You might want to transfer from Coinbase to Coinbase Pro for numerous reasons. Although the same company owns the exchange platforms, Coinbase and Coinbase Pro operate very differently. There exists a vast difference when it comes to Coinbase and Coinbase Pro. This article will focus on how to transfer from Coinbase to Coinbase Pro simply.
In case you need to change from a buy-and-hold investment strategy to a higher-volume trading strategy, it is essential and worthy to transfer from Coinbase to Coinbase Pro. Sometimes you need more in-depth information about your cryptocurrency assets. It is also important to transfer from Coinbase to Coinbase Pro. The transfer from Coinbase to Coinbase Pro serves a great in Crypto exchange.
Coinbase Pro only allows transferring money from Coinbase to a bank account, wire transfer, and other Wallet transactions. Note that Coinbase Pro does not accept credit card or debit card purchases. If you need to deposit money into your Coinbase account, you can transfer it from Coinbase to Coinbase Pro without paying extra fees. From this article, you will learn it is straightforward to transfer from Coinbase to Coinbase Pro. You will simply follow the step-by-step guide given below.
Details Of Coinbase and Coinbase Pro
Coinbase is an app that allows you to buy and sell all kinds of cryptocurrencies such as bitcoin, Ethereum, litecoin, and about fifty others. In addition, you can use it to convert one cryptocurrency to another or send and receive cryptocurrency to and from other investors.
Similar to other stock trading apps you may already be conversant with, the app shows you the current price and trends for cryptocurrencies, a gaze at your range of holdings, and the latest stories about the industry. Coinbase Pro is an advanced trading platform with features for more experienced traders. Once you have a Coinbase account, you can access both platforms with the same login credentials.
Process To Get Started With Coinbase
Coinbase is quick to set up but needs some information like your legal name, date of birth, home address, how you plan to use Coinbase, and the last four digits of your Social Security number. You need all this information to comply with federal regulations.
Here’s the process of how you can begin.
- First, download the Coinbase app on Play store or Appstore
- Open the app and tap “Get Started.”
- Create an account using a personal email address and tap “Start.”
- Verify your email by clicking a link sent to your inbox.
- Enter your mobile number and verify it by entering a code texted to you.
- Enter in your full legal name, date of birth, and last four digits of your Social Security Number. You need to be eighteen years old to get started with Coinbase.
- Enter your address.
- Select how you will use Coinbase: foronline payments, investing, and online purchases or for investing in another trading.
- Prove your source of income.
- Tap “Let’s Go.”
- You will start to link your bank account. You can search for your bank.
- Log into your bank account with the username and password you usually use for banking like transferring money to someone else’s bank account.
- Choose the bank account you need to link to Coinbase for purchases and tap “Continue.”
Reasons You Need To Transfer To Coinbase Pro
Coinbase is a quick platform to use for first-time crypto investors. You can become a crypto expert in a short time with its simple user interface, simple charting, and user education built right in. Some of the reasons why you need to transfer from Coinbase to Coinbase pro include:
i) Fees
Coinbase’s fee structure implies you pay much money for every transaction. This is okay if you have a buy-and-hold trading strategy. But if you need to make high volume trades, the fees are unreasonable. On the other hand, Coinbase Pro is designed for traders looking to trade crypto actively.
They employ a maker-taker fee structure, giving trades discounts for the trades done on the platform. Usually, the fees begin at 0.50% and taper downward for more significant volume traders established on monthly trading volume.
ii) Stop and Limit Orders
You can take advantage of stop orders and limit orders to make more informed buying decisions. Coinbase Pro also offers traders advanced charting views that show the candlestick chart of the maximum and minimum prices within a particular time frame.
The advanced view can be set up to show numerous overlays of the exponential moving means. Enhanced access to information gives experienced users more intuition into cryptocurrency performance.
Method To Transfer From Coinbase To Coinbase Pro
Even if you’re Coinbase and Coinbase Pro accounts are connected, they have their distinct wallets. Transfers from Coinbase to Coinbase Pro are free. You can transfer from Coinbase to Coinbase Pro by following the simple procedure below.
- Log into Coinbase Pro
- Go to the Coinbase Pro trading page
- Find the coin you want to deposit
- Select your Coinbase Account
- Select Deposit at the bottom of the window
Let have a look at each of these stages in more detail below.
Step 1: Log into Coinbase Pro
You can log into Coinbase Pro with your Coinbase account. Simply use your typical Coinbase Username and Password.
Step 2: Go to the Coinbase Pro trading page
Do you need to deposit assets into your Coinbase Pro account? Continue and find the “Deposit” button. This is typically on the portfolio page under the Wallet and can be located on the left-hand side of the page. a pop-up window will appear when you select “Deposit.”
Step 3: Find the coin you want to deposit
Choose the currency type like BTC and ETC that you would like to deposit to Coinbase Pro from Coinbase and then put the desired deposit amount.
Step 4: Select your Coinbase Account
Click on Coinbase Wallet in the drop-down box. You can see the available balance in your Coinbase wallet that you can transfer to Coinbase Pro. If you do not have any balance, then jump over to Coinbase and add the funds there. You can also use your PayPal wallet to add money directly to Coinbase after you transfer money using the routing number.
Step 5: Select Deposit at the bottom of the window
Select the Source, which is the wallet you need to transfer from, enter the amount you want to transfer, and then finish it by tapping the Deposit <entered amount> button to transfer to Coinbase Pro.
Bottom Line
Coinbase and Coinbase Pro are great platforms with their unique pros. If you need knowledge about cryptocurrency, Coinbase is impeccable for you. It is quick to use, has many educational modules, and even allows you to earn free crypto for completing the modules. But, for cryptocurrency trading, Coinbase Pro is perfect due to its lower fees. By exchanging on Coinbase Pro, you will pay a fraction of what you pay in transaction fees on Coinbase.
Luckily, you don’t require to choose one or the other. If you desire Coinbase’s design and resources, use that for research and planning your trades. Once you are ready to trade, switch to Coinbase Pro to save on fees.
