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Coinbase vs Coinbase Pro
Millions of users now rely on Coinbase and Coinbase Pro, two popular cryptocurrency and digital asset exchanges. Coinbase Global Incorporation, a reputable cryptocurrency company, owns and manages the two digital trading platforms. Despite the fact that they are owned and managed by the same company, Coinbase and Coinbase Pro are worlds apart in terms of gas fees, security, coin count, and trading.
They function differently in various ways, so they each have their own set of advantages and disadvantages. And, while Coinbase is a good choice for beginners in digital trading due to its simplicity and ease of use, Coinbase Pro is a safe bet for seasoned traders looking for advanced features. In this article, we will compare and contrast the two trading platforms so that you can determine which one best meets your needs.
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Coinbase Vs Coinbase Pro Comparison
Let’s find out if Coinbase or Coinbase Pro is the right fit for you.
Ease Of Use
The simplicity and ease of use of a digital trading platform are critical, especially for a crypto novice. The ability to use various functions of a trading platform is aided by improved ease of use. If you are new to forex trading, buying, and selling with Coinbase Pro is not a good idea. The reason for this is that the cryptocurrency exchange has complex features that are best understood by a trade expert. Coinbase, on the other hand, has a straightforward user interface that anyone, whether a novice or seasoned trader, can grasp.
Coinbase is a go-to app for traders with little to no knowledge of digital trading, thanks to its simple design and ease of navigation. You can also use it to withdraw or sell your digital assets via PayPal. On the contrary, this is not the case with Coinbase pro. The charting feature is complicated, and trading pairs are matched head-to-head, which could only be interpreted by a brilliant beginner.
So, in terms of ease of use, Coinbase is the clear winner between the two trading platforms. However, for experienced traders, Coinbase Pro is the best option.
Coinbase Vs Coinbase Pro Fees
Let’s check out what the fees on Coinbase vs Coinbase Pro are.
There are fees associated with each successful trade, and these fees differ from one cryptocurrency platform to the next. Similarly, Coinbase and Coinbase Pro have different gas fees and other charges.
Coinbase is generally expensive, with a high variable fee, for example. These fees are calculated based on the payment method and the amount involved. Meanwhile, Coinbase Pro is less expensive and is a good fit for high-end traders looking for lower fees. Cryptocurrency traders who use the platform pay less even if their transactions are large.
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Charges for Coinbase and Coinbase Pro are similar. For example, wallet fees for both platforms are waived.
ACH transfers are free of charge for traders. However, the deposit fee for wire transfers is $10, while the withdrawal fee is $25, and this applies to both cryptocurrency exchanges. Furthermore, the amount charged for both purchases ranges from 0% to 0.50 percent. Finally, Coinbase and Coinbase Pro charge 0.50 percent to 2 percent for cryptocurrency conversion.
Coinbase and Coinbase Pro both have fees that are charged differently. Coinbase, for example, charges varying fees on bank accounts, whereas Coinbase Pro does not.
In addition, Coinbase charges 2.49 percent on debit and credit card transactions. Coinbase Pro users, on the other hand, are not charged for using the service. Further still, Coinbase charges a flat fee of $0.50 per trade, whereas Coinbase Pro charges a variable fee ranging from $0 to $0.50 depending on the type and amount involved.
The “Coinbase charges” are a fee that applies to the two forex trading platforms. The fee for Coinbase ranges from $0.99 to $2.99, depending on the asset value. Meanwhile, Coinbase Pro charges a maker fee ranging from 0% to 0.50 percent and a taker fee ranging from 0.04 percent to 0.50 percent.
Coinbase Pro has a lower transaction fee, so it beats Coinbase on this one.
Number Of Supported Cryptocurrencies
Cryptocurrency exchanges with more digital currency outperform those with less. Switching between forex apps and creating multiple accounts can be time-consuming, so most digital traders prefer exchanges with more supported currencies.
Coinbase supports 140 cryptocurrencies, while Coinbase Pro supports over 250 digital coins. These digital currencies are displayed on the official website of the latter company, along with four important factors: market/status, base order (minimum and maximum), quote order (minimum and maximum), and quote tick size/price protection points.
Because some of the cryptocurrency assets available in Coinbase Pro are not supported by Coinbase, the clear winner here is Coinbase. Coinbase pro outnumbers Coinbase in terms of supported digital currencies, with the former having over 250 assets to the latter’s 140.
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The security setup for Coinbase and Coinbase Pro is the same. Both of these trading platforms are secure and dependable, and they are home to a large number of forex traders and experts.
In the cryptocurrency world, there are security benchmarks known as “industry standards.” Coinbase and Coinbase meet these criteria; let’s look at their security features separately.
Both Coinbase and Coinbase Pro use two-way verification. This layer of security is critical for a volatile industry like digital trading because it double-verifies account access.
As a result, crypto traders using the two platforms can be assured of securely locked digital assets, making hacking extremely difficult. As both Coinbase and Coinbase Pro use two-step validation, there is no clear winner in terms of verification security.
Coinbase and Coinbase Pro both include breach insurance. The Federal Deposit Insurance Corporation, abbreviated as FDIC, is in charge of insuring USD balances. The cooperation safeguards traders’ cash, which can be worth up to $250,000 per transaction. As a result, the two trading platforms are extremely secure in terms of fund security.
Furthermore, Coinbase typically keeps 2% of funds as security insurance, and in the unlikely event of a cyberattack on the platform, the cash covers it. Meanwhile, the remaining 98 percent is stored in a well-stocked warehouse known as “cold storage.” Cold storage is similar to an offline vault or platform that cannot be accessed over the internet.
Coinbase Pro users have access to a private cold storage feature. This is an extra layer of security that allows digital currency traders to store their digital assets in personal vaults.
As a result, Coinbase is the clear winner between the two cryptocurrency exchanges in terms of breached insurance security.
AES-256 encryption is a critical component of cyber security. This encryption is effective and has not been hacked since its inception, with the greatest unsuccessful attempt occurring in 2011 when a biclique attack was used.
AES employs symmetric key encryption, which is extremely difficult to decipher because a confidential key is used to untangle information. Furthermore, AES-256 Encryption is based on 256 binary bit support. Because this is the largest size in the world of binary data computation, security is ideal. Furthermore, despite being one of the most dangerous cyber attackers, brute force cannot break and decipher the encryption.
Coinbase and Coinbase Pro are both AES-256 encrypted and thus secure.
Types Of Transaction Supported
Coinbase has quite a limited number of transactions when compared to Coinbase Pro. It supports five trading transactions which are sell, exchange, send, buy, and receive.
On the other hand, Coinbase Pro supports eight types of transactions, including withdraw, sell, limit order, trade, buy, time in force order, deposit, and stop order.
Nonetheless, Coinbase Pro has the advantage here over Coinbase because it gives traders the flexibility to carry out many transactions. Hence, this makes the exchange a perfect fit for seasoned traders but if you’re a beginner in crypto trading, then Coinbase should come in handy. The reason for this is because of its simplicity and easy-to-use supported transactions.
Coinbase has some trading amount restrictions, which vary depending on the trader’s location and the value of the digital asset involved in the transaction. Because the cryptocurrency exchange was designed to meet the needs of new forex traders, it is best suited for small-scale traders looking to build their portfolios in the market.
Meanwhile, Coinbase Pro does not have a trading limit, so crypto investors can deposit any amount of assets they want for trading. The platform’s unlimited trading amount makes it the go-to exchange for seasoned traders looking to trade at the tier-end level.
So, in terms of trading amount limitation, Coinbase Pro outperforms Coinbase because it is unlimited, whereas the latter varies depending on availability and transaction amount.
However, depending on your location, Coinbase and Coinbase Pro may operate differently. For example, if you live in Mexico, you will be unable to sell on both crypto exchanges, which may be inconvenient for you. As a result, you’ll need to navigate to the platform’s official website, regardless of whether Coinbase or Coinbase Pro, in order to clarify your location and its equivalent trading policies.
A cryptocurrency exchange that provides user education has an advantage over those that do not. This feature allows traders to gain insights into trading trends, allowing them to trade their assets more effectively. Users on cryptocurrency exchanges with good user education stay updated and make informed trading decisions by providing necessary information, video tutorials, market updates, and guides.
Coinbase and Coinbase Pro both provide user education to their traders, but there is a distinction: the former provides basic forex education materials, whereas the latter provides advanced crypto information and how-to guides.
Frequently Asked Questions (Faq)
What Is the Difference Between Coinbase and Coinbase Pro?
Coinbase and Coinbase Pro are two of the most popular crypto trading platforms, both of which are owned by Coinbase Global Inc, which was founded in 2012. Coinbase functions as a brokerage with a virtual wallet, whereas Coinbase Pro functions as an exchange where people buy and sell cryptocurrencies and other digital assets.
Which Has a Wider Collection of Coins, Coinbase or Coinbase Pro?
Both Coinbase and Coinbase Pro have a large selection of coins to trade in, but Coinbase Pro has more options, making it a better choice for traders trying to broaden further.
Which Is Better For Beginners: Coinbase or Coinbase Pro?
Coinbase is best suited for beginners due to its user-friendly design. It is also preferred by newcomers to coin trading due to its simple exchanges that involve the buying, selling, and storage of cryptocurrency. Bitcoins, Litecoins, and Ethereum are all traded at a fixed price and can be bought directly.
Which of the Coinbase Pro and Coinbase Fees is less expensive?
Coinbase may provide essential trading features at a reasonable price, however, based on the analysis above, Coinbase Pro is less expensive than Coinbase. The platform provides its diverse users with a variety of trading options, which contributes to its low fees.
Which Exchange Is Ideal for Day Trading?
Because of its ease of use, Coinbase is an essential exchange for learning about cryptocurrency trading. However, Coinbase Pro has more advantages, such as lower fees and a larger number of supported currencies.
Is the Coinbase Wallet Right for Me?
The Coinbase wallet is a digital wallet that can be used alongside other wallets and has its own Android and iOS app. Not only can you store digital tokens and collectibles, but you also have control over your assets thanks to the keys that are stored on your device.
The Coinbase wallet has higher security than some other wallets because it uses two-factor authentication to grant users access to the wallet. Regardless of the benefits, it is essential to conduct a comparison of other good wallets to determine which one is best for you.
Verdict: Coinbse Vs Coinbase Pro
Coinbase and Coinbase Pro have some similar characteristics, but they also have some variations that make each platform highly unique from one another as well. In general, Coinbase is the best place to start if you’re new to cryptocurrency trading. This is due to its simple user interface and straightforward setup. However, if you’re a seasoned trader looking to make more money from trading financial assets, Coinbase Pro is the sure bet. It comes with advanced features and an unlimited trading amount, as well as low transaction fees. So, check both of these cryptocurrency platforms out, determine your needs and figure out which one will work best for you.
Thank you for reading Coinbase vs Coinbase Pro.