How To Get Started With Coinbase Advanced – Limit Orders Explained

Coinbase is a powerful name in the crypto industry and as a marquee figure, people often turn to it to get a sense of where the market is going. From groundbreaking policy work to establishing new features and products, there aren’t many landmark crypto occasions where Coinbase isn’t involved.

That goes for its new trading platform Coinbase Advanced, which has done much to give power to the advanced trader looking to up their game. Both intuitive and potent at the same time, the platform gives retail traders more decision-making power than they have ever had before.

Do you want to get started with Coinbase Advanced? We’ve got your back, but before we dive into this matter, it’s worth getting into the details of what exactly Coinbase Advanced is.

What Exactly is Coinbase Advanced?

Coinbase Advanced is a souped-up version of Coinbase, plain and simple. It offers a myriad number of benefits, including low, volume-based fees There are various tiers based on the trading volume that are taken into account when determining fees, with the lower volume tier seeing a maker fee of 0.60% of the transaction and a taker fee of 0.80% of the transaction. The volume in question is the 30-day volume.

While it is true that Coinbase Advanced is for more experienced traders, it is quite easy to get started with, as we shall soon see. The specific benefits include interactive charts powered by TradingView, advanced order types, and all the other features that the exchange offers. The Advanced Trade API also allows you to manage orders, products, and fees with our new v3 endpoints.

Users of Coinbase Advanced can earn up to 7% APY on eligible crypto balances like USDC, staked ETH, and other assets. There is also address whitelisting, and access to Coinbase Vault, among other features.

Advertisements

Of course, there are many other features that Coinbase offers, which you probably know about – but it’s worth going over these here again. The first is crypto staking and other rewards, and this includes Ethereum. Other tokens that are available for staking include Solana (SOL), Polkadot (DOT), and Cosmos (ATOM).

Coinbase’s NFT marketplace and Coinbase One, a subscription service, are also very popular features. The latter lets traders enjoy zero trading fees on up to $10,000 in monthly trades.

Now let’s actually get onto how to place limit orders on Coinbase Advanced .

How to Place Limit Orders on Coinbase Advanced

Before we get into how to place limit orders on Coinbase Advanced, it is worth knowing what exactly limit orders are. Coinbase itself describes this perfectly – “A limit order lets you set a maximum price for the order — it will only execute at this price or better.” Limit orders are ideal for trading large amounts of crypto because it lets you make a trade at a specific price when it is available – though only providing it hits that price.

Now that you know what a limit order is, let’s get started with actually placing a limit order. After clicking the “Trade” option on the side, you’ll be given a series of trading pairs, as seen below.

Now you’ll notice on the right that you have the “limit” option. You can set the limit order price for either buying or selling, and the order will only trigger when the price of the asset hits that value. This allows you to set a value and not have to pay attention to the screen because it will automatically trigger when it hits that price. You can even set a percentage of your portfolio to be sold at that price. Of course, you can also set a specific amount in the “Amount” cell.

There are some additional options that are available but you don’t need to worry about those for the moment. These are options that let you set when the order be cancelled, for example.

That’s all there is to it, really. You now know how to set a limit order on Coinbase Advanced. With this, you can really expand your trading potential. Coinbase itself has some useful tutorials on its websites and they are certainly worth checking out as well.

Conclusion

There you have it – all the information you need to get started with Coinbase Advanced. It’s quite a lot simpler than you might think, as you have just seen, and the resultant improvement in trading ability is staggering. We highly recommend taking a look at Coinbase Advanced  – and perhaps even placing a limit order yourself.

 

Advertisements
Advertisements
Alan Draper

Alan is the Editor-in-Chief of Techopedia and is responsible for ensuring all the content is accurate, up to date, and relevant. Alan has previously worked in writing and editorial capacities for several leading websites, such as Business2Community and TechReport.