This Coinbase vs. Coinbase Pro guide is the ultimate solution for you if you are confused about the better option to avail yourself of, Coinbase or Coinbase Pro.
Owing to the fame of cryptocurrency, financial experts are predicting that digital currency is the future. But to exchange your conventional currency with the cryptocurrency, you must have a platform. Coinbase and Coinbase Pro provide you the benefit of conveniently exchanging your money and beginning your career in the crypto world.
This article discusses both the exchange systems regarding their benefits, drawbacks, fee structure, currencies, and convenience to use. So, you can avail of any one depending upon your choice and needs.
Coinbase vs. Coinbase Pro – Overview
Coinbase and Coinbase Pro are among the most famous systems to sell and buy cryptocurrency. They were made to help people purchase the cryptocurrency, sell them, and then trade this cryptocurrency to earn profit.
The owner company of both the platforms is the same, and its name is Coinbase Global Inc. But still, they vary significantly in their offerings and trading options.
Coinbase is the exchange system developed by keeping in mind the ease of the newcomers or beginners in the crypto industry. It does not have diversified options, but its plan is immaculate and convenient.
Coinbase Pro is established for veteran investors in the industry. It has an extensive range of options for trading.
- It has a vast network where you can purchase cryptocurrency and can be used in many countries.
- With the help of a coin base, you can purchase cryptocurrency using any card, whether it’s debit or credit.
- Their security system is impeccable as they provide two-factor authentication.
- You can extract money from PayPal.
- The fee structure of the Coinbase is complex. In other words, we can say that they have high fees.
- Coinbase can track the cryptocurrency that you buy.
- In the Coinbase, the options for trading are limited.
- They have no hold over private keys.
- With the Coinbase, you got more options for trading.
- Their charts are convenient and user-friendly.
- The fee structure is not very intricate.
- The overlays and indicators for the chart are only two.
- Beginners will counter the issues of the learning curve.
The Coinbase and Coinbase Pro platforms are designed to resolve the issues of every type of trader. From the busy businessmen to the beginners, it can cater to the queries of each sector. Here we discussed some features of both platforms separately.
News Feed- A Specialized Feature of Coinbase
Coinbase designed a news feed feature to ease their users by providing them information on recent events. They have articles related to all the happenings in the crypto world. In this way, you will get to know about the trends in the digital currency market.
Give You Alerts about Prices
Coinbase allows making a checklist of all the cryptocurrencies and alarms you about the fluctuations in the values of digital currencies. This feature will assist you in keeping an eye on the changes in the prices.
Free of Cost Education
In the mobile phone app of Coinbase, they will educate you about cryptocurrencies as they have videos that will educate you about cryptocurrency. Furthermore, they will give you a tiny amount as a reward. So, in this way, you will earn crypto as well without doing anything.
Extensive Range of Trade Options
By becoming a user of Coinbase pro, you will get the advantage to avail yourself of many trade options. Their stop orders option will let you minimize your losses by setting a selling price.
Besides stop orders, they have another option called limit order to help users fix a buy point. In this way, you can buy a cryptocurrency at a relatively low rate if you think that the value of the cryptocurrency will decrease.
They have diversified charting options. Coinbase pro evaluates the trading in each cryptocurrency and then records changes in the averages for every digital currency.
In addition to that, they will show the opening and closing prices of cryptocurrencies. Their exponential moving averages (EMA) will give more details about the performance of a cryptocurrency.
Provide API Keys
Coinbase Pro has a unique feature to provide you with API keys. It will help the other apps to incorporate into your Coinbase Pro account.
Coinbase and Coinbase Pro aim to provide access to purchase and sell more than 40 cryptocurrencies. They both are one of the extensively traded exchanges in the market. Through the platform cCinbase, you can buy digital currency in the USD. The smallest amount of orders is $2 that you can put on the Coinbase.
On the other hand, Coinbase pro has no such restrictions. But make sure that your order must not be less than 0.01, whether it is BTC, LTC, ETH, or BTC.
The same currency support is available in almost all exchange systems. But some currencies support only Coinbase and vice versa. Following are the coins that do not back Coinbase.
As discussed earlier in the article, their supported currencies list is the same as Coinbase, with a few exceptions, in the list of the supported currencies of the Coinbase platform. BSV is the only currency that is not on the list of offerings for Coinbase Pro.
The account login information for both platforms is interlinked. So, they do not have a significant difference in their security features. Coinbase and Coinbase Pro have almost the same options for the security that are described below.
Offering Digital Wallets
Coinbase and Coinbase Pro both provide you with built-in wallets. Having your digital wallet gives you the ease to collect your cryptocurrency. Additionally, they will provide you with more security through biometric access and a secure enclave.
They are the only exchanges in the market that secure your wealth not only online but offline as well. By storing your assets(98% offline) in cold storage, your currency will be secured from hackers.
Furthermore, by becoming a user of Coinbase and Coinbase Pro, you will get protected from the withdrawal scams as they provide you the extra shield of protection by cryptocurrency vaults. Vaults are locked and will only operate after getting various approvals from the user.
So, the withdrawal request will be canceled if you fail to get done with all the approval in 24 hours.
Coinbase and Coinbase Pro are the exchanges that offer insurance if you have deposits of up to USD 250,000.
Two-factor authentication makes your account more secure and safer. They put forward the 2FA through SMS or the Google Authenticator app.
Along with all other security features, the Coinbase pro facilitated their users with an additional layer of protection that is described below.
Whitelisting of Crypto Addresses
Coinbase pro goes a step ahead to protect you from scammers. By using this feature, you can allow only restricted addresses to get access to your account. In this way, it blocks all other addresses that are not on your list to reach your money.
The fee structure of Coinbase and Coinbase Pro varies greatly. As discussed earlier, Coinbase is for newbies and beginners, so it helps you save money.
The Coinbase fee forever transaction is 0.50%. Not only this, you will charge extra depending upon the account you use for the transaction. Their prices can vary according to the fluctuations in the market.
Here is the table that will get you to know the fees for different accounts.
|Coinbase USD wallet||1.49%|
|Credit or Debit Card||3.99%|
|Instant Card Withdrawal||Maximum of 1.5% and minimum $0.55|
|ACH transfer||Free of cost|
|USD deposit method||Free of cost|
|U.S bank account||1.49%|
By examining this table, you may realize that Coinbase will cost you a significant amount for each transaction. Let’s suppose you are buying and selling the currency on the same day. It will deduct 9% of your total money. So it will be better to use Coinbase if you are buying cryptocurrency for the long run; otherwise, it will be expensive. Furthermore, you will not get any impressive benefit or profit out of it.
As compared to the Coinbase, the Coinbase Pro fee is much lower. The customers of Coinbase Pro can enjoy several discounts as well.
Ease of Use
Undoubtedly the Coinbase is easy to use as it was created for new people in the field. In the below-mentioned section, we have briefly discussed the ease of handling both exchange systems.
Coinbase is created by keeping in mind the beginners and newcomers in the field. It has a convenient procedure for purchasing and vending funds.
Moreover, their app will provide you easily and can be used by iOS and Android users. Their process involves the downloading of the app.
When you have the app on your mobile, you have to go through the signup and verification procedure. After signing up, you can link your credit card bank account and start your cryptocurrency journey.
The Coinbase Pro is designed for seasoned traders and investors. It presents the prices on their feed, multiple trading options, and advanced charting that will confuse you if you are a newbie.
To become a user of Coinbase pro, you have to sign up on the Coinbase. But if you do not account for the Coinbase, you must create a standard Coinbase account. Furthermore, if you are a user of Coinbase Pro, you can not use a credit card to buy the currency.
Frequently Asked Questions (FAQs)
This section gave answers to some frequently asked questions related to the Coinbase and Coinbase Pro.
Is coinbase pro better than coinbase?
Both are good, but in some cases, one dominates the other. Coinbase is easy to use and heaven for beginners. On the other hand, the Coinbase Pro has benefits for experienced investors.
Can I transfer from Coinbase to Coinbase pro?
Yes, you can transfer from the Coinbase to the Coinbase Pro. Both accounts are linked so that you can use the same login information for both. To upgrade your account to the pro, you don’t have to pay. Moreover, it is free of cost to transfer your funds to your Coinbase Pro account.
Does Coinbase Pro cost money?
To make an account, you do not have to pay the money. But for selling and buying you need to pay the fees.
Coinbase and Coinbase are the exchanges that provide you the opportunity to buy cryptocurrency in US dollars. Both the systems are similar, but each of them has some advantages and disadvantages. You can also go for a hardware wallet if you think you need one.
In the article Coinbase vs. Coinbase Pro, we have compared their features, ease of use, supported currencies, and fees. Therefore, select anyone after figuring out which is beneficial for you and capable of fulfilling your requirements.