The question what is difference between Coinbase and Coinbase Pro is common among traders. Here’s the simple answer. Coinbase is a simple-to-use exchange and best suited for novice traders. In contrast, Coinbase Pro is better suited for more experienced and frequent traders.
For regular users, the Coinbase Pro cryptocurrency trading platform has shut down. Coinbase closed the service after incorporating features of Coinbase Pro, such as its reduced volume-based trading fees, into a function called “Advanced Trade.” While the Coinbase Pro landing page is still operational, users will be redirected to Advanced Trade if they attempt to sign up.
Coinbase Vs Coinbase Pro – What Are They?
Coinbase is a cryptocurrency trade medium. It facilitates the exchange of cryptocurrency. It’s easy to get started with trading cryptocurrency, as the setup process is very simple.
Contrarily, Coinbase Pro is ideal for seasoned traders. It facilitates the exchange of cryptos through trading pairs.
How Does Coinbase Differ From Coinbase Pro?
We can compare Coinbase and Coinbase Pro on several parameters. These include the following:
1. Availability of cryptocurrency
Coinbase houses over 200 cryptocurrencies. Coinbase Pro also offers the same amount of digital currencies. Both support fiat currencies. The only distinction is that Coinbase Pro offers support for Bitcoin Satoshi Vision. Bit Coinbase does not offer this support.
2. Fees
There is a world of difference between the fee structure of Coinbase and Coinbase Pro. Coinbase Pro is a lot cheaper than Coinbase. The fee difference is largely on the transaction amount. With Coinbase, you need to pay a 1.49% fee for a USD wallet. A debit or credit card will make you incur $3.99. The only way to reduce the fee is to go in for a buy-on-hold strategy.
The following flat fees apply to smaller orders on Coinbase:
- $0.99 up to $10
- $1.49 up to $25.
- $1.99 up to $50
- $2.99 up to $205
Coinbase Pro is for those who trade in high volume. The fee begins at 0.60, and the medium functions on a maker-taker fee model.
For these stable pairs on Coinbase Pro, the maker fee is zero, and the taker fee is 0.01%:
- DAI – USDC
- USDC – EUR
- DAI – USD
- USDT – GBP
- BUSD-USD
- PAX – USD
- PAX – USDT
- USDC – GBP
- USDT – USDC
- USDT – EUR
- USDT – USD
- UST – USDT
- WBTC – BTC
3. Wallet
Traders commonly wonder about the difference between Coinbase and Coinbase Pro wallet. Custodial wallets are available for both exchanges. Besides, Coinbase also has its own Coinbase Wallet, a free hot wallet. It gives you complete control over your crypto.
4. Trading
Those using Coinbase usually are pulled in the direction of trading through US dollars. The platform gives incentives for this. The trading for Coinbase Pro users is much more advanced as they can use crypto-to-crypto pairs without paying a fee.
5. Level of ease in using the platform
As mentioned, Coinbase is for novice traders. However, it only facilitates buying and selling because it is a primary exchange. You just have to launch the app and carry out the desired cryptocurrency transactions
On the other hand, Coinbase Pro provides extensive reporting and a wealth of information. It’s perfect for seasoned cryptocurrency traders and investors because of the advanced trading features, which offer users a lot more options.
6. Security offered by Coinbase and Coinbase Pro
Among the safeguards provided by Coinbase and Coinbase Pro are:
- Coinbase mandates the use of two-factor authentication (2FA) for account holders: When this feature is activated, accessing your account requires two forms of authentication, such as entering your password and a code sent to your phone’s authenticator app.
- Data encryption: Coinbase adheres to industry best practices for data encryption in the payment sector. The exchange uses AES-256 encryption to protect its wallets and private keys, and its website traffic is routed over encrypted SSL.
- Address whitelisting: Using this optional security feature, cryptocurrency withdrawals are only permitted to wallet addresses that you have added to your address book. Even in the event that someone gains unauthorized access to your account, it’s a good way to keep them from stealing your money.
- Cold cryptocurrency storage: Coinbase keeps over 98% of its users’ cryptocurrency funds offline in cold storage. Since offline storage cannot be compromised, it is the most secure option for storing cryptocurrency. All across the world, safe deposit boxes and vaults are stocked with drives and paper backups.
- Online money insurance: Coinbase offers insurance coverage for cryptocurrency funds stored in hot (online) storage to guard against theft-related losses, including hacking-related incidents. The FDIC insures cash deposits up to $250,000 per person; this is the same insurance that safeguards deposits made with large U.S. banks.
- Cold cryptocurrency storage: Coinbase keeps over 98% of its users’ cryptocurrency funds offline in cold storage. Since offline storage cannot be compromised, it is the most secure option for storing cryptocurrency. All across the world, safe deposit boxes and vaults are stocked with drives and paper backups.
- Online money insurance: Coinbase offers insurance coverage for cryptocurrency funds stored in hot (online) storage to guard against theft-related losses, including hacking-related incidents. The FDIC insures cash deposits up to $250,000 per person; this is the same insurance that safeguards deposits made with large U.S. banks.
7. Rewards and stakes
The ability to earn incentives for holding particular cryptocurrencies on Coinbase platform is one of its main features. This is not a feature of Coinbase Pro.
8. Mobile Apps
Coinbase also offers crypto staking. It allows digital asset owners to earn additional cryptocurrency. This happens when they exchange to help verify crypto transactions on an underlying blockchain network. However, setting everything up from scratch will be difficult for inexperienced users. Exchanges such as Coinbase will handle this on your behalf and give you a cut of the profits.
Coinbase Pro Has Shut Down – Find Out Why
2018 saw the release of Coinbase Pro, a tool for traders to conduct technical analysis. Additionally, it made it easier for them to communicate directly with the exchange’s order book. However, Coinbase main app now has more sophisticated features like staking and borrowing cryptocurrency.
Customers who utilized Coinbase.com and Coinbase Pro encountered an issue. Switching balances between the two Coinbase services proved to be difficult for them. This issue will be resolved by switching from Coinbase Pro to Coinbase Advanced Trade, which offers the full range of cryptocurrency investment services.
Final Thoughts
Both Coinbase and Coinbase Pro have their own features. Deciding among them is largely a matter of your preferences. However, you will not need to make a decision as Coinbase Pro has shut down. Its functionalities have moved into Advanced Trade. So, you can opt for Advanced Trade to access Coinbase entire suite of services.