One of the most popular and user-friendly cryptocurrency exchanges is Coinbase. A cutting-edge platform for experienced traders was introduced in 2018. Because it offered more trading tools and had lower fees than the exchange’s standard platform, Coinbase Pro quickly gained popularity.
This article compares the Coinbase and Coinbae Pro platforms’ account options based on their features, security, list of supported cryptocurrencies, fee schedules, and payment methods.
What is Coinbase?
Beginner cryptocurrency traders can buy and sell cryptocurrencies like Bitcoin, Ethereum, Ripple, Dogecoin, and more on the straightforward cryptocurrency trading platform known as Coinbase. Over 89 million people use the cryptocurrency exchange, which has $278 billion in assets. The platform is easy to use and has a quick registration and verification process.
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What is Coinbase Pro?
A professional cryptocurrency exchange and higher volume traders can use Coinbase Pro. It offers a simple and secure way to buy, sell, and trade digital assets in different trading pairs over the internet.
Coinbase Vs. Coinbase Pro: Fees
Compared to Coinbase, Coinbase Pro used to charge fees that were significantly lower. The rates for Coinbase’s advanced trade tool are the same as those for Coinbase Pro and range from 0% to 0.60% per order. However, because the Coinbase simple trade tool is more expensive, it should be avoided. (Also Read: How to Do Your Coinbase Pro Taxes)
Your 30-day trading volume will determine how much you pay for Coinbase Pro and advanced trades on Coinbase. Moreover, a maker-taker model is utilized. There are maker fees associated with orders that don’t get filled right away, or those that make liquidity. Taker fees apply to orders that receive liquidity, or orders that are immediately filled.
Read More: Coinbase Referral Program Review
Here are the fees for Coinbase Pro and advanced trades on Coinbase:
| 30-DOMESTIC DAY TRADING IN THE 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 are significantly more expensive. The exchange levies a variable percentage fee, which works out to be slightly less than 1.5%, on orders that are $205 or more. Smaller orders have flat fees as follows:
- Up to $10: $0.99
- Up to $25: $1.49
- Up to $50: $1.99
- Up to $205: $2.99
Let’s use the scenario where you want to purchase bitcoins worth $1,000 as an example. You would pay between $0 and $6 in fees if you placed that order on Coinbase Pro or as an advanced trade on Coinbase. On Coinbase, you would pay $14.68 if you made a straightforward trade.
Coinbase Vs. Coinbase Pro: Security
One of the top cryptocurrency exchanges in terms of security is Coinbase. Both Coinbase and Coinbase Pro are among the safest places to buy cryptocurrency because they have the same security features, making them equal in this regard.
Protections offered by Coinbase include:
- Two-factor authentication (2FA): Users of Coinbase accounts must use 2FA. When this feature is turned on, accessing your account requires two types of authentication, such as your password and a code that is sent to an authenticator app on your phone.
- Encrypted data: Data encryption best practices are adhered to by Coinbase. The exchange’s wallets and private keys are stored using AES-256 encryption, and all communication with the website is done so through an encrypted SSL connection.
- Address whitelisting: Withdrawals of cryptocurrency are only permitted to wallet addresses you’ve designated in your address book with this optional security feature. Even if someone manages to log into your account without your permission, it’s a good way to stop them from stealing your money.
- Cold crypto storage: In cold storage, or keeping the money offline, Coinbase keeps over 98% of the cryptocurrency belonging to its users. Because offline storage cannot be compromised, it is the option for crypto storage that is the safest. In safe deposit boxes and vaults all over the world, drives and paper backups are stored.
- Insurance for online funds: For crypto funds held in hot (online) storage, Coinbase maintains an insurance policy that guards against losses due to theft, including cybersecurity breaches. The FDIC insures cash deposits up to $250,000 per person, the same insurance that safeguards deposits with major U.S. banks.
It is the customer’s duty to safeguard their Coinbase login information and use a strong password. Losses from unauthorized account access brought on by a breach or lost credentials are not covered by Coinbase’s insurance policy.
Coinbase Vs. Coinbase Pro: Cryptos Available
Compared to most other exchanges, Coinbase has a much larger selection of over 200 cryptocurrencies. There is no distinction between the two platforms in this regard because Coinbase and Coinbase Pro both offer the same cryptocurrencies.
You will have a wide range of options, whether you want to trade market leaders or smaller varieties of cryptocurrencies. The addition of new cryptocurrencies to Coinbase’s list is another proactive strategy for growing the service. Here are a few of the more popular ones you can trade on Coinbase and Coinbase Pro:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
Coinbase Vs. Coinbase Pro: Wallets
Your cryptocurrency is stored in custodial wallets by default on Coinbase and Coinbase Pro. The private keys to your cryptocurrency are in the hands of a third party when using this type of wallet. You will have two distinct custodial wallets, one on Coinbase and the other on Coinbase Pro, if you have accounts on both platforms. Money can be freely transferred between the two platforms.
Coinbase Wallet, a free hot wallet, is also available. An app that you can download to your computer or phone is a hot wallet, which is a digital wallet. You can download Coinbase Wallet and store your cryptocurrency there if you want complete control over it. Numerous other high-quality cryptocurrency wallets are also readily available.
Coinbase Wallet Vs. Coinbase Pro Wallet – Which is Better?
When contrasting the two exchanges, Coinbase and. There are numerous parallels between Coinbase Pro. Similar currencies are accessible on both of these platforms. Both of them are licensed exchanges that offer insurance and safe and secure storage for your digital cryptocurrency assets.
Here are points that you need to consider before making your final section:
A self-custody wallet that gives you total control over your digital assets is called Coinbase Wallet. You can store your NFTs safely in the digital wallet as well. Additionally, users of the Coinbase wallet can communicate with decentralized applications (dApps) through its browser extension. Users also benefit from 2FA and other bank-level security measures.
In contrast, Coinbase Pro only provides a proprietary digital wallet that is managed by the trading platform. As only a few tasks can be completed on the cryptocurrency wallet, this severely restricts users. The main distinction between Coinbase and Coinbase Pro is that Coinbase is intended for personal use, whereas Coinbase Pro is for commercial use. Experiential traders, however, prefer Coinbase Pro due to its superior charts, lower transaction costs, stop/limit orders, better control, and API Access.
FAQs
Is Coinbase Pro Cheaper Then Coinbase?
Compared to the standard Coinbase fees, the maker-taker fees are significantly less expensive. Utilizing Coinbase Pro will help traders save a lot of money. As previously stated, cryptocurrency is typically not regarded as a buy-and-hold investment.
Why is Coinbase Getting Rid of Pro?
When Coinbase Advanced Trade was introduced, it would take the place of Coinbase Pro, offering the entire suite of advanced crypto investment services on a single platform.
Does Coinbase Pro Cost Money?
A Coinbase Pro account is free to have. Coinbase Pro might be too intimidating for you if you’re just starting out.
