Coinbase Pro review: pros and cons before trading on it.
10 months ago By Oluoma Aneke
There are different trading platforms available in Cryptocurrency, and one of them is Coinbase Pro. Coinbase Pro has almost the same features as coinbase, with the significant difference being that it was designed for advanced users
In this Coinbase Pro review, you will see the pros and cons of using Coinbase Pro, and the unique features
What is Coinbase Pro
People constantly misplace Coinbase and Coinbase Pro. The majority of users think that they are both the same. However, there is a strong link between the two.
The central link is that they are both launched by the same Company. It progressed from Coinbase to Coinbase Exchange, to GDAX, now known as Coinbase Pro. Brian Armstrong and Fred Ehrsam first launched the main/original Coinbase in 2012 in San Francisco.
They went ahead to launch Coinbase Exchange in 2015. In 2016, Coinbase Exchange was rebranded to GDAX. Then in 2018, GDAX was transformed into Coinbase.
Coinbase Pro put is an advanced version of Coinbase designed for experienced traders. Experienced traders have access to Advanced Tools. There are about 130 assets available for trade in the exchange and low fees for high-volume traders. Coinbase Pro uses advanced security to protect its user’s assets.
Being a highly experienced trader doesn’t exempt you from experiencing losses. While using the exchange, still apply caution and invest or trade with what you can afford to lose.
However, Coinbase is generally considered safe. Coinbase has a large daily trading volume, accounting for several billion USD exchanges daily. This is why Coinbase is designated as the second-largest retail crypto exchange globally.
Features of Coinbase Pro
Coinbase pro fees overview – the exchange fees depend on several factors like the mode of payment and the trading volume. You can trade with debit cards, credit cards, bank transfers, and wireless transfers. Trading via bank transfer is generally lower than trading with your cards.
However, you should note that coinbase Pro does not have a direct deposit. You need to purchase your Crypto using Coinbase and transfer it to Coinbase Pro.
Account Opening in Coinbase Pro – Opening an account goes in two ways depending on whether you are new to the exchange.
if you are new to the exchange, follow these steps:
Open Coinbase pro and click on “get started”
You will see a sign-up form, carefully fill in the details.
Click on “create an account.”
Check your email for a verification link, and click on the link to verify your email
Input your phone number
Choose between Individual or Institutional account
Go ahead to provide the required information based on the institution type you selected.
Fund your account. You can do this through various means. You can fund your account using USD, GBP, or EUR. Alternatively, you can fund with Bitcoin or Ethereum.
If you already have an account with coinbase, follow these steps;
Go to Coinbase Pro and tap on the Sign-in button.
For your sign-in, provide your Coinbase.com email address and password.
Enter your phone number for verification
If you have verified your phone number before now, you will be taken to the 2-step verification code provided by coinbase.
They might need further verifications if you are yet to complete all your verifications.
Go ahead and fund your account. You can do these in many ways. You can use USD, GBP, or EUR. You can also use your Ethereum or Bitcoin to fund your account. Lastly, you can fund your account by linking to your bank. Access the following options carefully, and choose the one most suitable for you.
Customer Service - Coinbase pro has good customer service support. You can reach out to them majorly through their website or Twitter account. You can fill out a form on the coinbase pro website to receive support inquiries. You can also follow their Twitter account to follow essential updates. It is safer to reach out to them by filling out the form on their website. You can contact their customer care by calling + (888) 908-7930.
Managing your Coinbase Pro Account – managing you account is very easy because you can do that through your mobile app or desktop browser. You can always check your account balances, price charts, and order form for purchasing, selling, or trading crypto in the online dashboard. To access the customer service and add a payment method, you can visit the settings tab.
Read: Hive Coin Review
Pros of using Coinbase Pro
Pros of using Coinbase Pro
Here are some reasons why you might consider trading with the exchange
Low fees for high volume trading – if you are an active trader, you will save some funds because the exchange gives low maker/taker fees. They also provide a wide range of how you can make your payment, with each of the methods having its unique features. Trading through your bank will save you high trading fees, but it takes time. Trading with your card has higher fees but saves time. In all, the choice is always yours to make.
Easy user interface– The exchange has an interface that can be easily understood by the users in addition to being friendly. You will enjoy the interface more if you already have a good knowledge of other trading platforms.
Good security feature - The exchange offers security features like two-step verification, AES-256 encryption for digital wallets, and biometric fingerprint logins. Coinbase uses cold storage to store most of the user’s funds.
This cold storage method ensures optimum protection of the user’s funds. Some of the funds are held online and backed by a Coinbase insurance policy. This insurance policy can cover some losses, especially the ones arising from cybersecurity breaches.
Cons of using Coinbase Pro
Coinbase Pro is highly recommended but it has some downsides to it that you should know of.
Not suitable for beginners – as a beginner, you might find it hard to get used to the trading platform. You can only be able to navigate when you become very experienced. The exchange was designed having advanced traders in mind. This was made evident by the complex trading options available.
Delayed or slow support – The exchange has many users. The presence of large users makes it difficult for them to reach every single customer effectively. So, have in mind that you might not get quick responses in most of the cases.
Higher fees compared to competitors - the trading fees are higher than that of Coinbase. However, it is not the same with other platforms because the fees are higher than what is offered by other platforms.
Cryptocurrencies available in Coinbase Pro
Coinbase Pro is a popular platform and supports over 130 cryptocurrencies. Some of them include
Litecoin (LTC)
Cardano (ADA)
Ethereum (ETH)
Bitcoin Cash (BCH)
Chainlinks (LINK)
Stellar Lumens (XLM)
Aave (AAVE)
Uniswap (UNI)
Is your Cryptocurrency available in Coinbase Pro
Your cryptocurrency is relatively safe with Coinbase Pro, but the general rule in Cryptocurrency is to invest what you can afford to lose. The exchange put so many measures to ensure that your assets are safe with them.
The two-step verification helps to keep hackers away because they can't easily penetrate when the two-step verification is on. So, when you are signing up, ensure that you do the two-step verification.
Additionally, the cold storage feature helps to offer further protection. Assets can’t be tampered with easily when it is stored offline. Also, they offer insurance.
Putting this together, you will see that the exchange is relatively safe to trade with.
Conclusion
As an advanced trader, you can consider using the exchange because it was designed for you in mind. Follow the steps outlined to create your account and get started. In terms of security, Coinbase Pro has carefully taken its time to ensure that they provide maximum security for the assets of its users.
If you are a beginner, or a new trader it will be best if you trade with Coinbase because it is easier to navigate. Coinbase also has some interesting features and is also one of the biggest Cryptocurrency trading platforms.
