This going to be a simple straightforward on screen Coinbase Pro tutorial about a master trader and I remember when I first started Using Coinbase Pro, it was very confusing to me. But this is a very powerful platform and very important to learn, especially if you're already using Coinbase. So we're gonna dive in and take someone who's a beginner and help them understand how this whole platform works. Okay, so the first thing you have to understand is that Coinbase and Coinbase Pro are kind of tied into each other. So you'll notice that when you log into Coinbase You can also log into Coinbase pro one login logs you into over them, you'll notice they share address books, they share bank accounts, they they're kind of like half intermixed and half their own thing and it can be very, very confusing, but you'll get used to it as you use it. So the first thing you have to know is that if you've already got a bank account attached to your queen base account, that bank account is already attached to your Coinbase pro account and you will have to do this step. Just for those that are brand new. We'll go over that I go do right here to find your Coinbase pro account is banking, banking.
And right here on this tab, you're going to connect your bank account and make a new account and I already have an account there. Now at that point, it comes time to fund your account and you can fund multiple ways you can fund directly from Coinbase. So you can pull money or Bitcoin or whatever it is you have already in your Coinbase account directly into Coinbase Pro and it doesn't cost anything you can move back and forth without any cost or you can fund directly from your bank account. But when you fund it is up let you select deposit okay that deposit button right there and we'll see right here you can deposit any of these assets directly from other online wallets or in the case of US dollar which most of us use I can click The US Dollar and I can use that bank account that's attached I can go from my Coinbase account or I can use a wire transfer Annual Fund with US dollar and now you can use that US dollar to make any kind of trades that you want to make. Now the next thing that the thing that's really confusing to people when they first start is if we're not used to crypto and we're not used to trading, it's hard for a lot of people to understand how to buy certain coins. And that's because the way Coinbase Pro works is it works in pairs. And what I mean by that is, when I select a market right here, these are all the different pairs that you can use to buy different Kryptos So you're not always purchasing with US dollar are British pounds right you can purchase with other things so I could purchase Ethereum with Bitcoin right I'm doing kind of like a Swapsies there I could purchase Cardano here ADA with Bitcoin or I could do the same thing With a theory I'm right I can purchase ADA with a theory American purchase Solana here with a theory. So you've got to understand that that's how it thinks it thinks in terms of markets and so you can sometimes you'll say I want to buy this and it's in Coinbase Pro, but I can't figure out why why don't we buy it? Well that's because there's no pair of that coin with US dollar okay, there's no US dollar slash that coin pair. Maybe that pair has a coin has a pair with Bitcoin.
Okay, so some of these right here at the bottom I bet if I scroll down some of these you won't be able to buy with US dollar you'll have to buy bitcoin Okay, and then there's a Bitcoin you know, sushi pair or a Bitcoin Matic pair or Bitcoin x y au pair. So just understand that's how buying and selling works. It's really just trading pairs inside of Coinbase and the way it works is if I was to buy if I were looking to buy a pair here right to buy Matic then when I click Buy, it's gonna buy the first thing the one we see first and it's gonna sell or trade what's on the right case you have to have what's on the right here, and you're getting what's on the left here, that's how buying works. And selling is the actual reverse of that I'm if I'm selling Maddix less BTC I'm selling my mattock and I'm gonna get BTC for selling that Okay, the next thing and the thing that makes Coinbase pro here so powerful before and so much more powerful than Coinbase especially is these order types okay so we select our pair here which let's say we've got US dollar and we want to buy something near the top here let's say want to buy some bitcoin for US dollar okay so we'll select Buy here okay you can see you can select sell or buy it's gonna say okay we're gonna buy With a US dollar we're going to buy some bitcoin now there's three different types of orders right here that you need to understand the first type is a market order and what that says Here's I want you to make this as fast as possible Okay I don't care I want you to get out with ever the best prices you can get right now for Bitcoin in the case of Bitcoin you're gonna get pretty much Exactly this price right here because there's so much As liquidity It's constantly being bought and sold by As you get into some of these smaller coins if you enter a market we're going to take by this whatever price you can get there might not be anyone selling that coin at the exact price you're seeing on the screen up here which means you might get a worse deal okay you might not get the deal thinks that you're seeing because you're doing a market order you're saying just exit Get as fast as you can so that's typically we want to use limit orders cane when a limit order raises you say hey I want to buy bitcoin but I don't want to just buy at any price I want to buy Bitcoin you know I've got to influence or someone's telling me that bitcoins In a hit and $43,000 in the next few weeks so I want to buy Bitcoin at $43,000 so I click Buy I'd say I want to buy one bitcoin Want to get by and then I would set a limit price can say 43,000
Now it's going away and this order is just gonna sit here and hang out until it finds somebody selling the coin for 43,000 which maybe it will hit maybe it won't right and then it will execute that order and then I could turn around and click Send All right I can say okay sell my bitcoin now someone told me it's gonna hit 52,000 So I can sell well One day coin for $52,000. And now, should this all work out according to plan I make $9,000. Right? So those orders are very, very helpful for, for for anyone that's really getting involved in this. Because a lot of times you'll look at a chart, right? And you'll say, Okay, it looks like so a lot of times this is very helpful because a lot of times you might look at a chart like this basic chart we're seeing right here, and traders might say, Hey, I think it's gonna bounce at this price again, right? And you see that's right about 41,000 It's 41,000 it's probably gonna hit that and bounce because that's what I did a few few months ago to not put in a limit order to buy right at 41 pounds So as you can see during this The IQ drop just a few weeks ago we zoom in on a candle right there.
If you understand these work that day, the price dropped almost all the way to 41,000 and then rebounded and started going up again. So these orders can help you make a lot of money. I always have limit orders at very low prices just in case crypto is crazy, right? There's a crypto market crash every few months it seems like have a few limit orders hanging out there for really low and see if they get filled. I've gotten really lucky before Okay in this last time we're just going to stop where Stop Loss and This is is I'd say bye Bitcoin at 46,000 and I say I'm thinking it's good time to weigh up I'm gonna buy the 46,000 but you want to sit like a man max loss can you say I'm willing didn't lose up to $2,000 in this trade but no more so I could say okay but if this Bitcoin that I already purchased reaches 44,000 CAD bought it at 46,000 If it reaches 44,000 Then I want you to Sell my entire Bitcoin game I don't want to lose any more than $2,000 on this so if it hits 44,000 I'm gonna assume I miss time the market and I'm out okay so Stop Price whatever 1000 somites Are Bitcoin here and then you can set a limit price and you can say hey 66,000 or 66,000 you can say okay as long as it's above 43,000 Anything above that limit price there will Fill Out As long as it's above 43,000 Then I'm okay that I'm free to make that sale quickly okay so this is typically This is typically used if you're perhaps trying to buy as bitcoins going up really quickly you try to buy it and ride kind of this uptrend but Saying hey but if it happens to drop that I'm good or you could say hey I'm $2,000 in profit on Bitcoin so you said a stoplight Extra $2,000 below that which means now I can't lose money caps at this awesome stop loss on the in the positive already Now I've said this before as to where I can't lose money in this trade the worst that can happen is I just get back initially what I put in which a lot of traders do and it works really well for him so utilize these limits and stop orders a lot and don't use So many of these markets orders unless you really need to you have a reason to buy right now now I'm gonna briefly go over all this other stuff that Columbia shows you but I'm just going to tell you most of it you're not going to use and so you don't Need to know too much about The first thing is the order book this is just like we talked about this is all the different orders that are happening right now okay these are all the people buying and selling Bitcoin constantly and you can see this is how big it is so someone's acaban it's moving so fast you can see but this is how much Bitcoin someone sold right and this is The price they're selling it for and you can see it's just It's moving so fast it's It's constantly being bought and sold right now. So you guys look at that and kind of see something. You can see it gives you a chart here. The chart honestly on the app is better than what you're seeing right here. I wouldn't use that chart. If you're doing any kind of charting. It's not very good. I would go to coin market cap.com And they make much better you can see on one of the charts we're looking at, they make much better looking charts. right here that gives you a much better idea and you can kind of sort through different timeframes and things and just get a better idea of what we're looking at here so that's the charting right here and then you can see you can see kind of a history of what's happening right here this is actively have now and this is a history but again You're going to ignore most of this you're never really going to be using this much I've probably looked at Just maybe once in my life what you are going to use a lot is this right here okay we've got this orders button right here okay and this gives you access to we talked about these limit orders where you're you're making all these different orders And maybe the They're filled now maybe they're not Aren't you know you're kind of just waiting hoping that the price goes as low as you want it to go or goes as high as you want it to go. You can go here and see all your open orders. Okay, any orders that are currently waiting to be filled. You can see I've got quite a few you can go see all your filled orders. Okay, so these are all the orders that you you've done on your basically your entire history of buying and selling any crypto. And then very importantly, you can go see how much you spent on fees, and this is 30 days. So this is how much I spend on fees in 30 days I trade quite a bit that's still 230 bucks down the drain. In fees data this is all the ordering This is looking at the history of ordering. And the last thing you'd want to look at is on the top here, you click on portfolio and this will tell you what you owe. Okay, so I can see my whole portfolio right here I can see specific balances. Okay, right here, I can see if I've done any deposits or withdrawals right here and right here. And, and this is where you'll kind of go to, to get a good idea of what you've currently got going on inside of your Coinbase pro account. Now, two last things. The first one is withdrawing and depositing, typically, you're going to want to and it might even make you now you're going to want to use an address book. If I go in here, this isn't address book right here. And what these are is this is kind of like telling Coinbase Hey, these are addresses that I felt that I might withdraw to anything besides these addresses right here. I don't want you I want you to have a 48 hour withdrawal window meaning you don't let anybody They come out for 48 hours unless it's going to one of these addresses that will help you in case you're hacked or anything This happens all the time, be much safer. So you're gonna want to go to that address book you want to set up maybe address books to your meta mask or anywhere else that you've got wallets and set those up and then you know, I'm turn on this whitelisting right here. And that will make your, your Coinbase pro account so
much more secure in case you want to do that. And then anytime you want to withdraw or deposit, you'll go to the train button up here, and you can deposit right here, or you can withdraw right there and you select a coin. And what it's going to do is it's going to give you a bitcoin address real quick, I understand here for Bitcoin, right, and it's gonna give you a QR code or a wallet address. And you can use that to deposit or also you can use the reverse of this as well to withdraw out of Coinbase Pro. Now one last thing, I actually use the Coinbase pro app, we'll see if you see that right there. I find it much easier to understand and much more user friendly than the online portal. And so everything that I just showed you is available on the app, but the charts look a little simpler and everything just kind of is more clean looking. And so if I were you that's honestly what I do. Most of my trading is on the Coinbase Pro, which sounds crazy. Typically a phone is limited, but I've just found it's much easier for users to see and under Stan how the app works so that's Coinbase pro there's a link down below to sign up for Coinbase if you haven't signed up for Coinbase To me $10 I believe it gets you either five or $10 as well so it's kind of a win for both of us and again if you like basic crypto tutorials about all the fluff and hype and promising that you're going to 100 extra money in a week that's what this channel is all about so click subscribe and thanks for watching this is going to be a sin
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