Coinbase Pro Tutorial [Part 1]

Everything Coinbase pro! That's what we're going to be talking today. Whether you're a beginner, never opened the platform before or your intermediate or advanced user, there's something in this video for you. 

 

We're going to be talking through how to fund the account, how to navigate the platform, how to read Candlestick charts. We're also going to be talking about those order types, market limit, stop, and I'll tell you the stop order is what I use all the time and it is completely misunderstood, especially on some pretty popular YouTube videos on here. 

 

We're also going to be placing some live trades of each type of those market orders, so stick around and let's get into it. 

 

Welcome to the channel. I'm Brian Logan. I am so thankful you are here. Let's jump right into Coinbase Pro, so I'm really glad you're here. 

 

And if you are, give yourself a pat on the back because you should be learning about Coinbase Pro. I made a previous video that I'll link somewhere above or break down below that tells you all about why you should be on Coinbase Pro and not Coinbase. You're saving like 80% on trades on Coinbase Pro, so you should definitely be using this. 

 

Coinbase Pro has a desktop program as well as an app, and I'm actually going to make a video for both of those. Today we're going to be focusing on the desktop version. I think it's really important to start there because while the app has most of the functionalities on the desktop, it's a little bit easier to see and absorb on the desktop before jumping into the app. 

 

And I just have to give a quick disclaimer that I'm not a financial expert. These are my own opinions. I'm not affiliated or associated with Coinbase or Coinbase Pro, so with that let's get right over it and hop over to the computer and we'll go through Coinbase Pro.

Alright, so when you first come to Coinbase Pro this is what the screen looks like. If you're just getting started, just go ahead and get started and you're going to enter in all the typical information to begin opening account. 

 

But if you do have an account, or if you actually have a Coinbase account, it's the same login in the Coinbase Pro and as I mentioned, go check out my other video - It talks a little bit more about this than why you should be using Coinbase Pro to save a bunch of money. So anyway, we're going to go ahead and sign in. So this is the main screen of Coinbase Pro. 

 

Before we get here, we're actually going to start with how to fund the account, so we're going to go up to the top right hand side of the screen. Click on our name and go to banking. So this is where you'll see your list of attached bank accounts. If you don't have one already, you go to click link new account and you'll be able to link your bank account. 

 

Coinbase actually just added that when you link an account you can now fund your account instantly and start using those funds immediately, which is great, so I already have a bank account linked. 

 

There's a few other tabs here, and these actually correlate to the dropdown menu going through each of these briefly. So limits is how much you can deposit and withdraw each day. I can deposit up to $35,000 and I can withdraw up to $250,000. This may be different for you. I think it depends on a lot of the information that you provide. Provide to Coinbase pro. 

 

The next one I'm going to talk about is the address book, so this is if you plan to send coin frequently to someone you know or a business or whatnot. This is where you can add their public key so that it's quicker to transfer those accounts.

So the next tab is statements and you can see I've created one already. You can generate any statement from your account or the orders that are filled. You just type in what portfolio you want your start date and your end date, and then if you want a PDF or a CSV file which is an Excel file and then that last tab is taxes. 

 

So be sure to come in and fill out this information so that come tax time Coinbase Pro can help you out as much as as possible. So now getting back to funding the account. 

 

So again, we've clicked our bank account now to actually add funds to Coinbase Pro so that you can buy coin. You're going to go up to this tab, so this is the portfolio tab and I'll go through this in a minute, but I want to focus just on funding the account at this point, so go ahead and find you're going to come up to here and click deposit. 

 

Now you can't deposit directly from your bank into a coin, so you need to deposit it as your currency.  We're going to go to U.S. dollar on the United States and this is where you'll see your options. We're going to go ahead and hit bank account so you can see the bank account that we're using. 

 

The current amount of U.S. dollar I have in the account, so I'm going to go ahead and add in $300. You can see there's no fee. I haven't done this yet so I haven't used any of my 35,000 and this is an instant transaction time as far as being able to use and trade this coin. 

 

So we're going to preview the deposit, verify all this is correct, and now we've deposited our money into our account. 

 

Now we'll talk a little bit about this portfolio page. You can see at the top we have the current value of the account as well as how much is on hold for orders and then the available balance. So as we get down to information here. 

 

This is the portfolio. I've got mostly Ether and Bitcoin. It breaks it down into the percent holdings. So how much of the money is held in each of these coins? The actual value of those different coins, the quantity of those coins, and then the current price of those coins. 

If we go to deposit, where they track all the different coins and money that you've deposited so you can see the most recent one is what we did. We moved $300.00 of U.S. dollar from my bank account into into Coinbase Pro and then withdrawals. I actually haven't withdrawn any money, but this is where you would see that information, so we're going to go back to balances and we're actually going to add and actually going to show you that if you have a Coinbase account, you actually won't see any of the coin in here, because while it's the same company you actually have to move your coins from Coinbase into Coinbase Pro or from an exterior wallet so to do that you just come again to deposit. 

 

And then you would choose whatever coin you're trying to move. So if we want to move some Bitcoin, if you have coin base, you would click Coinbase Pro. It would actually show you how much Bitcoin you had in coin base. I've already moved mine over so I have zero, but it would show you where how much you had where you're bringing in the Coinbase Pro and you would just type in how much Bitcoin you wanted to move over. There wouldn't be a fee, it's free to move your money over. And it's instant as well, so you just deposit and it moves your Bitcoin over from Coinbase. So at this point we've now funded the account. We've moved any coin that we already have over, and now we're ready to get out. 

 

Over to the trade tab and talk a little bit more about everything that's on that screen. So this is the main trade tab of Coin Base Pro, and the first thing we're going to do is choose the coin we want to be looking at. So in the top left corner we're going to come up here and select what quantity we want to. We want to look at and these are all the trading pairs. So that just means what coin we're looking at relative to whatever Fiat currency. 'm in the US so it's showing me everything against the US dollar, so now we're seeing everything big. 

 

And the first thing I like to look at and adjust just because of all the things that are going on in this page is this order book. So the order book is actually showing you all of the orders currently on the books, both buyers and sellers. What they're trying to buy or sell Bitcoin for. You can see the market size, so this just means how much Bitcoin they're trying to buy or sell the price they're trying to sell it. 

 

And the last thing is spread, so the spread is just the difference between how much someone is willing to buy versus sell for Bitcoin. And you want this number as small as possible, because that means the market is really liquid. That just means there's a lot of buyers and sellers, so you're going to get a good price whether you're trying to buy or sell.

So anyway, the thing I like to do first is actually come down to this aggregation down here. So this is breaking down all of these orders by a certain amount. So right now it's breaking it down by 1 cent. That's just really small, so if we plus this up, maybe let's say to $10.00. So now it's going to move a lot slower and be a lot less distracting on this page. So now we're just seeing in increments of $10 versus down to a sound. So that's a really great trick especially if you're not using the order book too frequently. 

 

This is the market depth. All this is showing is how many buy and sell orders there are at all of these different prices. So what you can see right now is there's a little bit more sellers than there are buyers, which some interpret as there's a little bit more selling pressure than buying pressure, and that is a correct interpretation, but I like to not use this too much, because this can fluctuate so quickly in so fast that it doesn't necessarily mean too much and then over here is the trade history.

So these are actual trades that have gone on, so the order book is what's kind of on order and hasn't happened yet in the trade history is actually what's happening right now, so everything that you see going on here is actually happening, so these are the trades going on in the price, and whether it's being bought or sold in the current time, so that's pretty neat to see really what's going on with Bitcoin real time down below is your open orders and your fill, so these are fills that I've made in the past, so you can keep track of what's going on in this coin and in a minute you'll see once we place an order, you'll see our open order come up here. 

 

So before we get the order types, let's talk a little bit about the chart in the middle, so there's not too much you can do here, so the chart is showing you the current price and the time. If you look at the top left of the chart you have different time periods. I'm not a day trader, so I'm typically looking at this one day chart. So if you click 1D, that's one day, which means each one of these candles represents one day of trading and you can see if I have my cursor here. 

 

As I move it across, it's showing me a couple different pieces of information. First, it's showing me the date and the time that I'm on on the the vertical axis and on the horizontal you can see as I move it's moving the price, but most importantly up here you can see some great information that it's showing us.

If I go back down here and go to this big green bar day, you can see that the open that day was at about 49,000. The high of the day was 54,000. The low is about just under 49,000 and it closed at $54,000 and this is a Green Day because the closing price 54,000 was higher than the open price of 49,000. 

 

So before I go any further, I want to talk a little bit about candle sticks. We're actually Coinbase pro and come back in just a second, so let's briefly talk about what candle sticks are. 

 

So I've got 2 examples here. We'll start on the Green day, 'cause that's what we were just talking about. So candle stick chart has a lot of great information and you really should be using them above a line chart just because all the information you get out of just a single bar, so a Green Day simply means that the price closed higher than the open. 

 

So if you look at the candle and it's called a candle 'cause it kind of looks like a candle with a wick on a Green Day, the open price is this small bottom portion of the candle that's horizontal, so that's the open price. 

 

The close price is the other horizontal bar. That kind of completes the candle. That's the close price. The wick of the candle is the high of that day, and then the little tail of the candle at the bottom is the low of the day. 

 

So what essentially happens is the price of the stock or coin opened here at some point during the day, you can kind of imagine this horizontal line moved all the way up to the high and moved all the way down to the low just at some point throughout the day and by the end of the day it closed right here. So because it closed higher than the open, it's a Green day. An overall green candle. 

 

The red day at the top is pretty similar. The only difference is that the price closed lower than the open, so the horizontal bar here is the open price in the horizontal little bar at the bottom of the candle is the closed price. The wick in the bottom tail are the same, so it's the high of the day and the low of the day, but it's red. When it's red, you know that the close price is the low horizontal portion of the candle and the open is the high part, there's a lot of great information that candles tell you, and there's actually great books and patterns specific to candles. 

 

For now, this is enough information to get started with, so let's get back over to Coinbase Pro. There's not much you can do in this turning software. You can add some moving averages, which is just a rolling average of the price over 12 and 26 days, so you can use this to help you make some trade decisions, entries and exits. For now, let's go ahead and take those off. 

 

All right, that's everything Coinbase Pro you've learned how to fund your account navigate the platform. We talked about the candle stick charts, so I hope this was helpful for both you beginners and intermediates and advanced traders. 

 

If it was, please subscribe below as well as give a thumbs up to this video. Thanks so much for watching.

I'm Brian Logen. Remember to stay healthy. Love your family and Elevate your wealth.