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Are you looking for a way to convert Bitcoin or other cryptocurrencies into Euros or USD without the stratospheric commissions that most of the websites usually offer? Well … you are in the right place because in this guide I will guide you step by step on how to convert your crypto using Coinbase Pro, the Coinbase exchange.
Register a Coinbase Pro account
First you need to go to the official Coinbase Pro official website.
You will be presented with the following screen:
To register, just click on the green Get Started button.
This will open the screen where you need to enter your details and choose a password.
After you have inserted all the details, click on CREATE AN ACCOUNT and you will automatically receive an e-mail to the address you entered during registration with a link to confirm registration.
Verify your identity
Likewise with registration on Coinbase, also on Coinbase Pro you need to verify your identity submitting an ID.
NOTE: It’s important to submit a document that is different from the one used on Coinbase (if you have used an ID card on Coinbase, use your driver’s license or passport for this registration) and wait for confirmation of verification, which generally comes after a few hours.
At this point you may see a message asking you to complete your registration to unlock all the features of the site.
Click on Complete your account and a window will appear in which you will need to perform two-factor authentication by entering the code that is sent directly to your mobile number.
Now you have completely unlocked your account and can use all the features of Coinbase Pro.
Transfer Bitcoin from Coinbase to Coinbase Pro
Given that it is possible to buy and sell Bitcoins, and other crypto, directly on Coinbase but the commissions are so high that it is not convenient. Fortunately, Coinbase Pro gives the possibility to do exactly the same thing but with little, and in some cases, with no fees.
First we need to transfer our BTC we want to convert to Coinbase Pro. This happens immediately and it’s totally free.
Once logged in this is the initial interface:
To deposit the BITCOIN in Coinbase Pro platform click on Deposit, making sure that the BTC/EUR (or BTC/USD) pair is selected from the drop-down menu at the top left. This window will then open:
Select Bitcoin from drop-down menu and we will see this:
Then we select Coinbase Wallet, insert the Amount of BTC we want to deposit and confirm by clicking on Deposit.
Convert Bitcoin to Euro (or USD) with Coinbase Pro
Now let’s see how to convert our cryptocurrencies into euros (or USD). I will not go into details about all the features of Coinbase Pro because this is not the reason for the guide. I’ll give an example with Bitcoin but it is clear that you can proceed in the same way with any other cryptocurrency that the exchange makes available.
There are two ways to convert cryptocurrencies with Coinbase Pro:
- Conversion at the current market price
- Conversion using Limit Price
Let’s look at both of them respectively.
Conversion at the current market price
This first method is for those who have a certain need and urgency to convert their cryptocurrencies, as this type of conversion is immediate. However, as previously mentioned, Coinbase Pro will charge you with a small fee.
Here is how to do it:
First we move the mouse up (red arrow) and choose the BTC / EUR pair from the drop-down menu.
Click on Sell, then on Market and enter the amount of BTC we want to convert (or sell) into euro (blue arrow). In the example I entered 1 BTC.
As you can see in the green arrow, we are selling the amount of 1 BTC at the current market price 3436,21€ and a fee of 10.31€ will be applied.
At this point it is enough to just click on Place Sell Order and the conversion is immediate.
Conversion using Limit
Using a specific terminology regarding online trading, this type of conversion involves making a sell order by setting a limit. In these terms it may seem complicated but in reality it is very simple. It’s about “borrowing” a technique that is used in online trading. And most interestingly, there is little or no fee, compared to previous method, as I will show you shortly.
NOTE: Coinbase Pro is constantly improving. This means that at the time of this tutorial no fees were applied to my order (picture below), but some fees may apply. In any case those fees are really low compared to many other exchanges.
As we did before, we select the BTC / EUR pair and click on Sell. Then click on Limit (green arrow) and enter the amount we want to sell, 1 BTC. Now in the Limit Price box (red arrow) we enter a price slightly higher than the current market price, which you can see at the blue arrow.
We note that the current price of 1 BTC is €3420.00. It is enough for us to enter a limit price of € 3420.50 and click on place order.
As can be seen by the yellow arrow, very low fees will be applied for this sell order.
Transfer from Coinbase Pro to Coinbase
Now all we have to do is to wait until the trading price reaches the limit price we entered, which will happen in a very short time since we have chosen a price very close to the current one. So our bitcoin will be automatically sold and the euros will be directly paid to our Coinbase EUR Wallet. To transfer them again from Coinbase Pro to Coinbase just click on withdraw in the main interface, select EURO from the drop-down menu and click on Coinbase Wallet.
Then enter the amount and click on withdraw eur. The transfer happens immediately with no fees.
This is only one of the features that Coinbase Pro provides. But with this very interesting Exchange you can make professional trading online between a pair of cryptocurrencies or a pair of FIAT and a cryptocurrency as well.
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