Despite the fact that Coinbase account and Coinbase Pro accounts are linked together and have separate wallets. But you still might need to transfer funds or Bitcoins from Coinbase wallet to Coinbase Pro wallet or vice versa. The process for the fund transfer is very simple, instant, and free of cost. So, what are we waiting for? Let’s get started and learn how to use Coinbase pro and transfer funds from one wallet to another.
How to use Coinbase pro?
In order to use Coinbase pro, you need to first create an account and then start with trading in Bitcoin or any other digital currency. To sign up, follow the steps given below:
- First of all, go to pro.coinbase.com
- After this, you have to select the “Create Account” option.
- Enter the required details in the sign-up form and then click “Create an account”.
- Now, you have to tap on the verification link sent to your email address.
- Upon completing the verification process, you will be asked to enter a phone number.
- Mark your choice to create an ‘Individual’ or ‘Institutional’ account.
- Further, based on the account type you have selected, you have to provide some details accordingly.
- Now, you will see the option to link your bank account.
- After linking the account, you can fund your trading account with USD, GBP, or EUR.
- You can also fund your account with BTC or ETH whichever you desire but first, you need to buy Bitcoin.
Steps to transfer funds from your Coinbase wallet to your Pro wallet
- First of all, you need to go to the Coinbase Pro trading page.
- Here, you need to select the Deposit option present under Wallet Balance.
- Now, you will see a pop-up window on your screen.
- After this, select the type of currency you wish to transfer i.e. BTC or any other digital currency.
- Further, you need to select the Coinbase account.
- In this step, you have to enter the amount you would like to deposit.
- One should also note that he will only be able to deposit funds that are “Available to Deposit”.
- In the end, select Deposit at the bottom of the window and you are done.
Follow the same steps to transfer from Coinbase to Coinbase Pro in the future. To know more about it, you may contact Coinbase Support.
Frequently Asked Questions
Is Coinbase and Coinbase pro the same?
No, Coinbase and Coinbase Pro are not the same. Speaking about Coinbase, we can say that it is a place for consumers to buy, sell, and store digital currency very easily. On the other hand, when we speak about Coinbase Pro, which was formerly known as GDAX, is an exchange platform specifically developed for professionals to trade digital assets easily.
Is there a fee to transfer from Coinbase to Coinbase pro?
Coinbase does not charge any fee for transferring Digital Currency from one Coinbase wallet to another. However, it incurs and pays network transaction fees. This includes fee such as miner’s fees that is needed for transactions on digital currency networks which means transfers of Digital Currency which is nit done through Coinbase platform.
How do I transfer money from Coinbase?
- First of all, you have to go to the Portfolio page on the main navigation bar of Coinbase.
- After this, you need to select the ‘Send’ button present against the cryptocurrency wallet that you’d like to send from.
- Now, a dialog box will appear where you need to select Wallet Address.
- You have to do it if you’re sending it to a cryptocurrency wallet other than Coinbase.
- After this, you need to enter the amount of cryptocurrency you’d like to send in the space provided for Amount.
- After this, tap on the Continue button and review the details.
- After confirming the details, complete your transaction.
Should I move my bitcoin from Coinbase?
Yes, you should move the bitcoins from Coinbase but only If you are not planning to sell it in the future. At this time, it is highly recommended you move it offline to your own wallet. In case you do not have a wallet, then get it as soon as possible. However, you need to pay for it but they are available at cheap prices and gives peace of mind to the customers who own it.
Does Coinbase report to IRS?
Many users struggle with the question if Coinbase reports transactions to the IRS. The answer to this is not clear because the IRS summons only covers customers who traded from 2013 to 2015. However, many reports say that it may be reporting information to the IRS about your trading activity. It does this thing by sending Form 1099-Ks to IRS.