Coinbase PRO is an online platform that allows you to trade at an advanced level. The service, in fact, is designed just for expert users and is the flagship product of Coinbase, a leading company in the industry. So let’s find out what Coinbase PRO is, how it works and what tools it offers.
What is Coinbase PRO
Coinbase PRO is an online trading platform focused on buying and selling cryptocurrencies. Developed by Coinbase, it differs from the basic service offered by the company due to its advanced features. Coinbase PRO, in fact, is primarily aimed at experienced users, or in any case those who devote a lot of time to cryptocurrency trading and need advanced tools and additional information.
How it Works
The functioning of Coinbase PRO is very simple. The first thing to do is to register and verify your account. Normally, these steps require you to enter your personal information and a copy of an ID and verify your phone number. Also, you have to indicate a payment method. However, in case you already have a standard Coinbase account, you just need to use the same credentials to directly access a PRO account. Once these procedures are done, Coinbase PRO allows you to buy or sell cryptocurrencies in exchange for conventional money or other digital currencies and store them in a wallet, which is a virtual wallet.
What Assets It Allows You To Trade On
Coinbase PRO allows you to trade on a large number of assets. These are over a hundred cryptocurrencies, which you can buy, sell or trade. Among them, of course, you will find the most well-known digital coins, such as Bitcoin, Ethereum, Tether and Dogecoin, but also many other lesser-known ones.
Difference between Coinbase and Coinbase PRO
The differences between the standard version of Coinbase and Coinbase PRO are many, starting with the nature of the two services. The former, in fact, only allows you to directly exchange single cryptocurrencies with traditional money. So, it’s mainly designed for inexperienced users who simply want to hold some digital currencies for a certain amount of time.
Coinbase PRO, on the other hand, is a full-fledged cryptocurrency exchange platform. This means that the service makes it possible to exchange cryptocurrencies between users and, therefore, is aimed at experts who want to actively and consistently engage in actual trading. This also entails the fact that Coinbase PRO provides a large number of advanced tools that are not available on Coinbase.
Firstly, the interface in general is far more complex and articulated in the case of Coinbase PRO compared to the standard version. In fact, the service provides additional information and charts on asset trends, more comprehensive historical data and order books to analyze and much more. Secondly, Coinbase PRO provides APIs through which you can program, for example, trading bots. Thanks to these tools, you can set up automatic trades when certain specific market values are reached and more.
Finally, Coinbase and Coinbase PRO also differ in the amount of commissions applied. These, in the case of trades involving large amounts of money, are generally cheaper on Coinbase PRO.
How to Buy at Coinbase PRO
Once you have created and verified an account and entered a payment method, buying at Coinbase PRO is very easy. Starting from your personal page, you first need to deposit money via the Deposit button available on the top right of the screen. Then, through the Select Market button in the upper left corner, you can choose the market on which you want to operate and, therefore, the exchange you want to make. Once this choice has been made, it is sufficient to select the entity of the trade in the contextual menu that will be opened and confirm the operation.
In this menu it will also be possible to choose between three exchange modes: Market, Limit and Stop. In the first case, the operation takes place at the first useful moment, with the price that the market presents at that moment. In the second option, it is possible to choose a minimum price that the market must reach or exceed in order for the transaction to actually take place. Finally, in the third case you can set an exact price at which the transaction is triggered.
How to Sell and Transfer Money
Selling cryptocurrencies on Coinbase PRO is a process that follows the same steps used for buying on the platform. The only difference is that, once you have selected the market you want to operate on in your personal page, in the contextual menu you will have to select the Sell button instead of Buy. If instead you want to transfer the traditional currency to a bank account, just select the Withdraw button available in the top right corner and follow the steps indicated.
Withdrawals, Costs and Commissions
Using the services of Coinbase PRO has a cost, which is essentially expressed in commissions on certain transactions. Firstly, a fee is charged when depositing and withdrawing traditional money to your account. The amount of this fee depends on the transfer method used. With the ACH method, for example, there are no fees, while using the SEPA system you pay 15 cents for each deposit and withdrawal transaction.
Secondly, there are commissions on trading. These depend primarily on the nature of the trade. In fact, trades can be distinguished between those that provide liquidity (“maker orders”) and those that require it (“taker orders”). In the first case, commissions tend to be lower than in the second. In addition, trading commissions decrease as the value of the trade increases. On a trade of up to $10,000, in fact, a commission of about 0.5% is applied, while on one of over a million you pay no more than 0.18% of the value of the order.
Security and Assistance
In addition to the features presented so far, Coinbase PRO has two other noteworthy features. The first is a high level of security, guaranteed by the fact that all assets held by the platform are covered by an insurance certificate. The second feature is the presence of a support service, but only available via email.
Final Considerations
In conclusion, Coinbase PRO is a service that has numerous positive aspects. It is ideal, in fact, for all cryptocurrency and trading experts who want an advanced platform where they can make trades and find reliable and complete information. It is true that the interface is a bit more complex than the standard version of Coinbase but this is repaid in terms of additional features. The only jarring notes are the slightly higher commissions compared to those of some competitors and the absence of telephone support.