Using Coinbase Pro can yield significantly less fees than using Coinbase, more details here. This tutorial will walk you through buying crypto on Coinbase Pro.
Sign up for Coinbase
If you do not have an account, create an account here
Once your ID has been verified, log in to Coinbase Pro.
Select your source of funds, I usually use a Bank Account. Funds are available instantly for you to use even though the actual bank transfer may take a few days.
Enter the amount of money that you want to deposit, you will be able to Preview the deposit on the following page before confirming it. Click Preview Deposit.
Review the amount, click Deposit, and click Done on the next screen.
Go to the Order Form on the left hand side.
In most cases, you will just want to do a Market order. Enter the amount of USD(or other domestic currency) that you want to use to purchase crypto in the Amount field.
If you are interested in the other order types, please continue to read below, else skip to Step 8.
Let’s discuss the different types of orders you can make.
A market order is an order that is filled at the best available price. The price you see may not be the best available price when your order gets filled. For example, Bitcoin might be $41,200 and moving up fast, so if you place your order, it may get filled at $41,500.
A limit order is an order where you specify the maximum price you would buy crypto for. In the case of a buy, the order will only be filled at that price or lower. This prevents what happens in a market order where the price moves before your order gets filled. It may take longer for your limit order to be filled if the price isn’t met. In that case the order will just remain on the order book until it is filled.
A stop order is an order that triggers whenever the market price reaches a certain price. You have to specify 3 things:
- A Stop Price: The price where the order gets triggered
- A Limit Price: The maximum price you want the order to execute for
- Amount: The amount you want to buy
Once you’ve entered the details for your order. Click Place Buy Order. On the bottom of the price chart, you will see the order go into the Open Orders section. Once the order is filled successfully, the status should change to Filled and show up on the Fills tab.
You may need to refresh the page to see your Wallet Balance update to show the crypto you just bought.