Save 80% on Coinbase [Step-by-Step Guide] (2021)

I'm going to tell you something today that Coinbase seemingly doesn't want you to know and it's going to save you hundreds if not thousands of dollars. If you stick around to the end of the video, I actually created a free tool customized for you, to show exactly how much you can save! Go here, and enter your email to receive the tool.

Welcome to the channel! I'm Brian Logan. I am so thankful that you are here and I gotta say no matter where you are in your financial journey I wholeheartedly believe that you are smart enough and fully capable enough of taking control of your finances.

Alright, there's a lot to unpack here so let's just jump straight in. The way you save this cash is pretty simple. It's switching from Coinbase to Coinbase pro. Now wait, I know there was probably a lot running through your head right there, and firstly yes, I did just tell you to switch to a pro service to save money. This is super counter-intuitive as most places charge you more money for more functionality, but that is not the case Coinbase. The second thing that might have run through your head was does this really matter? Aren't I paying like a couple bucks per trade? It matters, and I'm going to show you just how much it matters in the magnitude of hundreds, even thousands of dollars. 

Before I go into a little bit about why I think pro is cheaper than traditional Coinbase, I wanted to briefly define what Coinbase and Coinbase pro are. Fundamentally, they're exchanges. Some would maybe say a grand exchange, where a bunch of people buyers and sellers can come together to exchange goods of really any kind. 

If you got that reference comment right now below that game and what skill you want to get that level 99!! 

Another interesting thing about Coinbase and Coinbase pro is when you trade on Coinbase, your trades are actually getting routed through Coinbase pro, so why not just do Coinbase pro? 

The reason I think Coinbase pro is less expensive than Coinbase is honestly because Coinbase is just trying to market to the masses and they're able to do that by selling this idea of simplicity and great aesthetics. They're not trying to capture the more advanced investor. Wall street in general has always just had this idea that nobody knows what to do, it's so complicated and that works for them because a lot of people just hand over their money. But that is not what you and I are gonna do! We can understand this, we can break this down, it's really not that complicated. In fact, there are six steps, just six steps in both Coinbase and Coinbase pro to do the exact same thing. So fundamentally Coinbase pro is less money for more. 

Alright let's get into the Coinbase fees. So Coinbase charges you a flat rate based off of your trade size. Below, we are looking at all the different buckets of trade sizes and their associated fees. So let's take an example of this. If you look down at that $50 to $200 per trade, that means you wanted to buy anywhere between $50 and $200 worth of bitcoin or Ethereum or whatever coin you wanted to buy. The cost of that trade is $2.99 every time you make that trade whether you're buying or selling, and that translates to a percent fee between 1.49% at that $200 or up to six percent if you're trading closer to that 50 dollar mark. If you're trading any smaller than that, you're trading between four and fifteen percent or even more which is just outrageous. 

So what does all this mean? Let's break it down. So if you're dollar cost averaging into a coin, which basically means you're just buying coin over time, you're not just dumping all your money in at once. 

So with that, you're gonna be buying quite a lot, and because of that the least amount you'll be paying is 1.49% per trade potentially all the way up to that 15% or more. So all summed up, on Coinbase, you're paying a minimum of 1.49% potentially all the way up to 15% per trade. On Coinbase pro, the max that you'll pay per trade is a half a percent. Yeah, a half a percent! That means no matter what trade size you're doing, you just immediately saved 66% on all of your trades and if you're like me and trade about 100 or so per transaction that's close to that 80%, 83% savings! 

Now that sounds like a lot, and it is, but we need to translate this into cold hard cash. So let's do an example. Let's say that you were going to dollar cost average into bitcoin and say buy a hundred dollars worth of bitcoin every other week for three years. That's 78 trades or about $7800. If you were to do this on Coinbase, you'd be paying about $240 in fees. If you did it on Coinbase pro, it would be just under $40. That is a $200 savings! Now some of you might be thinking, $200 dollars over three years that's not a big deal - and maybe you're right - but really if you think about it, there's an opportunity cost. 

Let's say you had taken that two hundred dollars three years ago and put it in bitcoin. That $200 you threw away, would now be worth $1500 Benjamins. That's right $200 worth of fees is now $1500 over those three years. So does it seem like a small amount of money every trade you do? Yes. Does it add up? Absolutely! 

Alright we've now done the what we're switching over to Coinbase pro it's saving us a minimum of 66% now how do we do this so we're gonna cover two things. First getting set up in Coinbase pro, and then secondly how to trade in Coinbase pro and how that's similar and different than Coinbase. Remember it's six steps in both apps! If you're just starting out in this crypto world and don't already have a Coinbase or Coinbase pro account just go ahead and get set up straight into Coinbase pro. If you already do have a Coinbase pro account, guess what? It's the same login! All you have to do is download the Coinbase pro app, log in using your user credential, and at that point all you have to do is just transfer your funds over! See video above for a step-by-step process.

Now that we're all set up in Coinbase pro ,we're gonna go through the trading and I'm gonna show you those six steps I talked about. We're gonna actually do it in Coinbase, and then show you in Coinbase pro. See video above for trading step-by-step process. 

Alright we did it! We placed a trading Coinbase pro! Pretty simple right? Now you might have been intimidated by all the things going on…. don't be! it's really straightforward! If you don't want to worry about all the extra tools, don't! All you have to do is hit that market order that little drop down that we showed you and that's it, the exact same thing as Coinbase! I would love to spend more time with you going through some of those more advanced features. If you're interested comment down below “Yes I want to learn more about those advanced features of Coinbase pro! 

I hope you learned something new and can start saving the cash and making bank in the crypto market!  

I'm Brian Logen, don't forget to stay healthy, love your family, and elevate your wealth!