Is Coinbase Pro being phased out? Turns out that it is indeed. The announcement by Coinbase came in June 2022. Coinbase is replacing Coinbase Pro with Coinbase Advanced Trade. This is done to provide the entire range of its crypto investment services on a centralized platform.
Some users can still access some parts of regular service. Coinbase is in the process of helping users adapt to the new circumstances. The people in the list of exceptions include those using the Coinbase Pro APIs. However, for every other individual. Coinbase Pro has now changed to Advanced Trade.
Let’s find out more about it below.
Why Did Coinbase Pro Shut Down?
Dan Stone and Andrew Herman, the product and engineering managers, explained the reason behind this move. Coinbase Pro came out in 2018 to help traders perform technical analysis. It also facilitated their interaction directly with the exchange’s order book. However, advanced functionalities, such as staking and borrowing crypto, were added to the main app of Coinbase.
It posed a problem with the customers who used both Coinbase.com and Coinbase Pro. They found it challenging to switch balances between the two Coinbase services. The replacement of Coinbase Pro with Coinbase Advanced trade, consisting of the entire suite of crypto investment services, will solve this problem.
The spokespersons further said that Coinbase Advanced Trade is equipped with all the features to make the crypto experience more informed, easier, and quicker. Some of these functionalities include real-time order books, deep technical analysis, and charting fueled by Trading View.
The Impact Of Coinbase Pro Phasing On Coinbase
Users of Coinbase Advanced Trade can trade a higher number of cryptocurrencies than those that were available on Coinbase Pro. Besides major assets, it also supports trading in niche coins like smaller-cap altcoins and DeFi tokens. Coinbase Advanced Trade provides a greater range of technical analysis. So, traders do not need many charting tools.
Besides, users can also get staking rewards for their crypto assets. This enables them to earn more than 5% APY. The trading fees remain the same as it was on Coinbase Pro. For price makers, it begins at 0.4% and for price takers, it begins at 0.6%.
Advanced Trade also has a better security infrastructure. Some key security features include dollar balances held at institutions insured by FDIC and cold storage areas that are duly monitored. Users can avail of all the Advanced Trade features by updating their Coinbase mobile app.
Users can also access educational resources like videos, documentation, and guides, which help them learn best practices for algorithmic trading.
How To Move To Coinbase Advanced Trade?
You can easily transfer the funds in your Coinbase Pro account to Coinbase Advanced Trade. Just follow the few steps below.
- Access your Coinbase Pro account.
- Here, tap ‘Portfolios.’
- After that, tap the ‘Withdraw’ option.
- To transfer all your crypto assets to Coinbase.com, tap the ‘All portfolios’ option.
- Finally, choose ‘Transfer to Coinbase.’
How to Get Started with Coinbase Advanced Trade?
Coinbase Advanced trading will cater to users who desire more features and high-volume crypto trading abilities. It is also ideal for active and advanced institutions and traders who use complex tactics. Here’s a rundown of how you can get started with trading on Coinbase Advanced.
Trading on this platform involves funding your account, placing trades, giving the trading fee, and leveraging the advanced features.
1. Funding Your Coinbase Advanced Trading Account
The first step is to deposit funds in Coinbase Advanced trading platform. To fund your account, you may use either ACH or Wire transfers or debit cards. If you have virtual assets on external wallets, you may use that also to fund your account.
The processing time for your funds will vary according to your region. Those using debit cards will find instant processing. But they will need to give higher fees. Bank transfers are slightly slower.
2. Start Trading on the Platform
Once you have deposited funds into your account, start placing trades. There are many markets in this platform, such as BTC, LTC, EOS, and ETH. You can explore various markets and start trading across anyone. Follow these points to place your trades.
- Choose the trading pair you wish to trade. It can be ETH/USD or any other pair.
- Next, select your order type and side. It means buy or sell. After that, put your order size, price, and time in force. You may also enter any other advanced criteria.
- The next step is reviewing your order. After you have gone through it, submit the order.
- You can now monitor the order status. In the Coinbase Advanced Trading platform, you will see your balances, positions, and order history getting updated in actual time while you trade. The platform provides many charting tools. Use them to assess prices and make sound trading decisions.
3. Coinbase Trading Fee
You must also be aware of the fee charged by this platform for trading. It is according to your 30-day volume tiers. The range is from 0.4% and goes down to 0.18%. This is for taker orders. For maker orders, the fee range starts from 0.24% and goes down to 0%.
The platform gives you an opportunity to access discounts if you have Coinbase One. This subscription lets you get staking rewards for keeping assets and facilitates zero-fee trading.
The Coinbase Advanced fee is considerably similar to Coinbase Pro. But for users who do not use either Coinbase Advanced Trade or Coinbase Pro, they will pay according to factors such as the manner in which they are paying.
Their fee also depends on how much they are buying as well as market conditions like liquidity and volatility. In either case, users will get clear information from Coinbase regarding their fees. This will be communicated to them once they finalize the transaction.
Concluding Words
The move from Is Coinbase Pro being phased out to Coinbase Advanced Trade is mainly to give access to a full range of crypto investment services. Presently, there is not much difference between the fees of Coinbase Pro and Advanced Trade. Coinbase is doing all that it can to make the transition of its existing Coinbase Pro users seamless.