Coinbase was formerly known as GDAX, a well-known cryptocurrency exchange. Coinbase Pro was launched from the Coinbase exchange, and it provides several benefits, including solid security, better liquidity, and an easy-to-use platform. Coinbase Pro was developed for highly experienced professional and retail traders, and it offers a wide range of advanced and high-volume trades. It has more than 40 currency pairs to exchange; in this way, institutional investors can use its services. This Coinbase Pro review will cover everything, including its features, security, services, fees, pros and cons, and many more.
Coinbase Pro Summary
|Headquarters||San Francisco, California|
|Found in||Launched in 2015 as GDAX platform, later in 2018 rebranded as Coinbase Pro|
|Listed Cryptocurrency||BTC, ETH, BCH, XRP, EOS, XLM, LTC, DASH, & more|
|Supported Fiat Currencies||EUR, GBP, USD|
|Minimum Deposit||0.001 BTC depends on the currency as well|
|Deposit Fees||Depends on the Payment Method and Currency|
|Transaction Fees||Maker fee -> 0 – 0.50%
Taker fee -> 0.04 – 0.50%
|Withdrawal Fees||Depends on the Payment Method and Currency|
What Is Coinbase Pro?
Coinbase Pro, launched in 2015, was known as the GDAX platform. Later it was rebranded as Coinbase Pro in 2018. Its operations are handled by the famous crypto exchange Coinbase Inc. Professional and active traders have used this exchange and it enables high volume trading in cryptocurrency and offers solutions to US traders and other supported countries.
This exchange was established as a digital currency exchange that offers professionals and institutions the ability to trade with some of the world’s most popular digital assets. This platform is focused on high volume and more experienced traders than beginners. It offers advanced trading options that range from stop-loss and limit orders to good till canceled orders.
According to our Coinbase Pro reviews, this exchange ranks top among the highly liquid exchanges and provides advanced trading features, several deposit options, and competitive fees. Also, it offers leverage of up to 500:1, thereby offering the investors an opportunity to make more money.
How Does Coinbase Pro Work?
If the user wants to trade with Coinbase Pro, they need to create a user account on this platform. To create an account, the user needs to provide their full name, email address, and a strong password. After verification of the email address, they need to confirm the phone number for setting up a two-step verification process.
When the setting up of the account is complete, US customers should provide a social security number and Coinbase Pro users from other countries should provide any other form of identification. When it is complete, the user needs to add their debit card, credit card, or bank account details.
Users can start trading after depositing funds. They can purchase several crypto coins in small or large amounts; also they can purchase several altcoins. The users also have the option to preview their purchase and to view the Coinbase fee, price, payment method on the screen. After choosing the cryptocurrency, and checking other details, the user needs to click on the “buy” option to complete the transaction.
Coinbase Pro Features
One of the leading platforms to buy, sell, and trade bitcoin and other cryptocurrencies are Coinbase Pro. As per our Coinbase Pro review, It is a branch of Coinbase, developed for more experienced and professional traders.
Here are the few important features of this exchange:-
- The user can access several cryptocurrencies offered on the platform. They can buy, sell, and trade Bitcoin on this exchange. They can also trade altcoins such as Litecoin, Bitcoin Cash, Ethereum, and several others. In addition, the users can access new coins listed on this platform securely and seamlessly.
- If the user already has a Coinbase account, they can transit smoothly between Coinbase and Coinbase Pro. Also, they can use the same login credentials on the platform and transfer funds between these two platforms instantly and for free.
- Institutional investors can open a Coinbase prime account which is just like a Coinbase Pro account, but it is developed only for corporate professionals.
- It is a secure exchange and it is known for its strict security measures. This platform uses the highest level of security standards and it has not been hacked. The exchange runs Coinbase custody service for their institutional customers who seek the highest level of cold storage security for their crypto assets.
- It is one of the popular cryptocurrency exchanges that provide excellent liquidity in terms of cryptocurrency monthly trading volume in USD. This makes it the best option to sell cryptocurrency.
- Starting from February 2020, this platform provides leverage of up to 3 times for US-quoted books. This feature is not available for all countries currently.
- This exchange allows its users to earn cryptocurrencies if they learn about them. The user can get more than 150 USD worth of cryptocurrencies by completing a few Coinbase courses.
- Some of the most prominent features of this platform are reliability, security, accessibility, and strict regulatory measures. When compared with other cryptocurrency exchanges, Coinbase Pro has a restricted number of cryptocurrencies. This is because the cryptocurrency needs to undergo several strict investigation processes.
Coinbase Pro Review: Pros and Cons
|This exchange is suitable for professional traders.||Coinbase is not suitable for new traders.|
|This platform offers competitive fees.||Customer support needs improvement.|
|It offers strict security measures and complies with regulatory standards.||KYC procedures are extensive.|
|Provides an easy-to-use platform.||Fewer altcoins are offered.|
|No withdrawal fees for cryptos.|
|This platform offers Coinbase app with advanced trading features.|
|Regulated platform in the US.|
Coinbase Pro Registration Process
To get started with the exchange, the user needs to create an account first; they have to visit the website and click on the ‘Sign-Up’ button.
To register on the platform, the user needs to enter their full name, email address, and a strong password with a minimum of 8 characters. Once they are done filling in the form, they will be sent a verification email to their provided email address. They have to use the link provided to verify their email address.
After confirming the email address, they should enter the phone number and verify it through the SMS sent to them. Based on the geographic location, the user will be prompted for more personal information.
If the user already has a Coinbase account, they can use their current login information for creating a new account and link to these two accounts.
When the account is created, the user should click the Coinbase Pro login option on the right-hand corner of the screen and enter the username and password. In this way, they will be logged in to the platform.
Trading Experience at Coinbase Pro
If the user is interested in trading with a professional trading platform, they can use this exchange to purchase cryptocurrency or bitcoin on this exchange. They can also use the guides offered by the platform for this process. Further, it also explains how to log in to the platform, create, buy, or sell orders and how to withdraw their funds from the exchange.
This platform also offers margin trading and a wide range of cryptocurrencies, including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, etc. Further, it provides users the option to trade using the US dollars, Pounds, Euros for cryptocurrencies.
The advanced traders of Pro enjoy several attractive features on the platform. The platform’s intuitive application provides real-time charting and professional trading tools along with exponential moving averages and moving averages. They can also view their order book, price charts, and trade history.
This platform offers several advanced options like stop orders, margin orders, and limit orders. Further transaction types also differ with Pro, which allows the traders to buy, sell, trade, send, and receive transactions.
This platform has been designed for professional traders rather than for new traders. Coinbase Pro stop limit, stop orders are a few varieties of order types offered by the platform.
Coinbase Pro Order Types
Using this exchange, the users can create a limit market or stop orders. A market order immediately closes at the current market price. A limit order permits the users to define the price they would like to pay for their crypto and a stop order is one that requires a buy or sell order when the price of the cryptocurrency hits or dips to a specific value that is defined by the user. Based on the trading volume, the order type might affect the trading fees that are paid by the user.
Coinbase Pro Fees
It uses the “maker-taker” model on their withdrawals and deposits in which the fees are assessed on the percentage of the quoted price.
If the trader uses the maker model, they need to pay a fee of 0.00% to 0.50% based on the trading volume. If the trader uses the taker model, then they need to pay 0.04% to 0.50%.
Its withdrawal fees vary depending upon the type of currency withdrawn. Cryptocurrency withdrawals are offered free of charge and the user need not pay any fees. Further, withdrawal fees are charged based on the type of bank transfer, and the user’s location. Detailed information regarding fees is available here.
Coinbase Pro Supported Currencies
Supported cryptocurrencies include – Bitcoin (BTC), Ethereum (ETH), Litecoin, bitcoin cash (BCH), XRP, Cosmos(ATOM), EOS, Basic attention token (BAT), DAI, DASH, Tezos (XTZ), Stellar (XLM), Zcash (ZEC), Ethereum classic, (ETC), USD coin (USDC), etc.
Coinbase Pro Supported Countries
As per our Coinbase Pro review, this platform is available in over 100 countries globally. Moreover, Pro traders can trade with pairs that are permitted by the regulators of their jurisdiction.
Here is the list of few supported countries of Coinbase Pro:-
- The British Virgin Islands
- Cayman Islands
- Hong Kong
Coinbase Pro Supported Payment Methods
If the user wants to trade with the platform, they need to have a SEPA transfer, or a bank transfer is required.
Here is the list of payment methods supported by Pro:-
- Wire transfer in USD.
- SEPA withdrawals and deposits in Euros.
- ACH Bank transfers for the US verified residents.
When the user verifies the bank account, ACH transfer might take around 3 to 5 business days, the process being free of charge. Further, SEPA transfers are cleared within 24 hours. If the user already has a Coinbase account they can transfer their funds from the Coinbase account to their Coinbase Pro account instantly and free of charge.
Is Coinbase Pro Safe?
According to several Coinbase Pro reviews, this platform is regulated and licensed in the US and several other supported countries. Based on the regulatory measures, this platform should comply with The USA Patriot Act, The Bank Secrecy Act, and other money transmission laws. Further, Coinbase is registered with FinCEN. This exchange is also registered with BitLicense in the New York department of financial services. In this way, they need to submit annual financial audits to show that their exchange has the required liquidity and is well managed.
Coinbase Pro Security Features
It is one of the secure exchanges and it undergoes strict security and financial audits. It keeps 98% of its user’s funds in cold storage with encryption, using multisig keys. Balance 2% of the user’s funds are held online and they are insured against theft or losses. All deposits are in USD and are covered with FDIC insurance of up to $250,000.
This platform adopts several measures to ensure that the platform remains safe. A few of them are:-
- The employees of Pro undergo security checks and encrypt their hard drives.
- Two-factor authentication is used on all accounts.
- The website traffic is encrypted with SSL cryptographic protocol.
- Coinbase Pro wallet is encrypted with AES- 256 encryption.
Coinbase Pro Customer Support
This trading platform provides a comprehensive FAQ section on its website and has answers to several common questions asked by users. The user can reach out to the customer service if they have any issues related to ID verification, security, bank account transactions, API, etc.
Here are the few ways in which Coinbase Pro supports its users:-
- Live chat support.
- Contact Us form.
- Mobile phone support if the user has issues with their account.
Coinbase Pro Review: Bottom Line
To conclude, Coinbase Pro is a well-known and trusted best crypto exchange USA. It has millions of users worldwide; this trading platform is also known for its low transaction crypto exchange fees. Coinbase offers a Whitelabel feature that limits withdrawals to pre-approved crypto addresses. It also offers robust security measures, FDIC insurance to protect the user’s money against cyber attacks. The trading interface offered by the platform is intuitive and the trading charts are powered with real-time data to have a seamless experience. Coinbase Pro is the best choice for experienced and high-volume traders and the fees Coinbase offers are lower.
Is Coinbase Pro Trustworthy?
This exchange is one of the leading digital currency platforms for buying and selling cryptocurrency. Further, 98% of user funds are held in offline cold storage, the balance of 2% serves as liquidity to the markets.
Can Coinbase Pro be Hacked?
According to several Coinbase Pro reviews, this platform has not suffered any hacks before. This platform employs industry-best security practices and takes several security measures to keep its user funds safe.
Is There a Monthly Fee for Coinbase Pro?
No, this platform does not charge any fee from users for signing up on the platform, or for holding funds in their Coinbase Pro account.
Is Coinbase Pro Better than Coinbase?
This exchange offers a WebSocket feed for getting real-time market data, which the Coinbase Pro users can use for secure trading. This exchange allows its customers to construct different portfolios, making it easier for the users to manage risk and test different strategies.
Who Can Sign up For Coinbase Pro?
This platform has been developed for individual traders. Based on the user’s location, they can have access to crypto-fiat or crypto-crypto trading pairs.