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Coinbase has announced that they will discontinue Coinbase Pro by the end of 2022. To learn more about the "Advanced Trade" features that are offered by the platform, check out our Coinbase Review.
Coinbase is one of the most well-known and user-friendly cryptocurrency exchanges. In 2018, it launched an advanced platform for professional traders. Coinbase Pro was created to provide more trading tools, and came with lower fees, so it quickly became a popular alternative to the exchange's default platform.
This separate platform won't be around much longer. Coinbase launched an advanced trade feature in June 2022 and plans to discontinue Coinbase Pro by the end of the year. In this breakdown of Coinbase vs. Coinbase Pro, we'll cover what made them different and what you can expect from the new advanced trade option.
Fees:
Variable fees (Coinbase), 0%-0.80% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)
Account Minimum:
$2
Coinbase Pro used to have much lower fees than Coinbase, but that's not the case anymore. The advanced trade tool on Coinbase has the same rates as Coinbase Pro -- ranging from 0% to 0.60% per order. However, the simple trade tool on Coinbase is more expensive, so it should be avoided.
The fee structure used for Coinbase Pro and advanced trades on Coinbase are based on your 30-day trading volume. It also uses a maker-taker model. Orders that make liquidity, which means those that aren't filled immediately, incur maker fees. Orders that take liquidity, meaning those that are filled immediately, incur taker fees.
Here are the fees for Coinbase Pro and advanced trades on Coinbase:
30-DAY TRADING VOLUME IN U.S. DOLLARS | TAKER FEE | MAKER FEE |
---|---|---|
Up to $10,000 | 0.60% | 0.40% |
$10,000 to $50,000 | 0.40% | 0.25% |
$50,000 to $100,000 | 0.25% | 0.15% |
$100,000 to $1,000,000 | 0.20% | 0.10% |
$1,000,000 to $20,000,000 | 0.18% | 0.08% |
$20,000,000 to $100,000,000 | 0.15% | 0.05% |
$100,000,000 to $300,000,000 | 0.10% | 0.02% |
$300,000,000 to $500,000,000 | 0.08% | 0.00% |
Over $500,000,000 | 0.05% | 0.00% |
Simple trades on Coinbase cost quite a bit more. On orders of about $205 or more, the exchange charges a variable percentage fee that ends up being a little less than 1.5%. Smaller orders have flat fees as follows:
To give a quick example, let's say you want to buy $1,000 worth of cryptocurrency. If you place that order on Coinbase Pro or as an advanced trade on Coinbase, you'd pay between $0 and $6 in fees. If you placed it as a simple trade on Coinbase, you'd pay $14.68.
Coinbase has a very impressive selection of over 200 cryptocurrencies, much more than most other exchanges. Both Coinbase and Coinbase Pro offer the same cryptocurrencies, so there's no difference between the two platforms here.
Whether you want to trade market leaders or smaller types of cryptocurrency, you'll have plenty of options to choose from. Coinbase is also proactive about expanding its roster and regularly adds new cryptocurrencies. Here are a few of the more popular ones you can trade on Coinbase and Coinbase Pro:
RELATED: See The Ascent's Guide to Cryptocurrency Availability on the Top Exchanges.
By default, Coinbase and Coinbase Pro store your cryptocurrency in custodial wallets. With this type of wallet, another party controls the private keys to your crypto. If you have an account on each platform, you'll also have two separate custodial wallets, one on Coinbase and the other on Coinbase Pro. You can transfer funds between the two platforms free of charge.
Coinbase also offers a free hot wallet, Coinbase Wallet. A hot wallet is a digital wallet you can download as an app on your computer or phone. If you want full control over your crypto, you can download Coinbase Wallet and store it there. There are also plenty of other quality crypto wallets available.
SEE MORE OPTIONS: Check out The Ascent's list of the Best Crypto Wallets
Compare top exchanges, view our expert reviews, and find the right platform for your needs!
Coinbase is one of the best cryptocurrency exchanges when it comes to security. Since Coinbase and Coinbase Pro have the same security features, they're equal in this regard, and they're both among the safest places to buy crypto.
Protections offered by Coinbase include:
It's the customer's responsibility to use a strong password and maintain control of their Coinbase login credentials. Coinbase's insurance policy doesn't cover losses from unauthorized account access due to a breach or loss of your credentials.
In the matchup between Coinbase and Coinbase Pro, there's a clear winner. Because Coinbase Pro is on the way out, you're better off sticking to the standard Coinbase platform.
There used to be benefits to placing orders on Coinbase Pro, including its lower fees and advanced trading tools. Now that Coinbase has integrated these features into its advanced trade tool, Coinbase Pro doesn't have any advantages.
You can now do everything on Coinbase, which is a big improvement from the days when investors had to switch between platforms. The one thing to remember is that fees on Coinbase depend on the trading tool you use, and advanced trades carry much lower fees than simple trades.
There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that's right for you, you'll need to decide the features that matter most to you.
To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2022. Check out the list and get started on your crypto journey, today.
Our Cryptocurrency Expert
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