Coinbase Vs Coinbase Pro: Which One Should You Opt for?

Coinbase and Coinbase Pro fall under one company; Coinbase. They are some of the most popular cryptocurrency trading platforms that offer unique services. The Coinbase Pro is specifically designed for pro traders while Coinbase is designed for beginner, intermediate, and professionals. Let’s see how they compare.

Coinbase Vs Coinbase Pro: comparison table

Coinbase

Coinbase Pro

Platform features

Coinbase has an intuitive and beginner-friendly interface that allows for easy trading

It comes with an advanced user interface ideal for advanced users

Fees

Its charges are high with a trade attracting 0.50% flat rate. Credit card purchases attract 3.99%, bank account and wallet attract 1.49%

Its charges range from 0.00% to 0.50%

Cryptocurrencies

It supports up  to 51 cryptocurrencies

It supports up to 52 cryptocurrencies

Transactions supported

Buy, sell, send, and receive

Receive, buy, sell, stop order, limit order, trade, deposit, withdraw

Security

Two-factor authentication, FDIC insurance, AES-256 encryption, biometric logins, cold storage

Two-factor authentication, biometric fingerprint logins, AES-256 encryption, FDIC insurance, cold storage

Maximum trading amount

Varies depending on the type of deposit and area of residence

Unlimited

 

Coinbase VS Coinbase Pro: usability

Coinbase is designed with novice traders in mind. It is easy to navigate and placing orders is a walk in the park. Its design is intended to give beginner traders a platform where they can start trading cryptocurrency. Besides, it has a user-friendly and minimalistic mobile app making it easy to trade on the go.

Coinbase signing up process is also easy. All you need to provide is your basic information, from here, you’ll go through a simple verification process. With that done, you can connect your credit card or bank account hassle-free.

On the other hand, Coinbase pro can be intimidating to novice traders. This is because it is specifically designed for professional traders. With live chats, order options, and other complex features, a beginner can feel overwhelmed. However, if you are a versed trader, you’ll love the many features Coinbase Pro offers you.

And to sign up for a Coinbase Pro account, you’ll need to have an active Coinbase account. You can access both accounts using the same login details.

Coinbase Vs Coinbase Pro: security

Well, Coinbase as a company is hailed for its unmatched security, and as expected, both platforms offer you much-needed security for your assets. Here are the available options:

Two-factor authentication

The two-factor authentication security feature has significantly reduced fraud on cryptocurrency platforms. The platforms offer the feature via the Google Authenticator app or SMS. This is to ensure safe login and trading.

Digital wallets

Coinbase and Coinbase Pro have digital wallets where you can store your assets. They are easy to use and access and you don’t need to use your login details to access them. For unmatched security, they come with a 12-word recovery phrase.

Cold storage

These are the only cryptocurrency platforms that store assets in cold storage. Only 2% of your crypto assets are stored online. 98% are stored in a physical storage area. As such, your assets stay away from hackers and other prying eyes.

FDIC insurance

Using Coinbase or Coinbase Pro gives you the assurance your assets are safe thanks to their robust insurance policy. It offers Federal Deposit Insurance Corporation (FDIC) insurance of deposits amounting to USD 250,000. However, this does not protect your crypto assets, rather, your deposits.

Coinbase Vs Coinbase Pro: currencies

Both Coinbase and Coinbase Pro allow you to trade with more than 40 currencies. Some of the most common include EUR, USD, and GBP. Both Coinbase platforms support some of the most popular cryptocurrencies such as Bitcoin.

While Coinbase offers Bitcoin Satoshi Vision (BSV), it does not offer Loom Network and Golem (GNT), which you can find on Coinbase Pro. However, Coinbase Pro does not support BSV.

You can buy crypto in dollar amounts with Coinbase having a minimum order of $2 while Coinbase Pro has no minimum amount. Some of the common cryptocurrencies include:

·       Ethereum (ETH)

·       Bitcoin Cash (BCH)

·       Uniswap (UIN)

·       Litecoin (LTC)

In fact, both Coinbase platforms outshine platforms such as Gemini in their crypto offering.

Coinbase Vs Coinbase Pro: features

Both platforms come with features that allow for straightforward buying of cryptocurrencies. However, there are some distinct features in both. Let’s look at them:

Coinbase

Education features

Coinbase comes with robust education resources helping beginners to start trading right away. These resources can be found on their web platform and mobile app. Here, you can find textual and video tutorials that walk you through crypto trading. And if you pass the provided tests, you are awarded small bonuses.

Price list

With Coinbase, you can enable price alerts for different cryptocurrencies. With push notifications, you can get alerts even when you are not using the app.

Newsfeed

To allow you to keep abreast of happenings in the cryptocurrency world, Coinbase has a news feed feature. You can get anywhere from breaking news, predictions, and more.

Coinbase Pro

Live charts

Like forex trade, Coinbase Pro provides the user with charting viewing. Here, you can set intervals such as one minute, 15 minutes, or 30 minutes. It shows you the moving averages so you can make informed decisions.

API keys

API keys allow you to integrate Coinbase Pro with other apps.

Other features that come with Coinbase Pro include price charts, order books, and trading history. Coinbase only allows you to sell, buy, send and receive transactions. For Coinbase Pro, you have access to features such as margin orders, limit orders, and stop orders.

Coinbase Vs Coinbase Pro: fees

Both platforms come with different fees depending on your trading option. However, Coinbase is more lenient since it is intended for beginners. That said, it is crucial that you keep in mind the fees since this can help you save money or make more trades.

Coinbase primarily charges 0.05% per transaction. Also, the type of account determines the final fees. If you use a U.S. Bank account, it charges an extra 1.49%, for Coinbase USD wallet, you’ll pay an extra 1.49%.

If you prefer to use a debit or credit card you’ll pay an extra 3.99%. ACH transfer and USD deposit are free while instant card withdrawal attracts a fee of 1.5%.

As you can see, it can get quite expensive to buy and sell crypto. It is for this reason most traders buy and hold their crypto assets on Coinbase.

Coinbase Pro offers lower fees since most of the traders are active. Besides, it gives discounts depending on the number of trades performed. Its fee ranges from 0.00% to 0.50% depending on the pricing tier.

Keep in mind that Coinbase Pro does not allow the use of debit or credit cards. You can only use the wallet, bank account, or wire transfer.

Coinbase Vs Coinbase Pro: pros and cons

Coinbase: Pros

·       Beginner-friendly: it allows new traders to learn the ropes of crypto trading.

·       Price alerts: you can get prompt alters on cryptocurrencies price changes.

·       Robust security: it offers 2-factor authentication preventing other people from accessing your account.

·       It is available in most countries

·       You can withdraw via PayPal and use your credit and debit card.

Coinbase: cons

·       Its fees are higher compared to Coinbase Pro.

·       You have no control over the private keys.

·       Coinbase tracks your trades.

Coinbase Pro: pros

·       It offers the user more trading options

·       The fees per transaction are relatively lower compared to Coinbase

·       Offers advanced trading features.

·       Cold storage and two-factor authentication


Coinbase Vs Coinbase Pro: FAQ

Are both platforms safe?

Yes, Coinbase and Coinbase Pro are safe trading platforms. they afford you 2-step authentication and biometric fingerprint login. And unlike other platforms, they store 98% of your crypto assets in cold storage and your assets are FDIC insured.

Can I transfer assets from Coinbase to Coinbase Pro and vice versa?

Yes, you can transfer your cryptocurrencies from either platform. However, keep in mind that they use different wallets.

Should I use the digital wallets?

Coinbase wallet is one of the most secure in the market. From biometric fingerprint login and 2-factor authentication, you are sure your assets are safe. Besides, you can use it with other platforms.

Should I use Coinbase or Coinbase Pro?

Coinbase is ideal if you are a beginner in crypto trading. It comes with an intuitive user interface that allows for easy buying and selling of cryptocurrencies. Besides, you get many textual and video tutorials on cryptocurrency.

Coinbase Pro is intended for more advanced users. If this is you, then do not hesitate to create an account. Here, you get advanced features such as charts, trade history, and order books. So, if you want to start trading or take your trading skills a notch higher, open an account with either of the platforms.