If you’re a Coinbase user, you might have noticed that there are two types of accounts you can have–a regular one or the Pro one. Some newer users might not know the difference between the two and if a professional account would be better for you.
Here, we’ll take a look at each of the platforms, and then break down the differences between them.
What Is Coinbase?
Coinbase is a website that allows you to buy, sell, and trade cryptocurrency quickly and securely using its website or one of its mobile apps. As one of the most popular cryptocurrency trading platforms, you will find most tokens available on the website.
The platform makes trading cryptocurrencies easy, as you can quickly and easily purchase coins and tokens with your debit card, bank account, or PayPal account.
Many people who get started with cryptocurrency don’t know where to begin, and Coinbase makes it easy for you to get started.
If you ever want to sell your investments, Coinbase lets you do that and gives you the fee upfront, so you know exactly how much you would make if you sold then. With many available trading options, you can also trade one coin for another coin without hefty fees.
If you are new to cryptocurrency, Coinbase will show you the basics and even allow you to earn free cryptocurrency as you educate yourself on the different types of cryptocurrency and take quizzes.
What Is Coinbase Pro?
Coinbase Pro is known as a Digital Asset Exchange that allows you to trade cryptocurrency using advanced charts.
Made for experienced investors and advanced users, Coinbase Pro allows you to make high—value orders and also allows users to trade using stop and limit orders.
Coinbase Pro supports most major cryptocurrencies and allows fast deposits using your bank account. With some transactions having a 0 percent fee, Coinbase Pro is chosen by most investors doing large transactions to save on fee cost.
Coinbase Pro also allows trading of some cryptocurrencies before Coinbase offers them. For those with businesses that would like to accept cryptocurrency, Coinbase Pro has API integration, so you can keep your cryptocurrency balance all in one place.
What Is the Difference Between Coinbase and Coinbase Pro?
The main difference between Coinbase and Coinbase Pro is that Coinbase is more for personal use and Coinbase Pro is for business use. However, experienced traders still prefer Coinbase Pro due to its advanced charts and lower transaction fees.
For example, Coinbase charges a 0.50 percent fee for each transaction, with an additional 1.49 percent fee for some bank transfers. Coinbase Pro has no fee for many bank transfers, and the highest fee Coinbase Pro charges is 0.50 percent.
Coinbase Pro also has access to charts that standard Coinbase users don’t have. While some people may see this as a plus, it does mean that Coinbase is much easier to use than Coinbase Pro.
Coinbase also has learning tools that Coinbase Pro doesn’t have. Coinbase Pro does have an API feature that makes accepting cryptocurrency on your website easier. However, the more involved you get with the API, the more complicated things can get.
Which Coinbase Option Should You Use?
Beginner users would do much better on Coinbase. Sometimes, simplicity and ease of use are worth a few dollars in transaction fees if you’re just buying or trading a few hundred dollars worth of cryptocurrency. Also, many users don’t need the advanced charts.
If you’re a business or experienced crypto investor, you should consider taking on Coinbase Pro and learning how it works, as there is a learning curve. Also, experienced non-crypto investors might feel more at home on the Coinbase Pro website, with its advanced chart analysis and professional trading features.
Pro users also enjoy minimal fees and fast bank transfers, making it easy to get your cryptocurrency quickly and securely from a nationally recognized platform. If you intend to invest over $1000, Coinbase Pro will save you money.
If you can’t make up your mind, don’t worry! Once you’ve signed up for Coinbase, you can log into Coinbase Pro with the same username and password. It also works the other way round.
Choosing the Right Version of Coinbase
In short, businesses and experienced investors will enjoy the perks of Coinbase Pro. Beginner users, while more expensive in fees, would do better on the standard Coinbase.
Luckily, it’s the same company, and upgrading from the standard version of Coinbase to the Pro version in the future is easy.
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