Coinbase Pro is one among the many products offered by the popular trading platform, Coinbase. Both the platforms have great security and allow users to engage in crypto trading, among other features.
Coinbase Pro and Coinbase.com belong to Coinbase global, Inc. commonly branded as Coinbase. It trades as COIN at Nasdaq and has an annual revenue of $7.84 as of 2021.
The main difference between Coinbase and Coinbase Pro is the user interface. However, they share a lot of similar features, including:
- Security: Coinbase and Pro have similar security features, including biometric fingerprint logins, two-factor authentication, and AES-256 encryption for digital wallets. Account-holders on both crypto platforms also have USD balance with federal deposit insurance and insurance in case the platform is hacked.
In addition, to the 2-step verification, both the platforms have a cold storage option, so your private keys are safe at all times.
- Digital wallet: Coinbase and Pro both offer digital wallets through which you can trade and earn free crypto through the Coinbase referral program.
- Mobile app: Both the trading platforms also have a dedicated Coinbase mobile app, which is scalable across iOS and Android.
- Payment methods: Both platforms have similar payment methods, including debit and credit card, wire transfers, and bank account transfers. U.S. customers of Coinbase also have Coinbase PayPal, Apple Pay, and Google Pay options.
- Resources: On Coinbase and Pro, you will find several educational resources, including guides, how-to articles, and videos to help your trading skills.
Let’s take an in-depth look at Coinbase Pro vs. Coinbase.
What Is Coinbase Pro?
Coinbase Pro is one of the cryptocurrency exchanges that is part of the larger Coinbase platform. It works similar to its mother platform, Coinbase, but with different features.
Trading on Coinbase is straightforward, with fewer options. Even a first-timer with a newly created Coinbase account can start trading from an existing bank account or using credit cards or even a PayPal account. In this regard, Coinbase is more beginner-friendly than its counterpart.
Coinbase Pro has more advanced trading options, including crypto-to-crypto pairs and other charting features. This includes minute-by-minute trading and the option to view moving averages of every digital currency on the platform. Pro platform also has more transaction types than Coinbase.
Multiple trade options on the Pro platform also give you control over your trading options and trading volume. This also allows you to have control over market orders, limit orders, and stop orders so you can limit your loss. In addition, you can also integrate your Coinbase Pro account with third-party apps using the Coinbase API keys.
More on Coinbase Pro API key here.
Coinbase supports 107 types of digital currencies, while the Pro platform supports more than 250 coins. While both the platforms allow you to trade, buy and sell digital currencies, the crypto coins on Coinbase are widely traded ones on the market.
You can also purchase fractions of coins in USD on Coinbase and Coinbase Pro. However, the former has a minimum order amount of $2, while the latter has no minimum limit.
Coinbase and Pro are both free to use. However, both the trading platforms have a flat fee for transactions.
Coinbase has higher transaction fees depending on the payment method; wire transfer, for instance, can cost as high as $25. Instant buy purchases and taker-maker fees are also higher on Coinbase, and this is why Coinbase is best considered for investors who make a purchase and hold it for some term in their Coinbase wallet.
Trading fees on the Pro platform are comparatively lower than on Coinbase. The taker-maker fees on the Pro range from 0.00% to 0.06% on both extremes. Coinbase Pro fees are still higher than other platforms but are better than Coinbase.
Regardless of the platform, capital gains tax applies to crypto trading and investments and is subject to U.S. tax laws. So neither Coinbase nor Coinbase Pro has control over it. Usually, the capital gains tax for crypto ranges from 0% to 37%
The Coinbase platform has a simple user interface that makes it very beginner-friendly. The clean look also makes it easy for first-timers to buy and sell cryptocurrency on Coinbase as easily as buying stocks on the market. In addition, opening a Coinbase account, connecting accounts, and even transferring funds is easy on this platform.
Using the Coinbase Pro is not complicated. However, the multiple trading options and advanced features can make it challenging for a first-timer to use and better suited for active traders. But signing up on the Pro platform, linking bank accounts, and transferring funds are very similar to the original Coinbase.
How To Upgrade To Coinbase Pro
Upgrading your regular account to the Coinbase Pro platform or getting a new Pro account is straightforward.
- Log in to Coinbase Pro using the same email address you use for Coinbase.com.
- If this is your first time, the Pro platform will prompt you to accept the User Terms, which you need to accept and provide additional information. This is a simple upgrading process, and you simply have to follow the screen instructions.
- Coinbase will automatically link your account with the Pro platform when you complete the login process and instructions.
However, if you don’t have a Coinbase account and you want to get a new Pro account, follow the steps below:
- Access Coinbase Pro from a browser of choice or Coinbase app on mobile and go to “Get Started” at the top of the page
- Fill in your details – first and last name, an active email address, and create a password.
- Agree to the Pro user terms and hit “Create Account.”
- Coinbase Pro will send you an email for verification purposes, so follow the instructions.
- Next, as you go back to the Pro account, you will be prompted to enter your phone number and complete the verification.
- Coinbase Pro also requires two-factor authentication, so you will be asked for I.D. proof, depending on your geographical location.
- Complete the I.D. verification by following the instructions, and your Coinbase Pro account is set up and ready for trading.
How to transfer funds from Coinbase to Coinbase Pro?
Coinbase and Pro offer different digital wallet experiences even though your accounts are linked, and you can transfer the digital funds for free.
To transfer funds from Coinbase to Coinbase Pro, here are the steps:
- Use your Coinbase Pro login credentials and access the trading page
- Locate the “Trade” tab and choose “Deposit” when the Wallet Balance popup window opens
- Under the Currency Type, select which currency you want to transfer from your Coinbase account. These platforms support Bitcoin and every type of altcoin in the crypto ecosystem.
Double-check to make sure that Coinbase supports the crypto coin you are transferring. Depositing a digital currency that Coinbase does not support will result in permanently losing your assets.
In addition, Coinbase also does not recommend participating in ICOs or initial coin offerings to prevent losing your digital assets. Most ICOs use tokens for transactions, and Coinbase does not accept these tokens. Coinbase also does not support FOREX, so be careful about trading your assets.
- In the account tab, select “Coinbase Account.”
- Enter the right amount of crypto you want to add to your Pro wallet and click “Deposit” to complete the transaction.
- You have successfully transferred your digital funds from Coinbase to your Pro wallet.
You can also transfer BTC and any altcoin you have on Pro to your Coinbase account, so check out this guide.
How To Withdraw Money From Coinbase Pro?
Withdrawing funds from Coinbase Pro is relatively easy, so follow the steps below:
Note: The withdrawal process on Coinbase Pro is the same for fiat and digital currency.
- Sign in to your Coinbase Pro account through a browser of choice or the Coinbase Pro app on a smartphone
- Navigate to the “Portfolios” tab of the page
- You will see a “Deposit – Withdraw” tab at the right corner, so choose “Withdraw.”
- The Coinbase Pro wallet will display a list of available crypto coins. If your preferred digital coin is not on the list, scroll down till you find it and click on it.
- On the next page, Coinbase will give you two options where you want to transfer your funds – a crypto address and Coinbase.com. Withdrawal to your Coinbase wallet is free and is the most preferred destination.
- Next, choose the desired destination, and enter the amount you want to withdraw.
- Click on “Withdraw” to complete your transaction.
Coinbase Pro FAQs
Coinbase Pro is free to use, so it does not have any cost per se. But similar to other platforms, Coinbase Pro fees are applicable to transactions, including the taker and the maker fees.
Depending on the amount and the trading volume of U.S. dollars at the time of the transaction, the fee structure at Coinbase Pro ranges from 0.05% to 0.60% taker fee and 0.00% to 0.40% maker fee.
For full details of the Coinbase Pro fee structure, visit this link.
Coinbase Pro currently does not support crypto conversion. The crypto conversion feature is available on Coinbase, where you can exchange BTC with ETH and vice versa.
Learn how to convert crypto on Coinbase here.