What is Coinbase Pro: Everything You Need To Know
Cryptocurrencies are not going anywhere.
They are here to stay, and every Coinbase user knows that.
At first, managing digital assets (Bitcoin, Bitcoin Cash, USD Coin, etc.) might be seen as a confusing activity.
But once you get the hang of the decentralized finance world, you start to understand the true potential of your digital wallets.
And that’s why Coinbase makes it easy for everyone to have room in the crypto space.
Coinbase Pro is a separate platform designed specifically for those who want to take their financial decisions one step beyond.
Keep reading this blog post to get more information about the following matters:
- What is Coinbase Pro?;
- Coinbase Pro features and general information;
- Everything you need to know before you buy, sell or trade cryptocurrency in Coinbase Pro.
What is Coinbase Pro?
Both Coinbase and Coinbase Pro support crypto trading pairs, buy / sell operations, general portfolio overview, and more.
Nonetheless, Coinbase Global (owner of all Coinbase related trademarks) defines Coinbase Pro as a trading platform for crypto assets.
Cryptocurrency exchange platforms allow users to trade cryptocurrencies, sell cryptocurrency and purchase cryptocurrency using fiat money.
Now, users can do whatever they want with the assets they have on their digital wallet.
They can move the funds to saving accounts, or continue purchasing crypto with a debit card - the choice is theirs.
And this level of free will is what motivated Coinbase to go one step further with Coinbase Pro: different users, different needs.
How Do Coinbase and Coinbase Pro Work?
User education has always been one of the goals of the Coinbase platform.
Other exchanges don’t care about beginner investors turning into active traders by acquiring knowledge regularly.
That’s the main difference between these platforms: Coinbase offers simple options for beginners with limited utility, USD cash balances that can be withdrawn to a bank account, and ease of access in the European Union and other countries.
On the other hand, Coinbase Pro is for experienced traders - as simple as that.
Coinbase Pro Trading Fees
Trading is one of the best ways to Make Money on Coinbase.
However, most times, you must be a qualified professional in order to properly manage your money.
DeFi apps, cryptos, and other initial coin offerings are often extremely volatile, which creates the need to carefully analyze the marketing before placing an order.
Now, Coinbase charges fees of course, but Pro has a Maker-Taker fee structure that advanced traders will surely appreciate.
The fees vary depending on trading volume and assets subject to availability.
A Maker Fee is way lower in Pro, as well as a Taker Fee is.
Then again, each Maker Fee and Taker fee can be checked on Coinbase’s Official Account Fees Table.
The more you trade, the lower fees you’ll experience - the less you trade, the higher fees will be present.
Limits on Coinbase Pro
Coinbase Pro account limits are way more flexible than in other crypto platforms.
For digital assets, there are no limit orders for deposits whatsoever.
Now, when it comes to adding a payment method for withdrawal, then the limits of an account might be changed depending on customer eligibility.
Anyhow, the limits depend on the supported currencies placed in the order book.
To learn more about limits on your order book, check Coinbase Pro Limits.
Trading Features for Advanced Crypto Traders in Coinbase Pro
There are plenty of trading options in Coinbase Pro, which will undoubtedly be seen as something delightful for those traders that want to make the best out of their crypto journey.
You can check the market price of each coin, such as BTC, Basic Attention Token ( BAT), Ether, and more.
The market orders placed are filled immediately, matched specifically with your requirements.
Price Protection Points are part of the features in an advanced order form, as well as a depth chart that tells you everything you need to know about a coin.
Since trading is way more complex and efficient in Coinbase Pro, these aren’t features that newcomers are ready to experience.
API Keys
Here is where things get interesting. Coinbase Pro users have full access to their API Keys, which allows them to access enhanced functionality in their trading processes.
APIs are advanced features that require extensive knowledge for their management.
Luckily, Coinbase Pro explains to users how to properly set up their API Keys in their Official API Document.
Crypto to Native Currency Trading Pairs
Let’s be totally honest here - for some traders, the cryptos available on Coinbase Pro aren’t as varied as in other exchanges.
Either way, the Coinbase Pro Market has enough trading pairs for you to start a good trading strategy whenever you want.
It’s not about the number of cryptos available, it’s about what you are capable of doing with them.
Coinbase Pro Security Features
Unfortunately, Coinbase Pro does not provide Security Keys.
That being said, users’ assets are stored in a custodial, hot space.
If you want to manage your private keys by yourself, you’ll be able to do so using selected applications.
Still, Coinbase Pro is a safe platform that hardly fails.
Of course, nothing is perfect and perhaps Coinbase is Down from time to time, but you can rest assured that your funds are in a safe environment.
What’s more, enabling two-factor authentication will certainly help you make your account safer than ever.
How to Upgrade to Coinbase Pro
Now that you know what Coinbase Pro is, you are ready to get started.
You have come a long way - you started as a beginner, and now you are a crypto expert!
It’s time to upgrade to Coinbase Pro, and to do so, you simply need to create a new account.
If you are already a Coinbase user, you’ll be able to Transfer from Coinbase to Coinbase Pro simply by registering with the same email.
However, the verification process of Coinbase Pro is more strict than regular Coinbase, but you’ll be trading your assets sooner than later.
And those are the basics about Coinbase Pro! Are you ready to get started?!
Coinbase Pro FAQ
Is there a Coinbase Pro Mobile App?
Yes, there are mobile apps for iOs devices and Android phones.
You can easily download them from Google Play or the App Store, depending on your phone’s OS.
Is Coinbase Wallet Pro Safe?
The integrated wallet available in Coinbase Pro is safe indeed, but it isn’t safer than a hardware wallet, for instance.
So, if you want to store large amounts of crypto, you better get a hardware cold wallet as soon as possible.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.