One of the most popular exchange di cryptocurrency globally known as Coinbase was born in 2012 in San Francisco (California). It launched 4 platforms including Coinbase Pro intended for experienced traders.
Coinbase Exchange, which in May 2016 changed its name to Global Digital Asset Exchange (GDAX), operates in 102 countries around the world and counts 30 millions of active customers. The company is regulated and authorized.
Coinbase Pro's function is to facilitate and secure cryptocurrency transactions (purchase, trading, management, storage).
Find out everything there is to know about this platform, opinions, pros and cons.
Coinbase Pro: the platform for experts
Coinbase launched well 4 platforms to provide users with everything they need:
- Coinbase.com (or Coinbase Consumer), the main platform that simplifies the purchase process of Bitcoin, Ethereum and the major ones crypto by credit card or bank transfer. It provides a user friendly, immediate trading service and also allows users to manage and store cryptocurrencies. This platform holds users' private keys;
- Coinbase Pro, a trading platform intended for more experienced traders. Offers traders different tools to buy and sell cryptocurrencies and tokens, place orders;
- Coinbase Wallet, the mobile wallet that allows users to safely store their virtual currencies;
- Coinbase Card, rechargeable credit card, a Visa to be requested via the app to spend in cryptocurrencies.
Now that we've got to know the entire Coinbase family, let's focus on the Pro platform.
We tell you right away that, for now, the Coinbase Pro platform is available in English only. A 'Whatsapp mobile devices for iOS and Android.
Registration and account types
To use Coinbase Pro, you will need to register on the main coinbase.com website. By entering your e-mail address you will start the registration.
A single operation will be enough to create a single account with the possibility of using Coinbase Consumer, Coinbase Pro and Coinbase Card.
You will need to enter your name, surname and password, confirm your e-mail and telephone number. Thus will begin the KYC (Know Your Customer), without which you could not operate. You will need the documents and the tax code to be enabled and start using the platform. The system will verify your identity card.
There is only one initial limit for new users and refers to the purchase of crypto with credit card. The initial limit is 50 euros per week, an amount that will grow over time, reaching a maximum of 6.000 euros per week.
The limit to buy with Bank transfer is 25.000 euros per day.
After registration, with purchases over $ 100, you will receive a $ 10 bonus in Bitcoin.
Coinbase Pro: how deposits work
The Coinbase Pro trading platform has an intuitive interface and allows you to make three different ones orders: Market, Stop and Limit.
It gives the possibility to work with 5 currencies: euro, US dollar, Bitcoin, Ethereum and DAI (stablecoin).
To start trading with Coinbase Pro, you have to make a bank transfer or a SEPA transfer.
How do the deposits work?
If you want to deposit funds, from the section My Wallets you will have to choose the currency to be paid into the account and the method of deposit. Sending funds from Coinbase.com to Coinbase PRO is free and immediate, there is no commission.
To deposit cryptocurrency you have two chances: transfer them from the Coinbase Consumer account or send them via wallet to a dedicated address.
Wanting to deposit euro, you must first deposit on Coinbase Consumer and then you can transfer them to the Pro platform. The operation is simple: select Euro wallet, enter the amount and click on Deposit.
After the deposit you can start trading in the appropriate section by selecting the type of order (Limit, Market or Stop) and the amount.
The order list appears in the panel My Orders where you can check its status.
Cryptocurrencies and tokens on Coinbase Pro
To date, on Coinbase Pro it is possible to exchange 10 cryptocurrencies and 5 tokens that exploit the blockchain of Ethereum.
Le 10 Crypto present in the platform are:
BCH (Bitcoin Cash);
XLM (Stellar Lumens);
ETC (Ethereum Classic);
The following can be purchased directly on Coinbase 5 tokens:
Basic Attention Token (BAT);
0x Protocol (ZRX);
USDC and DAI (stablecoin).
Starting in 2018, Coinbase began expanding the range of available products. The main crypto products are present on the platform.
Is Coinbase Pro safe?
Coinbase is one of the safest platforms for crypto trading, which are stored offline making them inaccessible.
The funds, in addition to being divided into different wallets with copies protected in secure vaults, are covered by the insurance policy by Coinbase. The policy, in the event of security breaches, fully covers any damage and loss: obviously, the loss must not be due to the distraction or negligence of the user, who must use complex passwords while safeguarding their login credentials.
Linking your phone number to your personal Coinbase account gives you the opportunity to receive an SMS or phone call from the automatic system. In addition, there is an additional system via authenticator to increase security.
Commissions and costs
Those who use Coinbase Pro do not pay spreads but only commissions based on the trading volume.
In case of crypto transfer, they are provided fixed commissions depending on the currency to be transferred and the network traffic. These commissions are not customizable, although they are contained: they go 0% to 0,5% based on the type of order and trading volume.
For transactions made with a bank account, Coinbase charges 1,49%, while for debit / credit cards, 3,99%.
Training and teaching material
Recently, the platform released the portal Coinbase Earn which allows you to earn by viewing some educational videos.
Coinbase also has its own blog with informative and educational posts but the educational material is insufficient.
Most traders who use Coinbase Pro are satisfied. They particularly appreciate the ease of use, the security, the fact that Coinbase is a reliable, regulated and licensed company. The website features SSL certification (https) and use SQL injection filters to prevent CSRF attacks.
This platform likes the fact that you can keep track of the trend of the digital currencies held in the Portfolio by managing them from a single account.
Purchase planning can be on a weekly, daily or monthly basis.
Find out below advantages and disadvantages by Coinbase Pro.
Coinbase 'Pro': advantages
- User-friendly platform with intuitive interface, easy to use
- Quick trading
- Ability to buy crypto using flat money
- The company is regulated and licensed, trustworthy
- High level of security and protection of funds
- Stores assets in total security
- Advanced trading options, perfect for the more experienced
- Secure cryptocurrency wallet
- Earnings in crypto at no cost
- $ 10 registration bonus in Bitcoin with a purchase over $ 100
- Works in almost all countries of the world
- Low trading fees
- SEPA and credit card supported
- Excellent liquidity
- Higher limits for purchasing Bitcoins via credit card
Coinbase 'Cons': disadvantages
- Available in English only
- Does not include sufficient training courses and teaching material
- Cryptocurrency trading for experts only
- Customer support available in English only
- Non-customizable crypto sending fees
- Platform not suitable for advanced technical analysis
- Few cryptocurrencies can be exchanged
Coinbase, thanks to its 4 platforms, is one of the best solutions for buying and selling, trading, managing and storing cryptocurrencies.
It offers a wide choice of instruments to allow both newbies and more experienced traders (thanks to Coinbase Pro) to operate easily and securely in the world of crypto.
It can be better becoming an exceptional platform by filling certain gaps:
- the number of available cryptocurrencies should be expanded;
- transfer fees should be personalized;
- user training should be taken care of carefully, this is an important aspect.
The world's leading digital currency exchange accepts flat money, cards and direct transfers: a point that works in its favor since it allows for easier, immediate and safer trading.