How to use Coinbase Pro? How are the interface functions different from the regular version?

Coinbase Pro, formerly known as GDAX, is a professional trading platform offered by Coinbase, designed for more experienced traders who require advanced trading tools and features. Unlike the regular Coinbase platform, Coinbase Pro provides a more sophisticated interface and a broader range of trading options. In this article, we will explore how to use Coinbase Pro and highlight the differences in interface functions compared to the regular version.

Getting Started with Coinbase Pro

To begin using Coinbase Pro, you first need to have an account with Coinbase. If you don't have one, you can sign up on the Coinbase website and complete the verification process. Once your Coinbase account is set up, you can access Coinbase Pro by navigating to the Coinbase Pro website and logging in with your Coinbase credentials.

• Visit the Coinbase Pro website and click on the 'Sign In' button.
• Enter your Coinbase email and password to log in.
• You will be redirected to the Coinbase Pro dashboard, where you can start trading.

Understanding the Coinbase Pro Interface

The Coinbase Pro interface is divided into several sections, each designed to provide specific information and functionality to traders. The main sections include the Order Book, Trading View, and Order History.

• Order Book: Located on the left side of the screen, the Order Book displays the current buy and sell orders for the selected trading pair. It shows the price levels and the volume of orders at each level.
• Trading View: The center of the screen features the Trading View, which displays a chart of the selected trading pair's price movement over time. Traders can customize the chart to view different time frames and add technical indicators.
• Order History: On the right side of the screen, the Order History section shows a list of all your past and current orders, including the status of each order.

Placing Orders on Coinbase Pro

Coinbase Pro offers several types of orders to cater to different trading strategies. The main types of orders include Market Orders, Limit Orders, and Stop Orders.

• Market Orders: A market order is an order to buy or sell a cryptocurrency at the current market price. To place a market order, select the trading pair, enter the amount you want to buy or sell, and click on the 'Buy' or 'Sell' button under the 'Market' tab.
• Limit Orders: A limit order allows you to set a specific price at which you want to buy or sell a cryptocurrency. To place a limit order, select the trading pair, enter the amount and the desired price, and click on the 'Buy' or 'Sell' button under the 'Limit' tab.
• Stop Orders: A stop order is used to trigger a market order when the price of a cryptocurrency reaches a specified level. To place a stop order, select the trading pair, enter the amount and the stop price, and click on the 'Buy' or 'Sell' button under the 'Stop' tab.

Advanced Features of Coinbase Pro

Coinbase Pro offers several advanced features that are not available on the regular Coinbase platform. These features include Margin Trading, Lending, and Recurring Orders.

• Margin Trading: Margin trading allows you to borrow funds to increase your trading position. To use margin trading, you need to enable it in your account settings and deposit collateral. Once enabled, you can place margin orders in the same way as regular orders.
• Lending: Coinbase Pro allows you to lend your cryptocurrencies to other traders and earn interest. To start lending, navigate to the 'Lend' tab, select the cryptocurrency you want to lend, and set the amount and interest rate.
• Recurring Orders: Recurring orders allow you to automate your trading by setting up regular buys or sells at fixed intervals. To set up a recurring order, go to the 'Orders' tab, click on 'Recurring Orders,' and enter the details of your order.

Differences Between Coinbase Pro and Regular Coinbase

The main differences between Coinbase Pro and the regular Coinbase platform lie in their interface and functionality. Coinbase Pro is designed for more advanced traders and offers a more complex interface with additional features.

• Interface: The Coinbase Pro interface is more detailed and customizable compared to the regular Coinbase platform. It provides access to the Order Book, Trading View, and Order History, allowing traders to analyze market trends and make informed decisions.
• Trading Options: Coinbase Pro offers more advanced trading options, including limit orders, stop orders, margin trading, and lending. These features are not available on the regular Coinbase platform, which only supports basic market orders.
• Fees: Coinbase Pro generally has lower fees compared to the regular Coinbase platform. The fee structure is based on the trading volume and the type of order, with lower fees for higher volumes and maker orders.

Using Coinbase Pro Mobile App

Coinbase Pro also offers a mobile app for iOS and Android devices, allowing you to trade on the go. The mobile app provides access to the same features and functionality as the web platform, with a user-friendly interface optimized for mobile devices.

• Download the Coinbase Pro app from the App Store or Google Play Store.
• Log in with your Coinbase credentials to access your account.
• Use the app to place orders, view charts, and monitor your portfolio from anywhere.

Frequently Asked Questions

Q: Can I transfer funds between Coinbase and Coinbase Pro?A: Yes, you can easily transfer funds between your Coinbase and Coinbase Pro accounts. On the Coinbase Pro website or app, navigate to the 'Deposit' or 'Withdraw' section, select the cryptocurrency you want to transfer, and choose 'Coinbase Account' as the source or destination.

Q: Is it possible to use Coinbase Pro without verifying my identity?A: No, you must complete the identity verification process on Coinbase before you can use Coinbase Pro. This is a security measure to protect your account and comply with regulatory requirements.

Q: Can I trade all cryptocurrencies available on Coinbase using Coinbase Pro?A: Not all cryptocurrencies available on Coinbase are available for trading on Coinbase Pro. Coinbase Pro typically supports a smaller selection of cryptocurrencies with higher trading volumes and liquidity.

Q: How can I cancel an order on Coinbase Pro?A: To cancel an order on Coinbase Pro, go to the 'Orders' tab, find the order you want to cancel in the list, and click on the 'Cancel' button next to it. The order will be canceled immediately, and any unfilled portion will be returned to your account.