Coinbase Review - Be CAREFUL of the Fees! (Full Tutorial) - YouTube

maybe you're looking into buying cryptocurrency  and you're wondering if coinbase is the right way  

to go well in this video i'm gonna break it down  as per the title i say be careful about the fees  

after using coinbase for a long period of time now  i have found a way to avoid unnecessary fees that  

coinbase sometimes charges a little bit too much  for in my opinion so we're gonna break down the  

entire process and this is meant for beginners  if you're trying to get into the cryptocurrency  

market or you're trying to learn how to use  coinbase a little bit better that is my goal to  

break down for you in today's video so if you're  ready to get started all i ask tap the like button  

down below it does help this video get out to more  people and i certainly appreciate it so coinbase  

it was founded in 2012 and not only that they  have a lot of crypto that you can buy and sell  

and they've grown with over 6.1 million active  users making it one of the most trusted platforms  

in the world for trading cryptocurrency not only  that they've actually grown to a point where they  

now are a publicly traded company on the u.s stock  market but what i want to do is i want to cut down  

right to the chase we're going to hop over to  my computer and i'm going to walk you through  

step by step how to use the coinbase program  we're going to look at how to buy and sell and  

i'm actually going to trade some cryptocurrency  live here on video today so you can see exactly  

how this thing works let's get going okay the very  first thing you want to do check out the link in  

the description below and sign up for coinbase  you actually get free bitcoin simply for signing  

up that's my gift to you click the link down below  and get started today and then what you're going  

to see is right here this is coinbase.com the  very first thing you're going to wonder is whoa  

this guy has a zero dollar portfolio balance who  am i watching this guy doesn't know what he's  

talking about hold on a minute remember what  i said earlier i found a way to avoid fees i  

actually have a different account with coinbase  that i'm going to bring up in just a moment so  

hang tight and i'm going to show you some things  that you may not know especially if you're already  

using coinbase i hope this is super helpful  for you okay so let's walk through coinbase.com  

first the reason i like coinbase especially  over things like robinhood weibull or some  

of the brokerage apps those are cool for stock  market investing but what's nice about coinbase  

is that you actually own the bitcoin the ethereum  whatever type of cryptocurrency you buy you  

actually own that and you can buy and sell and  receive and everything in between for goods and  

services and right here is number one example send  and receive do you see that right here at the top  

if i click on that you can see it comes up with  send or receive so i can send bitcoin as long as  

i have the address of that person i can send them  bitcoin so if you and i have this agreement let's  

say i want to buy an apple for you for one bitcoin  by the way that would be way too much for an apple  

but let's just say you're gonna get one bitcoin  for one apple i could send you one bitcoin you  

send me an apple and that is how we do it so the  very first thing i want to walk through is what  

you need to do as soon as you sign up it's a very  simple sign-on process you get everything set up  

and then you want to hop down here now this is  the desktop version i find the desktop version  

is much easier than the app when it comes down to  coinbase but go down here to where it says earn  

rewards and click on that very first thing you  want to do is start making yourself some money  

for nothing before you even transfer money in you  might as well make some money right and how you  

do that is by going through these tutorials that  they have that give you rewards so this is as of  

may 2021 right now but look at all this you can  actually see that i already went through some of  

these classes you go through and you just kind  of learn about the different cryptocurrencies  

and when you do they actually pay you in that  cryptocurrency so i got some graph i got some  

compound blah blah blah you can see up here at the  top i actually have an opportunity to earn some  

fourth i'm going to be transparent with you guys  you can actually take this and once you earn it  

you can translate it into bitcoin into ethereum  or whatever cryptocurrency you're interested  

in buying so it kind of makes it nice just to  pick up some free money right from the get-go  

then at that point what i recommend is come up  here to buy and sell and it's going to ask you if  

you haven't already to link up your bank account  now of course you have to do that because you got  

to transfer money from your bank account into your  coinbase account in order to buy cryptocurrency  

that's just kind of how it works so anytime that  i want to continue to buy or transfer in i can  

certainly do that anytime right in this screen but  i'm not going to do that because again i buy it  

a different way and i'll show it to you in just a  moment so that is step number one go into rewards  

then let's talk a little bit about research this  is also where i use coinbase.com a lot is in my  

research so if you go here to trade which is  the third option down on the desktop version  

you can see all of the different tradable assets  that they offer here on coinbase of course bitcoin  

being at the top next to ethereum that's typically  how things go with that but you can see what  

their market cap is the change the current  price that they're trading for and remember  

cryptocurrency trades 24 7. it's not like the  stock market where there's stock market hours  

you can trade cryptocurrency anytime you want so  for example if i wanted to buy bitcoin i could  

just simply click on that if i wanted to but what  i want to do here in this particular screen is i  

want to do some research now most people know  about bitcoin and ethereum but i'm actually  

going to click on this cardano if i click on  that check this out of course i can see what  

the price of it is and all that stuff you can  look at the general price trend see all one year  

one month one week 24 hours and one hour just  so you can see kind of how things are trading  

remember cryptocurrency is a volatile market none  of this is financial advice i'm not recommending  

that you buy any of these cryptocurrencies you  got to do what's right for you and you've got  

to do your own research but if i click on all  i can see like back here it tells me the date  

and the current price for that particular  cryptocurrency and i can see how it kind of  

goes up and falls through the course of time then  come down here you can check out not only the  

official website of this particular cryptocurrency  but you can click on white paper this is a cool  

way to come in here and really understand a  little bit more about what you're researching  

this is more than just a game guys i think it's  more than just taking your money and throwing it  

on a roulette table and hoping that little ball  lands on the color that you selected instead do  

some research to to at least understand what  you're getting yourself into so this is what i  

would do go through the white paper learn a little  bit about it maybe look at some of the top stories  

they're going to have that right below this white  paper section that you can look at the top stories  

of what's going on what's the news what's going  on with this particular cryptocurrency so not  

only you get some free bitcoin just for signing  up with the link down in the description you earn  

your rewards so now you have a little bit more  money and then you do your research to find out  

what cryptocurrency you want to buy well now it's  time to buy what do we do you don't go here let me  

show you why i'm going to give you a very clear  example using bitcoin all right so over here  

in what looks like an absolute spaceship it looks  like we're about to take off and i'm in like the  

control center of a spaceship well don't worry  about any of this because remember this video  

is for beginners i'm not going to go into all  these details but what i am going to do is talk  

about coinbase pro and that is what this is right  here this is actually where all my assets are now  

i don't have a lot of money invested at this time  because i am a big dividend investor so i have a  

lot of money in the stock market but if i click  up here on the top right hand side where it says  

portfolios and i click on that you can see right  now my balance is 374 and that will fluctuate  

over time as the price goes up and down remember  that cryptocurrency is a wild ride it's gonna fly  

all over the place but i have a little bit  of bitcoin i have a little bit of ethereum  

and today i'm gonna buy a third cryptocurrency  live here on camera i want to show you the  

difference in bitcoin purchases so right here i  am and i'm actually going to put on my glasses  

because i can't see nothing and let's say i want  to buy 20 in bitcoin now there's a couple things  

i want you to take note of here on coinbase pro  20 united states dollars and look at the fee  

10 cents okay now i want to hop back to coinbase  and show you a very interesting example i'm going  

to hit buy sell and i'm going to buy 20 of bitcoin  from my bank account i'm going to preview the buy  

here's where things get interesting check  this out guys look at the coinbase fee  

1.49 remember i'm gonna hop back over here to the  pro version my fee is only 10 cents we're talking  

1.49 versus 10 cents if you're buying  cryptocurrency on coinbase.com you're spending too  

much money on the bloody purchase you got to stop  that go to pro.coinbase.com it's the same thing  

you can also transfer your portfolio from pro to  coinbase.com anytime you want with no fee so you  

buy it over there and then you transfer it  over into this if you want to if you want to  

use it for buying and receiving uh the certain  cryptocurrency it makes it super easy so check  

this out for a second here we are at 1.49 but  i also want you to look at this 56 782 bitcoin  

but look at this six thousand four hundred and  ninety why the difference because they have a  

spread it's an added thing it's an adequate look  that hopefully gets you so fired up that you're  

like man if i was using coinbase.com if you've  already had this account and you just landed on  

this video to learn more i hope this helps you if  it does tap the like down below because this will  

save you money your dollar that you invest in any  cryptocurrency will save you money in all these  

fees by simply just going to pro.coinbase.com and  then all you do is go to the top right hand side  

where it says portfolios click on that and then  right over here at the top right you can click  

withdrawal you click on that and check out what  happens at this time you can withdraw your bitcoin  

if you have bitcoin to your coinbase.com account  if i do that look what happens it has no fee to it  

i can transfer all of my portfolio  from pro to coinbase.com if i wanted to  

and there it'll be now for my purpose i just leave  it sit in pro.coinbase.com because that's where  

it is and right now i'm not purchasing anything in  bitcoin so i'm leaving it all in this account just  

because it's easier for me but if i wanted to i  could transfer my entire holding into coinbase.com  

so i saved myself some fees and i can transfer  anytime i want i hope that helps guys i hope  

that helps but let me get down to some exciting  things i'm going to show you how to transfer money  

in right here on coinbase pro and how to buy some  cryptocurrency we're buying three today here we  

go i put my glasses on one more time because i  can't see nothing guys what i want to do is on  

the far left-hand side here you see where it says  deposit i want to hit deposit and then what i want  

to deposit i want to deposit into united states  dollars because that's what i currently have so  

what i'm going to do is i'm going to go on to  my bank account do not use ever wire transfers  

if you can avoid wire because that comes with an  additional fee make every dollar count when it  

comes down to cryptocurrency investments don't  wire transfer for free do bank account it comes  

down with absolutely no fee to transfer in what  i'm going to do is i'm transferring 30 today so  

i just simply put thirty dollars right down here  in the amount again the fee is zero because i'm  

using this method and not a wire transfer and  i can transfer up to a hundred thousand dollars  

per day yo if you got that much money as long  as you're not yoloing power to you my friend  

and then processing time is instant as soon as  i hit preview and go that 30 bucks is now in my  

united states dollar account and i can use that to  trade cryptocurrency so let's hit preview deposit

instantly 30 and available to withdraw in four  days the reason for that is because of course  

it has to come from your bank and it does take  a process to do that they just give you instant  

buying power so don't think that you're going to  try to be a day trader here and transfer it the  

next day you got to have a little bit of a holding  period but again i never recommend doing that kind  

of stuff i am much more of a long-term investor  i'm going to sit here and invest in a bitcoin at  

56 000. if the dang thing drops to 10 000 it's  gonna hurt but i'm gonna hold on until someday  

it goes back up to 56 plus so i can make money on  my money guys i don't care if it takes 20 years  

i am a long holder i never sell for a loss so  i'm gonna hit deposit and look as easy as it just  

does this little processing thing boom don't wait  for your bank let's get trading so out here at the  

top do you see now i have 30 in the united state  dollar pretty darn cool first thing i'm going to  

do is bitcoin because that's what's live here  on the screen now what you'll see of course i'm  

not explaining all this because again this is  for beginners but basically this is a buy and  

a cell wall and kind of the current price and  the candlesticks of if it's going up in price  

or down in price but i'm just interested in buying  bitcoin at the market order now you can limit and  

you can do stop orders by clicking right here on  the left hand side which basically means i want to  

buy if it hits a certain price and that is kind of  how you do that but i'm just doing market orders  

for beginners here today so out of my 30 dollars  i'm going to do 10 10 united states dollars into  

bitcoin you can see my fee right here and my  total of bitcoin received right here now keep an  

eye down here because what's gonna happen as soon  as i hit this buy order it's gonna fill it at the  

market price and it's gonna pop in here and let  me know how much i have okay so we're gonna hit  

place buy order and see it just filled it and  there goes a few seconds ago cool right that's how  

it's done we just bought ten dollars of bitcoin  now what if we want to do ten dollars worth of uh  

ethereum why not you go up here to the market  where it says select market and here are all the  

different cryptocurrencies now you can use this  up here to search if you want to for whatever you  

want to search for or you can just select with  the browse feature down below here so i can see  

ethereum's right here at the top so i'm going  to click on ethereum and right here it is and  

i'm going to do you know what guys i'm only going  to do five dollars i'm only gonna do five dollars  

in ethereum because i want to use 15 for this new  crypto that i don't own yet that i'm about to own  

again not financial advice just what i'm doing  here today so you can see my fee down here this  

is how much aetherium i will receive with my  five dollars i'm going to hit place buy order  

and there she goes and just to beat the dead  horse one more time i also want to show you if  

i come back here to coinbase and i hit ethereum  and i want to buy five dollars of ethereum  

preview buy look at the fee 99 fee my money  just doesn't you know like i'm not getting  

that's too high of a fee guys that's too high of a  fee i don't like it so i got my five dollars right  

there it is see that got my five dollars the fee  was only two cents not a dollar come on who wants  

to spend a dollar in fees all right next one i'm  gonna do ada that is the cardano i've been doing  

some research on cardano and i'm probably going  to get a lot because it's only trading at like  

i think a dollar right what is it yeah a dollar 75  at the recording of this video but i am going to  

buy into cardano i'm doing 15 and you can see the  fee and how much i'll receive guys it's so rare  

because i'm so used to buying bitcoin and  i'm so used to buying ethereum to actually  

get a whole freaking like what is that 8.5 i'm  getting is that is that what it is 8.5 that is  

so awesome i'm so used to getting 0.03 blah blah  blah hey i'll take it so what i'm going to do here  

place the buy order and then you can see  there's nothing down here on the bottom  

because i've never purchased this particular  holding but that's okay today we're making  

history we're going to change that right now i'm  going to hit place buy order and there she goes  

done that was pretty easy wasn't it now if i go  to my portfolio again in order to do that top  

right hand side right up here portfolios look at  that i now have a 404 portfolio in cryptocurrency  

and here's how it's broken down most of my holding  is within bitcoin about 42 here in ethereum and 3  

in cardano there are also apps for both coinbase  and coinbase pro you can download them and i'll  

show them to you quickly the only thing i  don't like is it's a little bit more clunky  

in my opinion to use the app i mean call me  a boomer if you want it just doesn't seem to  

be as i don't know user friendly as the desktop  version but this is what it looks like you can  

go down to the bottom second one in where the  pie is click on the pie that is your portfolio  

and just like we looked at in the desktop version  i have 404 dollars and 68 cents as my portfolio  

that will also automatically adjust as we go on  i can deposit money by simply clicking on deposit  

or withdraw if i wanted to do that and then  it breaks down what i have in each holding so  

that's the name of that game but honestly guys i  think that you know to me it's just it's easier  

just to use the desktop version but if you don't  have a computer this works fine too you click on  

bitcoin you simply hit buy and onward you go i'm  not saying it's difficult i'm just saying that  

i've used the online version for so long that  i've just gotten used to it you know how like  

you get used to something that's just me don't  judge so not only do you have coinbase pro you  

also have of course the normal coinbase app that  you can download in addition i have them both  

so yes that does mean that i have two apps for  coinbase on my phone you can also download the  

coinbase wallet if you want to have three apps on  your phone based on coinbase but again there's no  

fees for this kind of stuff just to hold the app  you know if you have the apps use the apps do  

whatever you want with them which speaking of  which let me hop over one last time for those  

people that are like yo you didn't explain how  to actually sell well if i wanted to sell which  

i don't want to today but if i wanted to sell  all i have to do let's say we want to sell some  

bitcoin is i would hit the sell bar instead of the  buy bar right here in the middle i would hit sell  

and then it's going to ask me how much do i want  to sell out of my bitcoin now you're going to  

want to know what your balance is which you can  find right up here at the top do you see this  

this is my current balance of bitcoin and  then i can decide i have that .00386 how  

much i want to sell i can do that there  will be a fee to that so let me see 0.003

okay look at that a little bit more fee because  the maker and taker fees are a little bit higher  

so they will se they will charge a little bit more  for selling and that's how much i'll get back in  

united states dollars i am not hitting that sell  order because that is not what i'm in for right  

now i spend a lot of time dollar cost averaging  uh especially with bitcoin because bitcoin is  

insane it goes up it goes down it's all over  the place i want to show you something if you  

want to be uh if you want to laugh at me look at  this look at this for a second right here three  

years i was using coinbase pro look at this one  right here guys i was buying it for like 14 000  

right that was back in the last peak and then  i was dumb and i sold out and i just kind of  

forgot about it until just a couple months ago  when i kicked back into my investment portfolio  

but if i would have held on to that i would  have had well over five thousand dollars  

and i only invested a couple hundred if  i would call i mean you can do the math i  

forget how much i actually ended up investing  back in these days i should have just held on  

and that's the key learning learn from my  failure don't don't don't make the same mistake  

get yourself a good solid investment plan stick  to it do your research and you will live your  

ultimate suite life so get yourself started with  coinbase get yourself some free bitcoin simply for  

just signing up link down below in the description  here are some other videos that will help you  

along with your personal finance journey and  until next time we'll see you on the next video