Coinbase is one of the best crypto exchange platforms with a good reputation in the industry. It can be confusing to see Coinbase and Coinbase Pro and understand why there are two crypto trading platforms. We are going to explain the same in this article and help you understand the differences between these platforms.
Coinbase Pro
Coinbase Pro is an extended trading platform of Coinbase Global Inc., that is designed for professional retail and institutional traders. It offers advanced trading features like minute-to-minute price chartings and multiple trade orders for professional traders. The Coinbase platform also launched regulated crypto futures trading in August this year.
Initially, Coinbase Pro was designed for professional crypto traders but it doesn’t exist as of July 2023. The parent company started Coinbase Advanced Trade by combining the best of both of the initial platforms. The migration to Coinbase Advanced Trade started in November 2022. The major reason for this upgrade is to reduce friction for Coinbase users and to offer the best features of both of the platforms in Coinbase Advanced Trade.
Coinbase vs. Coinbase Pro
Coinbase Global Inc is the parent company of both Coinbase and Coinbase Pro crypto exchange platforms. While Coinbase is developed keeping beginner traders in mind, Coinbase Pro is more suitable for professional and advanced traders. Users can access more than 260 cryptocurrencies on both platforms.
Let us look at how Coinbase and Coinbase Pro differ in various aspects like ease of use, features, security, and fees.
Ease of Use
The Coinbase interface is easy-to-navigate and user-friendly and it is most suitable for beginner traders. You can create an account, complete verification, add bank details, and start trading within a few minutes. Its intuitive platform makes it easy for beginners to buy or sell cryptocurrencies.
On the other hand, Coinbase Pro is more suitable for advanced traders. Beginners may feel intimidated to use the Pro platform as it lists a live price feed, price chartings, different types of orders, etc. You can use the same email address to log in to either of the platforms if you are already a user of Coinbase.
Features
The Coinbase platform makes crypto trading as easy as possible for beginner traders. To do this, it provides free education about cryptocurrencies and even rewards users who complete their modules. The newsfeed feature provides information to help users stay up-to-date with the latest developments and happenings in the crypto industry. Apart from these features, Coinbase even sends price alerts through push notifications to its users.
Since the Coinbase Pro platform is built for advanced traders, its features are also more inclined toward them. It provides multiple order options like stop orders, and limit orders so that users have more control over their crypto trading. For professional traders, the Pro platform also offers advanced charting options. Besides, users can integrate third-party apps into their Coinbase account through its API keys.
Security
Coinbase and Coinbase Pro both offer the same robust security features since their login information is connected. Both offer a 2-factor authentication feature through text messaging or the Google Authenticator app. This ensures that no one except the user can access their Coinbase account.
Both platforms employ cold storage features and also have an additional layer of protection to the funds so that no one except authorized persons can access the funds. The platforms also whitelist crypto addresses so that no other blockchain addresses other than the listed addresses can transact with the user’s account.
Fee Structure
Both Coinbase and Coinbase Pro have the same fee structure and their maker and taker fees start from 0.40% and 0.60% respectively. Maker and taker fees reduce based on the 30-day trading volume of users and can go as low as 0.00% to 0.05%.
For fiat currencies, Coinbase does not charge any fee for depositing funds through ACH and Swift payments. It also does not charge any fee for withdrawal through the ACH payment method. However, it charges fees for other payment methods and the amount depends on the mode of payment.
Conclusion
Coinbase announced that they are going to replace Coinbase Pro with the Coinbase Advanced Trade in June 2022. This improved the efficiency of crypto trading for advanced traders and reduced the hassle to use both platforms for different purposes.
Coinbase is a good choice to get started with cryptocurrency trading for beginners . When you feel you are experienced enough, you can start using the Coinbase Advance Trade platform.
Cryptocurrencies are volatile and the market is uncertain. So, you must do your own research before investing your money in cryptocurrencies. This way, not only can you know more about crypto but also make the most of your investments!
