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Can You Convert Crypto on Coinbase Pro? We take a look at the process and what you need to know to get started.
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Introduction
Coinbase Pro is a popular cryptocurrency exchange that offers a variety of digital assets. One feature that Coinbase Pro offers is the ability to convert one cryptocurrency to another. In this article, we’ll discuss whether or not you can convert crypto on Coinbase Pro.
What is Coinbase Pro?
Coinbase Pro is a US-based exchange which offers crypto-to-fiat and crypto-to-crypto trading. The platform was formerly known as GDAX (Global Digital Asset Exchange). Coinbase acquired GDAX in 2017 and renamed it to Coinbase Pro. The rebranding happened in 2018. As of now, Coinbase Pro is one of the most popular exchanges in the world with a daily trading volume of over $1 billion.
What Can You Convert on Coinbase Pro?
Coinbase Pro is a leading cryptocurrency exchange that allows you to buy, sell, and convert digital assets.
You can convert cryptocurrencies on Coinbase Pro by using the Convert feature. To convert one cryptocurrency into another, you’ll need to have enough of the cryptocurrency you want to convert in your account to cover the conversion fee charged by Coinbase Pro.
Coinbase Pro doesn’t currently support conversions between all cryptocurrencies. The following cryptocurrencies can be converted on Coinbase Pro:
-Bitcoin (BTC)
-Ethereum (ETH)
-Litecoin (LTC)
-Bitcoin Cash (BCH)
-EOS (EOS)
-Stellar Lumens (XLM)
-Zcash (ZEC)
-0x (ZRX)
How to Convert Crypto on Coinbase Pro
If you have cryptocurrency on Coinbase that you want to convert to another cryptocurrency, you can do so easily on Coinbase Pro. To convert your crypto, follow these steps:
1. Log in to your Coinbase Pro account.
2. On the left side of the screen, under “Products”, select the currency pair you want to convert. For example, if you want to convert ETH to BTC, select “ETH/BTC”.
3. On the right side of the screen, under “Order Type”, select “Convert”.
4. Enter the amount of cryptocurrency you want to convert in the “Amount” field. You can also click the 25%, 50%, 75%, or 100% buttons to automatically enter an amount based on the total amount of cryptocurrency you have in your Coinbase Pro account.
5. Enter your desired conversion destination (the “To” currency) in the “From” field. You can also click the 25%, 50%, 75%, or 100% buttons to automatically enter an amount based on the total amount of cryptocurrency you have in your Coinbase Pro account
Fees
Coinbase’s fees are on the lower end compared to other brokerages that we have reviewed. They charge a spread of about 0.5% for each currency pair, which is in line with the industry average. However, they do have a couple of drawbacks that you should be aware of before trading with them.
First, if you are a maker, you will only receive a rebate on your fees if you trade more than $10,000 per month. If you don’t trade enough, you will actually have to pay a fee to the exchange. Secondly, Coinbase charges a flat fee of $0.99 per transaction for any buy or sell order. This is higher than what most other exchanges charge (usually a percentage of the total transaction value), but it is still relatively low compared to other brokerages. Overall, we think Coinbase’s fees are fair and in line with what other exchanges charge.
Conclusion
No, you cannot convert crypto on Coinbase Pro. You can only buy and sell crypto on Coinbase Pro.
