With more than 300 cryptocurrency exchanges available today, how do you keep track of what’s what? Well, this is where reliable cryptocurrency exchange platforms like Coinbase and Coinbase Pro come in.
These platforms allow you to conveniently buy, sell, and even hold more than 50 coins. However, while both platforms are owned by the same company, they are definitely not the same.
So, which is better between the two platforms? Below is our detailed Coinbase Vs. Coinbase Pro comparison guide to help you decide which option is right for you
- Coinbase Pitted Against Coinbase Pro: Quick Overview
- Coinbase Vs. Coinbase Pro Features – How do they Compare?
- What Do Both Coinbase & Coinbase Pro Excel at?
- Coinbase Vs. Coinbase Pro – Pros and Cons
- Can You Switch from Coinbase to Coinbase Pro?
- Frequently Asked Questions
Coinbase Pitted Against Coinbase Pro: Quick Overview
Coinbase and Coinbase Pro are considered some of the most popular cryptocurrency exchange platforms currently available.
Simply put, they are built to help investors buy, sell, and trade different cryptocurrencies as well as manage their crypto portfolios. You just use fiat money such as U.S. dollars or euros to buy various currencies.
Additionally, it is worth mentioning that both platforms are owned by Coinbase Global Inc. However, the main difference between the two is that Coinbase is best suited for beginner traders. Of course, this is because of its simplistic design.
Coinbase Pro, on the other hand, is a premium service designed for active, experienced, or advanced investors. This is because it boasts an extensive set of advanced tools that are geared towards high-volume trading.
Coinbase Vs. Coinbase Pro Features – How do they Compare?
Since both platforms cater to different user types, some of their features tend to differ. These differences are what will make you choose one service over the other. They include:
The difference in fees between the two platforms is quite significant depending on what trades you plan to make.
While Coinbase is best suited for beginners, they charge the highest fees compared to the Pro version. For instance, there is a flat fee of around 0.50% per transaction. Unfortunately, this fee can vary due to market fluctuations.
Additionally, there are extra fees that vary depending on account type like 1.49% for a U.S. Bank account. And if you pay via a credit or debit card, there is a 3.99% fee.
So, basically, purchasing cryptocurrency on Coinbase could cost you approximately 4% in fees per transaction. This is definitely quite expensive.
Coinbase Pro fees, on the other hand, are designed in an industry-standard tiered structure. The beauty of this type of structure is that higher dollar transactions attract lower costs.
For example, you will only pay a 0.50% taker or maker fee for transactions less than $10,000. And for transactions between $100,000 and a $ million, you pay a 0.20% taker fee or 0.10% maker fee.
Additionally, with Coinbase Pro, you will be pleased to know that there are no fees charged on the bank account, debit/credit cards, or wallet.
So, overall, we can say that Coinbase Pro provides a lower fee structure compared to its Coinbase counterpart.
2. User Experience
Coinbase boasts a simple interface that is ideal for beginner traders. The platform only has a few trading options, which makes it easy to navigate.
On top of that, it comes with a user-friendly mobile application that is available on both Android and iOS devices. Therefore, you can access the platform on the go.
As if that’s not enough, getting started on Coinbase is straightforward. Once you have signed up and connected a bank account or credit card, you can start purchasing crypto.
When it comes to Coinbase Pro, it can be a little intimidating to beginner investors. This is because it is built with advanced investors in mind.
While its user interface is intuitive, there is a lot of information on the display that might overwhelm beginners.
However, once you start using the platform, you will find it pretty easy to use within a few days.
3. Trading Options
As a beginner trading platform, Coinbase does not offer many features as Coinbase Pro. It only allows you to buy, sell, exchange, send or receive cryptocurrencies.
Coinbase Pro, on the other hand, offers several trading options, which gives uses complete control of their trades. So, besides allowing you to buy, sell, trade, deposit, and withdraw digital currency, it boasts additional trading options.
These include limit orders, stop orders, and time in force orders. These extra features simply give you more control over your crypto purchases and sales. For instance, the stop order protects you from making massive losses.
4. Trading Tools
Coinbase only has basic trading tools since it is supposed to be used by new investors. This means that it does not have many trading tools.
Some of the tools available on this platform include price alerts and news feeds. Basically, the platform allows traders to create a watchlist of their favorite crypto assets. This makes it easy to know the price of each currency when it drops or rises.
With Coinbase Pro, you can expect to find more trading tools such as advanced charting, trade history, and real-time order books. Unfortunately, these features are not available in the standard version platform.
The advanced charting feature is designed to help users create advanced charting views like minute-by-minute trading for every coin.
Overall, the Pro version of Coinbase offers more trading tools than the standard version. This, therefore, makes it ideal for active traders.
5. API Keys
Unfortunately, Coinbase does not offer this feature. This means that it is only available on the Coinbase Pro platform.
The API Keys feature enables you to integrate third-party apps like Crypto Pro portfolio tracker with the Coinbase account. Consequently, you can import your data and even view portfolio statistics, including gains or asset distribution.
6. Number of Supported Currencies
The two cryptocurrency exchange platforms support fiat currencies, including USD, EUR, and GBP. Additionally, both platforms allow you to trade over 50 cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), and Litecoin (LTC).
However, both exchanges provide slightly different currency options. For instance, Coinbase offers Bitcoin Satoshi Vision (BSV) while the Pro version does not.
On the other hand, Coinbase Pro supports Loom Network (LOOM), Golem (GNT), SUSHI, SKALE, and MATIC but Coinbase does not.
Therefore, Coinbase seems to be lagging behind as far as offering some of the best crypto exchanges is concerned.
7. Whitelisting Crypto Addresses
When it comes to security, both crypto exchanges take the matter very seriously. For instance, Coinbase Pro is equipped with a whitelisting crypto address feature for added protection.
This feature allows users to block addresses that may attempt to withdraw their crypto. The addresses are usually saved in your address book.
Unfortunately, this particular feature is not available in the Coinbase version.
What Do Both Coinbase & Coinbase Pro Excel at?
While the two cryptocurrency exchanges have some notable differences, they also share a handful of features. Let’s check them out.
1. Built-in Wallets
You will be happy to learn that both exchanges offer built-in digital wallets. This enables users to keep their crypto secure and away from online hackers.
And to ensure maximum security, the wallets are protected by biometric access controls. On top of that, they boast an encrypted 12-word recovery phrase designed to further protect your assets.
2. Two-Factor Authentication
As if that’s not enough, both the base and pro versions feature a two-factor verification process. This is done via SMS or a Google Authenticator app.
Basically, the process requires you to key in your username, password, plus a code from your mobile phone. This, therefore, means that no one can access your account if they don’t have your phone. It doesn’t matter whether they know your password.
Not only does this type of verification enhance security for login purposes but also on a per-trade basis.
3. Cold Storage
Additionally, both platforms allow you to store your crypto offline, also referred to as cold storage. This helps prevent potential theft as a result of online hacking.
The exchanges are designed to store 98% of your crypto assets in secure cold storage. However, the remaining 2% is held online and backed by Coinbase’s insurance policy. The policy usually covers losses as a result of cybersecurity breaches of the platform’s facilities.
4. Crypto Vaults
What’s more, Coinbase and Coinbase Pro offer crypto vaults as an additional layer of protection to help prevent fraudulent withdrawals.
The vaults are tome-locked and can be created with several user approvals. This ensures that all withdrawal requests are canceled if all the approvals are not completed within 24 hours.
5. Free Account Opening
While it is clear that you will incur extra fees when using both exchanges, the account opening is completely free. This means that anybody can create an account with both exchanges provided they have money to trade.
6. FDIC Insurance
More importantly, you will be happy to learn that both Coinbase and Coinbase Pro offer FDIC insurance on USD deposits.
Simply put, both exchanges offer Federal Deposit Insurance Corporation (FDIC) insurance on deposits up to $250,000 in funds.
On the flip side, though, this coverage does not extend to crypto funds. This means that it is only limited to deposits.
7. Free Educational Materials
Last but not least, both exchanges have a range of educational materials built into the platform and mobile app. These materials are designed to help beginners and even active investors learn about the different cryptocurrencies.
For new traders, there is a section on crypto questions answered, crypto basics, and even tips and tutorials. Both platforms also offer market updates that experienced investors will find quite helpful.
Some of these materials are available in bite-sized videos, while others are available in the form of guides.
Coinbase Vs. Coinbase Pro – Pros and Cons
Like any product out there, both exchange platforms have their own advantages and downsides. So, let’s look at them.
2. Coinbase Pro
Can You Switch from Coinbase to Coinbase Pro?
The simple answer is yes. You see, although the two exchanges are linked together, they use different wallets.
This simply means that if you have a funded Coinbase account, your Coinbase Pro account might not have funds.
The good news is that it is easy and free to switch between the two platforms. Below are the steps to follow:
- Step 1: Login into your Coinbase Pro account and go to the trading page.
- Step 2: Next, choose Deposit under the Wallet Balance section, and a pop-up window will appear.
- Step 3: Choose the currency type that you would want to deposit to Coinbase Pro from Coinbase. The currency could be BTC, ETC, and others.
- Step 4: Next, select a Coinbase account and enter the amount you would like to transfer to your Coinbase Pro account. Just note that you can only deposit funds that are “Available to Deposit”
- Step 5: Lastly, at the bottom of the window, select Deposit.
Frequently Asked Questions
Still not sure which platform is best suited for your needs? Check out these commonly asked questions about Coinbase and Coinbase Pro.
Well, it’s probably their user interface. Coinbase offers a simple interface ideal for beginners, while the Pro version gives users advanced trading options.
Coinbase Pro is relatively cheaper than Coinbase. This is because it tends to charge lower fees for higher volume trading.
Yes. If you already own a Coinbase account, you can use the same login email address for a Coinbase Pro account.
No, it’s not allowed. A single individual is only allowed to open one account with Coinbase Pro.
Overall, both platforms are trusted and reliable for anyone looking to buy, sell, and trade cryptocurrency. However, if you’re looking to jump-start your crypto portfolio, Coinbase is a compelling choice.
On the other hand, if you’re in search of a safe exchange with high volume and liquidity, Coinbase Pro is for you. Its low fee structure makes it an ideal option for individuals looking to trade a lot of volumes.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.