Coinbase or Coinbase Pro: Which Crypto Exchange Is Right for You?

Coinbase or Coinbase Pro

Coinbase and Coinbase Pro are two of the most popular exchanges for cryptocurrency traders. Both offer an array of features that appeal to different types of investors, so it’s essential to compare them before making a decision. This article will compare the two exchanges to help you determine whether Coinbase or Coinbase Pro is best for you.

Crypto exchanges are essential for any investor as they provide a secure and convenient way to buy, sell, trade, and store cryptocurrencies. But choosing the proper crypto exchange can be a daunting task. You have to look for features such as security, customer support, ease of use, fees, and the coins supported there. All these features will determine how well your experience with the crypto exchange will be. They will also determine the profits you’ll make when trading or investing.

What Is Coinbase?

Coinbase is an online platform that makes it easy to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 and has grown into one of the world’s largest exchanges for digital assets. Coinbase offers a simple interface with two-factor authentication for security and support for most major global currencies. It also has an app that allows you to manage your crypto portfolio.

In January 2023, Coinbase had a market value of about $13.08 Billion with a24 hour trading volume of approximately $2,827,637,349.34. This places it among the top crypto exchanges in the world.

What Is Coinbase Pro?

Coinbase Pro is an advanced version of Coinbase specifically designed for professional traders. It was launched in 2018 and is run by Coinbase itself. The interface is more sophisticated than the one on Coinbase, giving traders access to more technical trading tools such as stop losses, limit orders, and market depth. Coinbase Pro also offers lower fees than Coinbase, making it even more attractive to experienced investors.

In January 2023, Coinbase Pro’s 24-hour trading volume of $352 829 392.24 supports more than 141 digital assets.

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How Coinbase And Coinbase Pro Compares

When comparing Coinbase or Coinbase Pro, it’s essential to consider the cost, security, user experience, and available coins. Here’s a breakdown of these features:

Security

Coinbase is one of the world’s most popular and trusted cryptocurrency exchanges. It is known for its security features that ensure users’ cryptocurrencies’ safe and secure storage. In this blog section, we will delve into the details of the security features of Coinbase.

Two-Factor Authentication (2FA)

Coinbase offers two-factor authentication (2FA) as an added layer of security for user accounts. This feature requires users to provide a one-time password generated by an authenticator app and their login credentials to access their account. This ensures that even if someone gets hold of your login credentials, they cannot access your account without the 2FA code.

Encryption

Coinbase uses advanced encryption techniques to protect user data and transactions. All data is encrypted at rest and in transit, protecting it from unauthorized access or tampering. The encryption keys are also stored separately from the data, providing an added layer of security.

Cold Storage

Coinbase stores a majority of its user’s cryptocurrencies in cold storage. Cold storage refers to the offline storage of cryptocurrencies, which is much more secure than online storage. This means that even if the exchange’s servers were hacked, the stored cryptocurrencies would still be safe.

Insured Deposits

Coinbase provides insurance coverage for users’ deposits. In case of hacking or theft, the insurance covers the user’s deposited funds. This gives users added peace of mind, knowing their funds are protected. Coinbase follows the FDIC and covers regulatory compliance and cash deposits of up to $250,000.

Multi-Signature Wallet

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Coinbase uses multi-signature wallets for storing users’ cryptocurrencies. This means that to move any funds, multiple signatures are required. This provides an added layer of security as it ensures that no single person can access or transfer the funds without the consent of others.

Regular Audits

Coinbase conducts regular audits to ensure the security and integrity of its systems. These audits are performed by independent third-party firms, which helps to ensure that the exchange is operating at the highest standards of security.

Fees

Coinbase has a fee structure based on the transaction’s type and size. For buying and selling digital currencies, a 1.49 % fee is applied for all trades above  $205, which decreases if you are trading in higher amounts. On Coinbase Pro, fees range from 0.00% to 0.60%, depending on whether you are a maker or taker. The fees on Coinbase pro is also the same as the fee for advanced trade tool in Coinbase. Here’s the breakdown of the fees structure for a 30-day trading volume:

  • Up to $10,000: 0.60% taker fee, 0.40% maker fee
  • $10,000 to $50,000: 0.40% taker fee, 0.25% maker fee
  • $50,000 to $100,000: 0.25% taker fee, 0.15% maker fee
  • $100,000 to $1,000,000: 0.20% taker fee, 0.10% maker fee
  • $1,000,000 to $20,000,000: 0.18% taker fee, 0.08% maker fee
  • $20,000,000 to $100,000,000: 0.15% taker fee, 0.05% maker fee
  • $100,000,000 to $300,000,000: 0.10% taker fee, 0.02% maker fee
  • $300,000,000 to $500,000,000: 0.08% taker fee, 0.00% maker fee
  • Over $500,000,000: 0.05% taker fee, 0.00% maker fee

Simple trades on Coinbase are charged differently. The cost for purchases up to $10 is $0.99; for purchases up to $25, it is $1.49; for purchases up to $50, it is $1.99; and for purchases up to $205, it is $2.99.

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Cryptos Offered

Both Coinbase and Coinbase Pro offer a similar selection of cryptocurrencies for trading. Both platforms currently provide around 200 different coins and tokens. However, it is essential to note that each currency is thoroughly evaluated before being listed on the platform. This is to help ensure that the coins offered are legitimate and not spam coins.

The evaluation process includes thoroughly reviewing the coin’s technology, team, and overall project development. This helps to provide Coinbase and Coinbase Pro users with a safe and reliable platform to buy, sell, and trade cryptocurrencies. It also prevents illegal activities like money laundering and financial scam.

Devices Supported

Coinbase and Coinbase Pro are both available on almost all devices. The platform can be accessed via its website, as well as through its mobile apps for iOS and Android. This makes it convenient for users to manage their accounts on the go. Additionally, the Coinbase wallet is also available on desktop and mobile devices.

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Customer Support

In terms of customer support, Coinbase and Coinbase Pro both offer outstanding customer service. Both platforms provide users with a comprehensive FAQ section to answer any queries. Additionally, customers can contact the platform’s customer support team via email or live chat. This provides users with quick responses to their inquiries promptly.

Staking And Rewards

One of the significant benefits of using Coinbase’s platform is the ability for users to earn rewards through its core service by simply holding specific cryptocurrencies on its platform. This feature is not available on Coinbase Pro, which focuses more on providing advanced trading tools for professional traders.

This incentive can be an excellent way for users to earn passive income, as well as a way for them to increase their exposure to different types of cryptocurrencies. Additionally, it allows users to take advantage of the potential appreciation of the value of the cryptocurrencies they are holding and the rewards earned through holding.

Types Of Transactions Supported

Coinbase allows users to buy, sell, send, and receive various cryptocurrencies. It also provides for exchanging different types of cryptocurrencies, making it a convenient platform for those looking to trade and manage their digital assets. On the other hand, Coinbase Pro is a more advanced platform that caters to experienced traders and investors.

It offers additional features such as depositing and withdrawing funds and trading and executing trades with limited orders. This gives traders more control and flexibility over their trading activities, making it an excellent option for those looking to take their trading to the next level.

Unique Features

Coinbase standout features include the ability to schedule recurring crypto purchases, which allows users to automatically purchase a set amount of a specific cryptocurrency at regular intervals. Additionally, Coinbase offers time-delayed withdrawals with vault protection, which adds an extra layer of security for users’ assets. Furthermore, the platform provides insured, offline support storage to ensure that users’ funds are safe and secure.

On the other hand, Coinbase Pro offers API support for trading bots, advanced trading tools, order types, charts, and an address book and whitelisting feature to make transactions more efficient.

Deposits

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Coinbase offers free ACH transfers, which allow you to quickly and easily move money between your bank account and your Coinbase account. In addition, they also provide a $10 wire deposit option, which can be a convenient way to add funds to your account if you don’t have access to a bank account or prefer to use a wire transfer. However, if you want to withdraw funds from your Coinbase account, you’ll need to pay a 2.5% fee for PayPal transactions. On the other hand, Coinbase pro offers the same free ACH transfer and $10 wire deposit options but also has a $25 wire withdrawal fee.

Ease Of Use

Coinbase is an excellent platform for users who are new to cryptocurrencies. Its user-friendly interface and easy navigation make it simple for beginners to use the platform. Additionally, its educational resources provide valuable insights into cryptocurrency trading and investing. Coinbase Pro, on the other hand, can be more complicated to use due to its advanced features and tools. It may be better suited for experienced traders who want to take their crypto trading to the next level.

Coinbase Pro To Be Replaced By Advanced Trade

Coinbase plans to merge its advanced trading platform, Coinbase Pro, into a unified Coinbase account. This will allow customers to access popular features such as staking, borrowing, a dapp wallet, and Coinbase Card from one platform balance.

Advanced Trade, now available worldwide on desktop and mobile devices, features the same volume-based fees as Coinbase Pro. This feature provides users with all the tools available on Coinbase pro. For example, traders get access to advanced real-time order books, in-depth technical analysis, and charting powered by TradingView to assist them in researching and analyzing crypto markets before making investment decisions. Additionally, it offers improved order flows to make it simpler and quicker to place market, limit, or stop limit orders on Coinbase Exchange, which boasts one of the most extensive pools of liquidity.

How To Transfer Funds From Coinbase Pro To Coinbase

To transfer funds from Coinbase Pro to Coinbase, follow the following steps:

  1. Log in to your Coinbase account and click on the “Portfolios” tab.
  2. Select “Withdraw” and choose the currency you want to transfer. You can also select “All Portfolio” to transfer all the funds.
  3. Select “Transfer to Coinbase” and enter the amount you want to transfer. You will need to confirm the transaction and receive a confirmation email once it is complete.
  4. Visit ” Advanced Trade” from the drop-down on your Coinbase account and start trading using the same features as on Coinbase pro.

Conclusion

Coinbase and Coinbase Pro offer an excellent way for users to buy and sell cryptocurrencies. However, it’s essential to recognize the differences between them before making a decision on which platform is best for you. For most new traders, Coinbase may be the better choice due to its user-friendly interface and educational resources.

On the other hand, Coinbase Pro is better suited for experienced traders looking to access advanced features and tools. Both platforms offer an easy way to transfer funds, making it simple to move money between accounts. However, as Coinbase Inc is planning to phase out Coinbase pro, you can still enjoy all the features of Coinbase pro using the Advance Trade feature on Coinbase.

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Note: All information contained in this page is provided purely for informational purposes only and is not intended to be taken as investment advice.  We do not purport to provide investment or financial advice you must seek your own professional direction. 
While we make a diligent effort to insure the accuracy and honesty of this information, all that we present here is shaped by personal opinion, experience, and the information available at the time of publishing.   You must draw your own conclusions through diligent research.
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