How To Set A Stop Loss On Coinbase Pro
Since its launch in 2022, the decentralized substitution Coinbase has grown to exist one of the nigh popular in the world and the most pop in the U.s.a.. But there isn't just ane way through which you lot can use Coinbase. Alongside its standard version, the exchange offers users the ability to open a professional account that comes with actress features. This is known as Coinbase Pro.
But tin Coinbase Pro be benign for y'all, and how can you switch to it from your standard account?
What Is Coinbase Pro?
The first thing you'll discover when using a Coinbase Pro account is how its layout differs from a standard account. Below, yous tin can see a comparison between the trading pages of both the standard and pro versions of Coinbase's exchange.
Here's the standard trading folio on Coinbase:
And here's the trading folio for Coinbase Pro:
Equally you tin can see, the Coinbase Pro trading page appears to be far more complicated than that of the standard account. In fact, even the "Advanced Trading" pick on a standard Coinbase business relationship is less complex than that y'all'd encounter using a Pro business relationship. This is because Coinbase Pro is designed for professional traders, rather than those who trade casually or rarely practice anything with their crypto holdings.
Virtually beginner or coincidental crypto traders but need a few bones exchange features, such as the power to buy, sell, trade, convert, and stake their funds. Many crypto owners never wander beyond these core features, which is why a standard Coinbase account keeps information technology uncomplicated and sticks to the options that such users are more likely to both sympathise and use.
But there are thousands of individuals in the crypto industry that want to take their crypto holdings a step farther. These experienced users are likely to utilise more than advanced features to expand their portfolios, and such features are offered on a Coinbase Pro account.
Coinbase Pro Features
Coinbase and Coinbase Pro have several differences. A key characteristic offered by Coinbase Pro alone is multiple trading options, including stop and limit orders. Cease orders allow users to fix a sell price for their crypto avails to minimize their losses, while limit orders allow users to set a buying point when they believe that a crypto they desire to buy may soon drib in value (which lets them catch information technology at a lower price if this happens).
On top of this, Coinbase Pro offers some more advanced charting for experienced traders. As you may take noticed in the screenshot of the Coinbase Pro trading screen above, the page is very busy, with hundreds of different figures flashing scarlet and light-green.
This is because the Coinbase Pro trading folio is designed to fit in equally much data as possible. Using Coinbase Pro, you can view live moving averages to become a amend idea of how any given coin is performing within the marketplace.
But this doesn't hateful that you lot can but view basic statistics using a standard Coinbase account. As you tin can run into in the screenshot below, you can view the order volume, candle chart, and trade history of a pair by simply clicking on the pair on your basic trading folio. So, there are only a few specific additional analytics you tin can access on Coinbase Pro, which ways you may not need to switch accounts.
At that place's also one actress security feature offered by Coinbase Pro, known equally whitelisting. This feature ensures that only wallet addresses in your accost volume can receive funds from y'all. Then, if y'all use whitelisting and your account is compromised or hacked, it will be harder for money to be sent to a new address, every bit information technology needs to first be put into the accost book and listed as rubber.
Now, let'due south talk fees. Currently, Coinbase Pro charges its maker and taker fees depending on the amount of coin existence moved within a transaction. For case, if an private sells $12,000 dollars in Ethereum, they'll be charged a 0.25% maker fee. But if some other individual sells $60,000 in Ethereum, the maker fee drops to 0.fifteen%. Coinbase has a dedicated folio listing all the Pro account features.
Users with a standard Coinbase account, on the other paw, will never be charged a maker or taker fee just will be charged a spread fee of 0.5% for buying and selling crypto.
How Are Coinbase and Coinbase Pro Similar?
One thing y'all tin can exist assured of whether you're using Coinbase or Coinbase Pro is that you'll exist able to purchase, sell, or trade the aforementioned number of cryptocurrencies. Both account types offer over 120 different cryptocurrencies, from market leaders like Bitcoin and Ethereum (which is different from Ethereum Archetype), to lesser-known tokens like SUKU and Kryll.
Coinbase and Coinbase Pro also offer many similar money metrics, bated from some additional, more complex analytics that can just be accessed with a Pro account.
For the almost part, Coinbase and Coinbase Pro also offer the same security features, including two-factor hallmark, insurance for USD wallets upwardly to $250,000, and common cold storage of funds. The only feature but offered by Coinbase Pro, as mentioned higher up, is the wallet address whitelisting option.
So, if you're not looking to merchandise crypto professionally on a very regular basis, yous probably don't need a Coinbase Pro account. The bulk of the features offered by Coinbase as a whole can be accessed using a standard business relationship, and you may find yourself diving in at the deep cease if yous use a Pro account if you lot're not thoroughly experienced in crypto trading.
But if you retrieve a Coinbase Pro account may be beneficial for yous, how tin can you brand the switch?
Switching to a Coinbase Pro Account
Switching to a Coinbase Pro account cannot be done on the interface of your standard account. Instead, you need to sign up for a separate Coinbase Pro account. But don't worry, your standard and Pro account will be immediately linked if you sign up for Coinbase Pro using the login details of your standard business relationship.
To open up a Coinbase Pro account, enter open Coinbase Pro account in your search engine. Then, you should be met with a search result chosen "How to Open a Coinbase Pro account". Alternatively, y'all can hop instantly to the page here.
Then, click on the hither link in the first line of text on the page, and you lot'll be taken to the Coinbase Pro sign-upwardly page. Enter the login details you use for your standard account, and you should be taken to the trading page of your new Coinbase Pro account.
At present, you can trade using Coinbase's Pro's advanced features! Be mindful that yous at present still have your standard account which you can still use to purchase, sell, merchandise, bandy, and stake your crypto. Coinbase Pro only gives y'all that added layer of professional features if you're an experienced trader.
However, it is entirely free to start using Coinbase Pro; if you're yet unsure about information technology, you lot tin can open an account speedily and easily to run into if it works for your needs.
How to Transfer From Coinbase to Coinbase Pro
At that place are two ways to send funds dorsum and forth betwixt your standard and Pro accounts.
If you want to transfer funds from your standard account to your Pro account, you lot'll first need to caput to the trading page in your Coinbase Pro account. Then, select the Deposit option under the Wallet Balance section, and select a currency. After that, select your Coinbase account as the sender, and enter how much you'd similar to transfer. Click Deposit, and your funds will be sent over.
Alternatively, if you desire to transfer funds from your Pro to your standard account, go to the trading page on your Coinbase Pro account again, but click Withdraw this time nether Wallet Balance. And so, the process is the same, wherein you select a currency blazon and enter your desired corporeality to transfer. Then, click Withdraw and your funds volition exist moved.
Coinbase Pro Is Certainly Useful, but Not for Everyone
While opening a Coinbase Pro account tin certainly exist beneficial to individuals who trade very regularly, it can exist a trivial overwhelming for those who are at a beginner or intermediate cognition and experience level in the crypto industry. So, consider the points above if you're interested in opening a Coinbase Pro account, as they will assist y'all in determining whether it'south a suitable option for yous.
Source: https://www.makeuseof.com/how-to-transfer-from-coinbase-to-coinbase-pro/
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