We represent a step-by-step guide on how to buy crypto on Coinbase Pro, the rebranded version of the popular cryptocurrency exchange previously known as GDAX (Global Digital Assets Exchange).
Cryptocurrency is an increasingly popular asset class that offers investors a unique way to diversify their portfolios and potentially earn high returns.
Coinbase Pro is one of the leading cryptocurrency exchanges in the world, offering a wide range of digital currencies to buy and sell.
However, Coinbase Pro initially offered only a handful of major cryptocurrencies, it has since expanded its offerings, making it an ideal platform for individual traders seeking a diverse range of digital assets to invest in.
In this guide, we will take you through the steps of signing up for an account on Coinbase Pro, verifying your identity, and funding your account.
We will also show you how to place your first trade using Coinbase Pro’s advanced trading features so that you can build your crypto portfolio confidently.
So let’s dive in!
What Was GDAX?
GDAX is the previous name of the cryptocurrency exchange run by Coinbase, a popular broker for bitcoin and other digital assets.
In contrast to the in-app purchases available through the Coinbs wallet, it was aimed at professional traders, along with tools to trace price movements and set complex buy and sell orders.
Moreover, the exchange was released in 2015 under the name Coinbase Exchange and later rebranded to GDAX (Global Digital Asset Exchange).
In 2018, GDAX was rebranded to Coinbase Pro but maintained its original functionality.
Although it was released with only a handful of major cryptocurrencies, Coinbase Pro does not allow trade in hundreds of virtual assets.
GDAX Rebrand to Coinbase Pro For Purchasing Crypto
It was announced in May 2018 that GDAX was changing its name to Coinbase Pro.
However, all the features are available even new services will be added. It will include protocol, staking voting, and additional tokens.
Moreover, Coinbase Pro can deposit and withdraw funds even easier and introduce a new feature that allows you to view your portfolio of investments.
Remember that GDAX is rebranding to Coinbase Pro, but you will be able to transfer from Coinbase to GDAX (Coinbase Pro).
On top of the GDAX, the parent company has purchased a protocol called Paradex which will permit people to do wallet-to-wallet transfers of ERC-20 tokens in the Coinbase platform.
Note: ERC-20 stands for “Ethereum Request for Comment, ” built on top of the Ethereum blockchain.
Where are Coinbase Pro Orders Placed?
Coinbase Pro requires a direct approach to Coinbase Markets, our single liquidity source. All orders placed on Pro are executed directly on the market, just like those placed on GDAX.
Who Will Sign Up For Coinbase Pro?
Individual traders will benefit from Coinbase Pro. Anyone in the following countries can open a Pro account. If you already have a Coinbase account, you can easily upgrade to Pro and begin trading right away!
How to Buy Crypto on GDAX (Coinbase Pro)
As mentioned earlier, placing an order on Coinbase is the same as on GDAX.
Please follow the steps below to learn how to register on the GDAX exchange and begin trading.
Step 1: Sign Up for An Account on GDAX
- Go to the GDAX website and open it.
- Choose Create Account.
- After completing the sign-up form, tap on Create an Account.
Step 2: Activate Your GDAX Account via Email
- Tap the verification link sent to your email address.
- You will be taken to the user terms. Select the ‘I Accept‘ button.
Step 3: Verified on GDAX To Buy Crypto On Coinbase Pro
- Once you have verified your email address, you will be asked to enter your phone number.
- An OTP (One Time Password) will be given to you. You can also use Google Authenticator or Auth to enable two-factor authentication.
- Enter the code and tap on Next.
- You must select your account type, Individual or Institutional, and enter information about yourself or your institution.
- Tap on Next.
- You can link your bank account so that you can fund your trading account in USD, GBP, or EUR. However, as seen below, you will skip this step and fund your account with BTC and ETH.
Step 4: Fund Your Account
- These buttons on the GDAX exchange’s left side will assist you in transferring FIAT or digital currencies between Coinbase and GDAX.
- Tapping on the Deposit button will display the below screen.
- Read the details carefully to ensure that you are following the correct deposit path.
Great! You have funded your GDAX account
Step 5: Now Trading Bitcoin on GDAX
- You will see the order book below. The red ones represent sell orders at various price points.
- Green ones represent the buy orders for different prices.
If you place Maker orders for buying and selling, then there won’t be any transaction fees.
Here’s how to use Limit Buy and Limit Sell to ensure that you’re always making an offer and your order is charged no transaction fees.
ETH Limit Buy at $1000
Limit Buy is the term used to describe placing an order with conditions. You can specify the quantity and the price point at which it should execute here.
In this case, you are making an offer that will only be fulfilled if someone accepts it.
ETH Limit Sell at $1000
A limit sell order specifies the quantity and price at which your order will be executed.
The order is the condition that you include with the quantity. “Execution” means the order is being fulfilled.
You have just purchased your first coin once the order is closed!
Congratulations! You bought your first Bitcoin on GDAX.
Conclusion: Buy Crypto on Coinbase Pro
In a nutshell, Coinbase Pro is a powerful platform that offers a wide range of tools for traders looking to invest in the cryptocurrency market.
Whether you’re new to crypto or an experienced investor, Coinbase Pro offers a range of features to help you trade confidently.
By following the steps outlined in this guide, you’ll be able to sign up for an account on Coinbase Pro, verify your identity, and start trading Bitcoin and other digital assets in no time.
So why wait? Sign up for Coinbase Pro today and start building your crypto portfolio with one of the most trusted names in the industry.