| Fees | Coinbase | Coinbase Pro |
|---|---|---|
| Bank account | 1.49% | 0 |
| Wallet | 1.49% | 0 |
| Debit/credit cards | 3.99% | 0 |
| ACH transfer | Free | Free |
| Wire transfer | $10 deposit, $25 withdrawal | $10 deposit, $25 withdrawal |
| Crypto conversion | 0.50% to 2% | 0.50% to 2% |
| Purchases | 0% to 0.50% | 0% to 0.50% |
| Trades | $0.50 | $0 to $0.50 |
| Coinbase fee | $0.99 to $2.99 based on the amount | 0.04% to 0.50% taker fee, 0% to 0.50% maker fee |
The way to avoid access fees is by trading on the Coinbase Pro platform or paying money out of your bank account or digital wallet. Although the Coinbase fees are comparable to other exchanges, the charges can quickly add up.
If you were to spend $100 to buy altcoin on Coinbase, you’d pay the higher amount between Coinbase’s flat-rate fee or the percentage amount based on the payment method. For example, if you paid via credit card, you’d pay 3.99% (higher than the $2.99 flat fee). On Coinbase Pro, you’d pay a fee of 0.50% on your $100 purchase, or 50 cents.
Coinbase vs. Coinbase Pro: Ease of Use
You don’t need to download anything to get started with Coinbase or Coinbase Pro, as all features are available using a web browser. Both versions come with a user-friendly mobile application.
The simplicity of Coinbase makes it the more straightforward option for beginners. It only supports buying and selling, so you can jump right on the app or web browser and start investing. Coinbase Pro can seem imposing at first because it offers a lot more information and advanced reporting.
However, once you play around with the platform, it’s pretty easy to use. The advanced trading features give users many more options, which is why it’s better suited to people familiar with crypto trading.
FAQs
What Are Coinbase and Coinbase Pro?
Coinbase and Coinbase Pro are leading cryptocurrency exchange platforms owned by Coinbase Global Inc, founded in 2012. Coinbase is like a brokerage with a virtual wallet, whereas Coinbase Pro works as an exchange where people buy and sell from each other.
Beginners use Coinbase because it’s simple to buy and sell cryptocurrency. Users don’t need to learn investing lingo. Instead, they can jump on the platform and get trading. People who are familiar with trading use Coinbase Pro to take advantage of diverse trading types. The Coinbase Pro platform is also easy to use, so beginners can quickly familiarize themselves with the terminology and start investing.
How Do Coinbase and Coinbase Pro Work?
Regardless of which option you choose, you must create a user account on Coinbase. Doing so requires your name, email address, and a new password. Once you verify your email address, you can confirm your phone number to set up a two-step authentication process.
After you finish setting up your account, U.S.-based users need to provide a Social Security number, while those in other countries must provide an alternative form of identification. Once you’ve finished, you can add your credit card, debit card, or bank account.
Decide how much money you want to spend and click “trade.” You can buy whole or fractions of coins. Choose what altcoin to purchase, how you’ll pay, and click preview purchase. You’ll see your Coinbase fee, payment method, price, and purchase amount on this screen. Click “buy” to complete your transaction.
Should I Use the Coinbase Wallet?
The Coinbase digital wallet is a standalone application that works on iOS and Android phones. You don’t need to trade on the Coinbase platform. For the Coinbase Wallet, the keys are stored on your device, giving you control over your crypto assets. You can also store digital tokens and digital collectibles.
Unlike some other wallets, the Coinbase Wallet uses two-factor authentication, making it a safe choice. Plus, it lets you manage cryptocurrencies from other wallets. You can choose from a list of third-party wallets, enter your 12-word key phrase, then you can access your funds. However, it’s essential to review the best Bitcoin wallets to find an option that fits your needs.
Who Should Use Coinbase or Coinbase Pro?
Coinbase and Coinbase Pro offer user-friendly mobile applications, but Coinbase is designed for people new to investing in cryptocurrency. It keeps your options simple by limiting your transaction types.
If you want more advanced investing options, Coinbase Pro is a great choice. Although it’s easy to use, the various alternatives can be confusing. However, you’ll save a bunch of money on fees and be able to do much more on the Coinbase Pro platform. In most cases, people can take a cryptocurrency trading course then start using Coinbase Pro.
How We Evaluated Coinbase vs. Coinbase Pro
We reviewed Coinbase and Coinbase Pro by looking at the breadth of features, such as the trade types, purchase and withdrawal options, and supported currencies. Moreover, we assessed the overall ease of use in a web browser and on mobile apps. We also considered the fee structure and security levels for both account types and the Coinbase Wallet.