How To Join CoinBase Pro: A Comprehensive Guide
CoinBase Pro, formerly known as GDAX (Globax Digital Asset Exchange), is one of the leading platforms for cryptocurrency trading, offering users a more advanced and professional level compared to its basic counterpart, Coinbase. If you're interested in joining the ranks of experienced traders on this platform, here’s how to get started with CoinBase Pro setup.
1. Begin by Opening an Account on Coinbase Basic
Before accessing CoinBase Pro, you must first open a basic account on CoinBase. This is necessary because CoinBase Pro requires users to have an existing CoinBase account or a verified email address through the CoinBase verification process. To create a CoinBase account:
1. Go to www.coinbase.com and click 'Get Started'.
2. Provide your full name, phone number, and a valid mailing address.
3. Agree to CoinBase’s terms of use and privacy policy, then click ‘Continue’.
4. Choose how you want to verify your identity by selecting the country you are in. You can choose from government-issued ID options like driver's license or passport.
5. Upload a government-issued photo ID that matches the information provided earlier. This could be a copy of your passport, driver’s license, state-issued ID, etc.
6. The next step is to verify your phone number and address by providing them again on CoinBase's verification process.
7. If you live in the US or UK, Coinbase will call you to ask for further details about your ID and home address. In other countries, you might receive an SMS code.
8. Once verified, you are ready to use CoinBase to purchase cryptocurrencies that can be transferred to your CoinBase Pro account.
2. Sign Up for Coinbase Pro
Once your basic CoinBase account is set up and verified, you're ready to move on to the advanced trading platform. Here’s how to join:
1. Visit www.pro.coinbase.com/.
2. You need a CoinBase or CoinBase Pro trial account to access this page directly. If you don't have one yet, sign up for the free trial through your basic CoinBase account by clicking 'Get Started with Pro' on your CoinBase dashboard.
3. Click on ‘Open Account’ after confirming that your email matches with a verified address and ID on your Coinbase account.
4. You need to provide a valid government-issued ID, like in the process of verifying your basic CoinBase account.
5. The verification process might take 1-2 business days. Be patient during this time while CoinBase verifies you as a professional trader.
3. Fund Your Account for Trading
After completing the sign up and verification processes, the next step is to fund your CoinBase Pro account with cryptocurrencies or fiat currency that can be traded on the platform. You can deposit funds directly from your basic Coinbase account into your CoinBase Pro account by selecting ‘Transfer Funds’ in your CoinBase Pro dashboard.
4. Start Trading!
Now, you're ready to start trading Bitcoin, Ethereum, and other cryptocurrencies at a professional level on the platform. Use advanced order types and view real-time market data and analytics with insights like volume, open interest, and more. With CoinBase Pro, you can access tight spreads for your trades and take advantage of fast execution times.
Additional Tips:
While setting up or trading on CoinBase Pro, be mindful of the following:
1. Understand the Risks: Trading cryptocurrencies involves risks that include loss of principal and fluctuation in value.
2. Educate Yourself: The more you know about the market and how it works, the better your chances are for success as a trader.
3. Use Safeguards: Keep your login information safe and use two-factor authentication to protect against unauthorized access.
4. Stay Compliant with Local Laws: Ensure that your trading activities comply with all local laws and regulations.
5. Review CoinBase Pro’s Guide: The platform provides a comprehensive guide for new traders, which can be found in the help section of their website.
In conclusion, joining CoinBase Pro is relatively straightforward once you have a verified basic Coinbase account or phone number. Remember that successful trading requires patience, knowledge, and understanding of the risks involved. By following this guide to join CoinBase Pro, aspiring traders will find themselves on an exciting path towards possibly lucrative ventures in cryptocurrency markets.