and pay fees of 15 cents.
You’ll receive your money in your bank account within 2 to 3 working days.
Be careful, whether you are selling cryptocurrencies against USD (dollars) or EUR (euros), depending on your country’s tax of residence, you’ll probably need to pay taxes on the realized gains. This would be valid for all your transactions. It may be wise to convert your crypto against USDT (Tether) or USDC (USD Coin) because those are also crypto and you would therefore not be taxed on the sale.
Withdraw your cryptocurrencies from Coinbase Pro
- Step 3 bis: To withdraw your cryptocurrencies from Coinbase you need to select the coin in the withdrawal list. In this example, we chose Bitcoin.
- Step 4 bis: after you have selected the coin, you’ll be prompted to either transfer it to your classic Coinbase account or another address on the same blockchain network.
In this example, we will transfer Bitcoin from Coinbase Pro to another Bitcoin address.
Be careful when typing the address during this step, you do not want to make a mistake here. If you get the address wrong, your funds will be lost forever. We therefore strongly recommend you to double-check the address that you copy-pasted. You could also send a small sum in a “test” transaction to make sure the address is correct. Once you’re confident that you have submitted the correct address you can send as much as you want.
Remember, a Bitcoin address looks like this: “3JcydrxkqdiwLgFwx7CMkEdGaj8MWdBZU8 ”.
- Step 5: check the information to make sure everything is correct. Note that the Bitcoin network will take a commission for this transfer, this tax serves as compensation to Bitcoin miners. The amount charged varies from one network to another.
Once you are certain of your transfer, you can click on “Withdrawal”. You’ll then receive the Bitcoin at your address in a couple of minutes.
Coinbase Pro has no more secrets for you. You can now go out there and write history in the crypto space!
FAQ about Coinbase Pro
Is Coinbase Pro secure?
Coinbase Pro is directly linked to the Coinbase platform, a platform which exists for more than 10 years. Coinbase Pro is undoubtedly one of the best-secured platforms in the cryptocurrency industry.
With regards to leaving your funds on the platform: zero risk doesn’t exist. If you don’t do much trading and you want to protect your crypto from the possibility of Coinbase Pro being hacked, you can withdraw them from the platform and store them on a hardware wallet such as Ledger. Not your keys, not your cryptos.
Do you need to be an adult to create an account on Coinbase Pro?
Yes, to register with Coinbase Pro, you need to be an adult as stated in the general conditions of use. Therefore, if you are less than 18 years old, do not try to register an account with Coinbase Pro, because during the identity verification you’ll get caught. Having an ID in your name that confirms your age is mandatory.
Who is behind Coinbase Pro?
Coinbase Pro is a large company. It is managed by a team of seven people that understand crypto better than anyone else. These people are:
Brian Armstrong : Co-Founder & Chief Executive Officer
Emilie Choi : President & Chief Operating Officer
Surojit Chatterjee : Chief Product Officer
Alesia Haas : Chief Financial Officer
L.J. Brock : Chief People Officer
Paul Grewal : Chief Legal Officer
Manish Gupta : EVP of Engineering
How to contact Coinbase Pro:
If you have any kind of problem or require support, Coinbase Pro gives you access to an information center by clicking here. In case your problem persists and you need to contact them, you can do this by clicking here.
To register with Coinbase Pro, click here.