Coinbase Pro Review: Closure of Coinbase Pro Announced, Encouraging Users to Transition to Advanced Trading on Coinbase
What qualities does an experienced trader seek in a cryptocurrency trading platform? They desire a platform that offers quick and easy order placement, real-time updates on the crypto market, timely information, and unlimited access to historical data charts and reports. Recognizing these needs, Coinbase has developed Coinbase Pro.
Coinbase Pro is a trading platform specifically designed for advanced traders. Launched in 2015 as Coinbase Exchange, it was later rebranded as Global Digital Asset Exchange (GDAX) in 2016. In 2018, it became Coinbase Pro due to its growing popularity. Coinbase Global Inc was founded in 2012 by Brian Armstrong and Fred Ehrsam. Although it was initially headquartered in San Francisco, it has transitioned to a remote-first company with no physical headquarters. The company’s first product was Coinbase, a centralized exchange for bitcoin trading, and it has since expanded to include more digital assets.
Coinbase Pro caters to the unique needs of advanced traders by offering features such as easy order placement, real-time market news, portfolio management tools, open order monitoring, and access to comprehensive information, charts, and reports. In the near future, Coinbase Pro will be integrated with Advanced Trade within coinbase.com, streamlining the user experience and providing access to additional features like staking, borrowing, a dapp wallet, and Coinbase Card from a single platform.
Key Features of Coinbase Pro:
1. Trading Options: Users can buy, sell, deposit, withdraw, and trade cryptocurrencies, and utilize various order types such as stop orders, time in force orders, and limit orders. The platform provides real-time charting tools, trade history, order books, and charts.
2. Trading Fees: Coinbase Pro employs a maker-taker fee model, with makers enjoying lower fees compared to takers. The fees vary based on the pricing tier and decrease as the trading volume increases.
3. Security: Coinbase Pro prioritizes security and offers features such as two-step verification, biometric fingerprint logins, insurance coverage in the event of a breach, FDIC-insured USD balances, and AES-256 encryption for digital wallets. All USD cash balances are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per individual.
4. Cryptocurrencies Available: Coinbase Pro supports over 226 cryptocurrencies and 500+ trading pairs. Popular cryptocurrencies on the platform include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE).
5. Mobile App: Coinbase Pro offers a mobile app for both Android and iOS devices, providing advanced traders with access to real-time market information, trading tools, and the ability to execute orders on the go.
6. Customer Support: Coinbase Pro provides a help section with FAQs categorized by topic. Users can also seek assistance through the chat section or raise an email support ticket.
In conclusion, Coinbase Pro is a comprehensive trading platform tailored to the needs of advanced traders. While it may be challenging for beginners to navigate, it offers lower trading fees and a range of features and tools that empower experienced traders to make informed decisions. Furthermore, Coinbase Pro will soon be integrated with Advanced Trade in coinbase.com, creating a unified platform for both beginner and advanced traders and streamlining the trading experience.