At a Glance
Ultimately, one platform is not necessarily better than the other, but Coinbase Pro does provide access to more features. If you are a beginner, then you will probably benefit more from Coinbase, as it has a shorter learning curve and is easier to understand. On the other hand, if you are looking for a platform that will provide you with access to just about every feature imaginable, then you might be interested in Coinbase Pro.
Obviously, it is important to consider the benefits of each platform. That way, you can figure out what works best for your needs. You need to think about what your goals are, what you intend to do with the platform, and what you think your future directions might entail. This will make it easier for you to decide whether you should go with Coinbase or Coinbase Pro.
In this post, we will explore the benefits, features, and differences between the two platforms, which should make it easier for you to figure out which platform is best for your needs.
Keep reading below to learn more about Coinbase and Coinbase Pro!
Comparing Coinbase and Coinbase Pro
Take a look at an overview of Coinbase and Coinbase Pro. Then, compare the benefits and drawbacks of each option.
An Overview of Coinbase
One of the oldest cryptocurrency trading platforms on the market today is Coinbase. This is a platform that has enjoyed so much success that it is traded publicly on the NASDAQ Stock Exchange. It is incredibly easy for beginners to use, and account holders can use PayPal to withdraw or sell through Coinbase, which makes the process even easier.
One of the biggest frustrations that people have with Coinbase is the complicated fee structure. The fees can be very high, and they are difficult to understand. For example, there are some fees that have a commission of 0.50 percent, but they are significantly higher for transactions that use debit or credit cards. In addition, if you use banking through Coinbase, you might have to pay another fee on top of that.
On the other hand, Coinbase does support more than 120 types of cryptocurrency, which can make it easy for you to diversify your portfolio. The number is continuously growing, so you should check back with Coinbase from time to time to see if there are any other currencies that have been added.
The security features on Coinbase are also very strong. You can take advantage of biometric fingerprint logins, two-step verification, and insurance in case Coinbase is breached. One of the downsides is that the insurance plan does not cover unauthorized use, so you need to track your login credentials and user activity closely. You can also use Coinbase to buy, sell, exchange, receive, and send cryptocurrency.
The Pros and Cons of Coinbase
Before you decide if Coinbase is right for you, you need to think about the benefits and drawbacks of the platform. Some of the top benefits of using Coinbase include:
- You can use PayPal to make withdrawals.
- You get access to more than 100 different types of cryptocurrency.
- You can use credit and debit cards to purchase cryptocurrency.
- The security features are very strong and can protect you from a wide variety of threats.
- This is a platform that is available in dozens of countries. It is one of the most accessible options available.
Because of all of these benefits, it is easy to see why so many people love using Coinbase. It is intuitive and perfect for beginners. On the other hand, there are a few drawbacks you may notice as well. A few of the biggest drawbacks of using Coinbase include:
- The fee structure on Coinbase can be very high and difficult to understand.
- There are some limitations on the type of trading you can perform.
- There are limits on your transaction sizes. The limits vary depending on the type of transaction you want to execute.
- There is a very clear paper trail of all of your cryptocurrency purchases, which may defeat the purpose of using cryptocurrency.
If you are a beginner trader, these drawbacks might not make much of a difference to you, but it is important for you to be aware of them. Think carefully about the benefits and drawbacks before you decide if Coinbase is right for you.
An Overview of Coinbase Pro
If you are familiar with Coinbase, or if you are thinking about upgrading your trading style, then you might be more interested in Coinbase Pro. This is a platform that will provide you with all of the advantages of the original, but there are some significant upgrades if you decide to make the switch to Coinbase Pro. For example, there are some transactions that have a fee of zero percent. You also get access to a wide variety of charting features that make it easier for you to track the performance of cryptocurrency over time. This is particularly helpful if you plan on trading cryptocurrency pairs, which is very similar to Forex transactions.
If you decide to make the switch to Coinbase Pro, you also get access to lots of different types of cryptocurrency. Already, Coinbase Pro gives you access to more than 250 types of cryptocurrency, which is significantly more than the ones you have access to on the original.
If you decide to use Coinbase Pro, you get access to the same exception of security features. This means biometric fingerprint logins, FDIC-insured accounts, two-step verification, and an insurance policy. You also get access to strong encryption measures for your digital wallet.
You get access to a few extra transaction types as well. Through Coinbase Pro, you can deposit, withdraw, buy, sell, and trade cryptocurrency. You can also use stop orders and limit orders, just as you might with a traditional stock portfolio.
Finally, with Coinbase Pro, you don’t need to worry about running into any limits on the sizes of your transactions. These are a few of the biggest reasons why people decide to upgrade to Coinbase Pro.
The Pros and Cons of Coinbase Pro
Even though there is a lot of overlap between Coinbase Pro and the original, it is helpful to take a look at some of the benefits and drawbacks of springing for the more advanced option. Some of the biggest benefits include:
- The fee structure is much easier to understand and is usually lower than the one you get on Coinbase itself.
- You get access to a lot more trading options. You can access types of cryptocurrency that are not available on the smaller platform and you get access to transactions that are not available on the original.
- There are no limits on the size of the transactions you can execute, which could be more flexibility in your trading.
- There are user-friendly charts that make it easier for you to track the performance of different types of cryptocurrency. These charts are not available on the original platform.
Even though these benefits are significant, there are a few drawbacks you may encounter as well. Some of the biggest drawbacks of using Coinbase Pro include:
- While the charts are nice, you don’t have access to a lot of indicators and overlays.
- Because there are a lot more features available, it is easier to get overwhelmed. It might not be the best option for beginners.
- Even though the fees are lower on Coinbase Pro, they are still significantly higher than they are on other platforms.
Before you decide if Coinbase Pro is right for you, it is important to think about the benefits and drawbacks carefully. You also need to compare this option to the original one to decide if upgrading to the larger platform is truly right for your trading style.
A Closer Look at the Features: Coinbase vs Coinbase Pro
It might also be helpful to take a closer look at a few specific features regarding Coinbase and Coinbase Pro. Some of the key features to consider include:
The Analytics Available
If you are looking for a platform that provides you with access to detailed analytics regarding different types of cryptocurrency, then you will definitely want to use Coinbase Pro. It simply provides you with access to more information. Some of the features you can take advantage of on both platforms include:
- Both platforms provide you with access to a mobile application that is very easy to use. It is similar to what you will get on a web browser, but the charts can be a bit more difficult to see on a smaller screen.
- You have ways to earn different types of cryptocurrency regardless of whether you are using Coinbase or Coinbase Pro.
- Both platforms are available in more than 100 countries. There are some limitations on certain types of transactions depending on the country you are in, but the platform is available in dozens of countries all over the world.
- Regardless of whether you are using Coinbase or Coinbase Pro, you get access to a wide variety of how-to articles and tutorials that will teach you how to use the platform and navigate the crypto-currency market.
The biggest difference between Coinbase and Coinbase Pro is the type of information you have available. For example, if you decide to use Coinbase Pro, you can take advantage of a wide variety of advanced charting features. This includes exponential moving averages, which might make it easier for you to decide what you want to trade and when you want to trade it. It is also possible for you to take a look at your order book, trade history, and price charts.
Furthermore, you have access to lots of different trading options if you decide to use Coinbase Pro. This includes margin orders, limit orders, and stop orders. These are only orders you should use if you have a lot of experience trading on an open market, but they can be beneficial to someone looking for a more analytical trading style.
The Different Currencies Available
If you are looking for a platform that will give you access to the greatest number of cryptocurrencies, then you should definitely take advantage of Coinbase Pro. Both platforms provide support for different types of fiat currencies, including the Euro, the British pound, and the US dollar. Furthermore, both platforms provide you with access to dozens of altcoins. Both platforms make it easy for you to trade some of the most popular digital coins, including Bitcoin, Ethereum, Cardano, and dozens of others. On the other hand, if you decide to use Coinbase Pro, you get access to numerous other currencies that are not necessarily available on the original platform.
Even though both platforms provide you with access to numerous types of cryptocurrencies that are not available on other platforms, such as Gemini, both platforms still lag behind Binance. Overall, if you are looking for the best platform to trade the most types of currency, you should go with Coinbase Pro.
The Security Level
The good news is that both Coinbase and Coinbase Pro provide you with access to some of the best security protocols in the industry. Regardless of whether you are using Coinbase or Coinbase Pro, your assets will be protected. Because Coinbase is traded on the NASDAQ Stock Exchange, it has to maintain a very high level of security.
All of your assets are protected by the FDIC up to $250,000 per person. You are safe regardless of whether you are using a mobile app or a desktop computer.
In addition, Coinbase keeps 98 percent of its funds in offline vaults. This means that they are not vulnerable to any attacks executed by hackers. Anything that is not offline is protected by the insurance policy held by Coinbase. Of note, the insurance policy does not protect you from unauthorized use of your account. Therefore, it is important for you to be careful with your user credentials.
You also have access to some advanced security measures. This includes biometric fingerprint logins and two-factor authentication. Your digital wallet should be protected by AES-256 encryption, which is one of the most advanced options available. For all of these reasons, the security measures taken by both Coinbase and Coinbase Pro are exceptional.
The Fees on Coinbase and Coinbase Pro
Finally, it is important to take a closer look at the fees on both Coinbase and Coinbase Pro. Coinbase is very famous for having an incredibly complicated fee structure. It can be difficult for users to figure out how much money they have to pay on each transaction and which fees apply to which transaction.
According to information that has been published by Coinbase, the base rate on all purchase and sale transactions executed in the United States is four percent, but the fee varies depending on your location and the payment method you use. For example, your fee will be higher if you use a debit card or a credit card. Either a flat rate fee or a variable rate fee will apply to your transaction depending on your payment method.
On the other hand, the Coinbase Pro tiers the fee structure and makes it easier to understand. As an overview:
- Transactions less than $10,000 have a 0.50 taker fee or a 0.50 percent maker fee
- Transactions between $10,000 and $50,000 have a 0.35 percent taker fee or 0.35 percent maker fee
- Transactions between $50,000 and $100,000 have a 0.25 percent taker fee or 0.15 percent maker fee
- Transactions between $100,000 and $1 million have a 0.20 percent taker fee or 0.10 percent maker fee
It might also be helpful to compare the fees side by side. They include:
- Debit and credit cards on Coinbase incur a 2.49 percent fee, but there is no fee on Coinbase Pro.
- ACH transfers are free on both platforms.
- Crypto conversion fees cost between 0.50 percent and 2 percent on both platforms.
- Wire transfers incur a $10 deposit fee and a $25 withdrawal fee on both platforms.
- Fees on trades are much higher on Coinbase than they are on Coinbase Pro.
It is important to keep these differences in mind when you are trying to decide which platform is right for you.
Coinbase vs Coinbase Pro: The Winner
Overall, the winner is definitely Coinbase Pro. You get access to more features, you can trade different types of cryptocurrency, and your fees are lower overall. While the fees on Coinbase Pro are similar to those on other platforms, it is important to remember that these charges can add up quickly.
It is up to you to decide whether it is worth it to upgrade to Coinbase Pro. Coinbase is better for beginners because it is easier to understand, but Coinbase Pro gives you access to more features. You should consider signing up for Coinbase here or upgrading to Coinbase Pro here. Both platforms can help you trade cryptocurrency easily.