Learn to Use the Coinbase Trading Interface

One of the fastest-growing cryptocurrency exchanges, Coinbase has earned itself a prominent name amongst traders all over the world. The entire service is smooth, accessible, safe, and, most importantly, provides ease of use. For this reason, it is the best platform to start with if you are a newcomer to trading digital currencies like Bitcoin and Ethereum.

Now that cryptocurrency is becoming more popular with each passing day, the world of crypto trading has seen a sudden influx of new traders. More people want to try their hand at earning digital currencies.

For such beginners, Coinbase is the best platform to start with. This is because it has a simple and straightforward interface that combines trading with learning.

If you want to start your crypto trading journey with Coinbase, this guide is for you. Here, we will teach you how to use the Coinbase trading interface, from setting up your account to trading like a pro.

Get $10 FREE Bitcoin on Your First Trade on Coinbase! Click here.

Setting Up Your Coinbase Account

To get started with trading digital currencies, you must first begin by setting up your Coinbase account. Doing this is quite simple and will only take a few minutes. First of all, you will need to upload a government-issued ID picture, write down the last four digits from your social security number, and other information like your phone number and related biometric information.

Once done, you can then choose a password for your account. This password needs to be unique enough to protect your account from hacking. Moreover, to set up your account, you will also need to answer the questions on their website about how you intend to use Coinbase.

Lastly, you will also have to set up your online wallet.  This is where you will hold your currency when buying and selling. To set it up, you must first choose your preferred payment method as well.

The options you get are a Paypal account, debit card, a U.S bank account, or wire transfer.

When you complete all of these steps, you are ready to start trading!

Buying and Selling Cryptocurrency on Coinbase

The Coinbase trading interface allows you to choose from a plethora of currencies for trading. However, as a beginner, you should stick to the most popular coins: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

These tend to be the safest to trade with because they are expensive for hackers to attack.

One thing you should know about before beginning cryptocurrency trading is that the market is quite volatile. The prices can be rocketing sky-high one month but plummeting in the next.

For this reason, it’s best to start small and then increase your coin value once you have gained enough experience.  

Similarly, trading with crypto is much different than with other assets, such as with stock. When it comes to buying stocks from companies, they tend to be protected and safer since they first undergo scrutiny by the Securities and Exchange Commission.

Once an investment advisor is confident in the stocks, then the stocks go into the market for public sale.

Additionally, cryptocurrency does not have its own intrinsic value, unlike stocks and assets. They are essentially only the value that the market attributes them at. Hence, making trading an even riskier business.

Knowing all of these financial details and trading information is important when you start out with trading crypto. This allows you to stick to the rule that you should trade as much as you are willing to lose since the market can be volatile and uncertain.

Using Coinbase Pro

Coinbase Pro is an added feature of Coinbase that is geared towards providing tools and services to experienced traders. Even Coinbase Pro is quite easy to navigate and much simpler. If you want to take your crypto trading to the next level, you can choose to upgrade to Coinbase Pro.

If you already have a Coinbase account, then transferring to the Pro version will be quite easy. You simply need to log in and add your password.

However, even if you are setting up your Coinbase Pro account, the steps are pretty much similar, where you will need to add your biometric information, upload a form of state ID, your picture etc.

To transfer your funds from Coinbase to Coinbase Pro, you will need to go to the ‘Assets’ page and click on the ‘Destination’ option. Here, you will have to select the relevant wallet option.  

When it comes to using the pro version of this exchange service, the entire experience is pain-free and simple. You can choose from the ‘Assets’ or ‘Deposits’ pages if you want to withdraw or deposit your chosen form of currency.

If you want to place an order for trading, you get to choose from the following options:

Market Order

This is similar to trading on the regular version of Coinbase. Here, you can choose to buy immediately or from the nearest current market price.

Limit Order

This option involves choosing to buy and sell below a specific limit. This gives you more control since you can buy coins only when it hits a set price.

Stop Order

This allows you to buy and sell when a digital currency hits a specified point. Once it hits this point, the stop order is converted to a market order.

Coinbase and Coinbase Pro Fees

The fee of using Coinbase is much higher compared to other exchanges, but it is quite worth it since the entire experience is safe.

Coinbase also provides insurance in the rare off chance of hacking, giving you greater assurance and security.

When it comes to the Coinbase Pro fee, it is lower than others. This makes it more appealing. For both versions, the fees reduce when you trade more.

Final Words

Due to its quick sign up service, easy-to-navigate interface, and learning opportunities, Coinbase is definitely the ideal platform to use for newcomers to the trading market. Whether you choose to use Coinbase or Coinbase Pro, you can rest assured that both services are reliable and safe, making it worth every penny.

Get $10 FREE Bitcoin on Your First Trade on Coinbase! Click here.