- >Best Crypto Exchanges
- >Coinbase Pro: Lower Fees, More Trading Options
Coinbase Pro Overview
Founded in 2015 and known initially as GDAX, Coinbase Pro is one of the biggest and most reputable cryptocurrency exchanges offering its services worldwide, including the United States, Canada, and most European countries. The platform supports a wide range of crypto assets and allows clients to exchange more than 80 different pairs.
Coinbase Pro is the global digital exchange arm of Coinbase.com. The parent company was founded by a former Airbnb engineer named Brian Armstrong in 2011, and it’s headquartered in San Francisco, California. In May 2018, Coinbase officially changed its name from GDAX to Coinbase Pro, which rapidly expanded Coinbase Pro’s popularity.
The exchange offers its customers a wide variety of cryptocurrency services, combined with detailed control over their orders and live charts, as well as features such as staking and protocol voting. Coinbase Pro is known for exceptional security, and although many of its large size accounts have been targeted, it has never been hacked.
- Superior option for experienced crypto traders
- Dramatically lower trading fees
- More powerful platform for trading
- Same diverse selection of coins as regular Coinbase
Pros & Cons
Fully regulated with exceptionally solid security measures
Wide range of supported cryptocurrencies
Intuitive Android & IOS mobile app
Low to zero fees for large-scale transitions
Can be overwhelming for complete beginners
Not directly supporting most local payment methods
Sub-optimal customer service
How to Register for a Coinbase Pro Account
Opening a Coinbase Pro account is straightforward. If you already have a Coinbase account, all you need to do is enter the same login email address and password for your Coinbase Pro account.
Otherwise, to sign up, you just need to go to this page.
Now, you need to specify your account information, including your name and email address and a password with a minimum of 8 characters. Afterward, they’ll send a confirmation email; all you need to do is click on the “Confirm” button to verify your account.
You also need to enter your phone number, as it’s mandatory to verify the number via SMS. You need to also provide some additional information such as date of birth, occupation, employer, address, intent, source of funds, as well as a photo of your government-issued ID. Keep in mind that US and UK customers need to verify their ID documents. Once done, you can link your bank account and start trading.
Coinbase Pro Fees
Coinbase Pro charges different fees for various services offered on the platform. The most common fees are the ones traders have to pay for buying/selling cryptocurrencies. Takers have to pay a commission of 0.5-0.04 percent, depending on the type and amount of transaction. Fees for Makers are between 0.0-0.5 percent.
To know exactly how much you should pay, you need to know about the platform’s pricing tiers. For instance, for transactions up to $10,000, takers have to pay a fee of 0.5%, while for transactions of $1 billion and more, the fee drops to a mere 0.04 percent. Makers are required to pay 0.5% percent for transactions of less than $10,000 and a zero percent fee for transactions worth more than $50 million.
Coinbase Pro Security
As one of the most secure crypto platforms, Coinbase Pro enforces a series of security measures to ensure both funds and customer data is protected and hack-proof. At the center of Coinbase Pros security measures is its globally distributed cold-storage solution, combining advanced AES-256 encryption standard, vaults, and safety deposit boxes to secure customer funds.
Other Coinbase Pro’s security features include SSL encryption, two-step verification, and insured funds for all clients up to $250,000.
Coinbase Pro Deposit & Withdrawal
Coinbase Pro is designed to make crypt trading accessible as much as possible. As such, it provides customers with various deposit and withdrawal methods. You can deposit US dollars via standard bank wire or ACH money transfer. As for Euro, you can deposit and withdraw your money via SEPA transfer. And residents of the United Kingdom can use SWIFT.
Furthermore, clients can simply transfer their funds between their Coinbase and Coinbase Pro accounts free of charge. Beyond this, all crypto assets supported by Coinbase are also tradable on Coinbase Pro.
How Is Coinbase Pro Different from Coinbase?
The short answer is Coinbase is primarily optimal for beginners with little to no crypto trading experience, while Coinbase pro is mainly geared towards professionals. Both platforms offer competitive fees, while Coinbase Pro charges 0% fees for large-scale transactions. In terms of maximum trading amount, Coinbase limits the amounts based on the client’s region and payment method, while with Coinbase pro, there is no upper limit.
Furthermore, while Coinbase sticks with basic types of transactions (buying, selling, exchange), Coinbase Pro offers more advanced features such as stop order, limit order, and time in force order, in addition to basic transaction types.
Is Coinbase Pro Good for Beginners?
As mentioned above, Coinbase Pro is mostly suitable for experienced traders and international customers. However, if you think you have enough experience and want to save on fees or take advantage of advanced charting and trading options, it’s best to use Coinbase Pro.
What Can You Buy on Coinbase Pro?
Coinbase Pro has access to all the different cryptocurrencies that you’ll find on Coinbase such as Bitcoin, Ethereum, Stellar, Dai, BAT and many more. In total the site offers more than 50 different coins, which is a very nice selection but it does lag behind some of its international competitors that frequently list up-and-coming. Coinbase Pro, like Coinbase standard, tends to take a more measured approach and wait until projects have proven themselves. There’s nothing wrong with this approach but users may miss out on some hidden crypto gems.
Coinbase Pro Frequently Asked Questions
Each has its advantages and disadvantages. Coinbase is suitable mainly for beginners and small traders, while Coinbase Pro offers more advanced features, and it’s mostly optimal for experienced customers.
No, to use Coinbase Pro or open a Coinbase Pro account, you don’t need to be a registered investor. Anyone interested in buying and selling cryptocurrencies and willing to undergo a simple registration process can trade on Coinbase Pro. Alternatively, you can use your Coinbase login email address and password to open a Coinbase Pro account automatically.
Coinbase Pro’s fee scheme advantage reveals itself in large-scale transactions (0% commission)! Otherwise, they both charge 0.5% for normal trades.
Yes, as of October 2020, Coinbase.com, Coinbase Pro, and Coinbase Prime submit their customers’ trade activities to the IRS (Via Form 1099-K).
Coinbase Pro offers more advanced monitoring options, more transaction types, and 0% fees for large-scale trades.
Yes. Coinbase became the first publicly traded cryptocurrency exchange in the USA on April 14, 2021. They are listed on the NASDAQ under the ticker COIN.