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Pros Explained
- User-friendly interface: Coinbase Pro’s interface is intuitive and user-friendly if you’re familiar with other trading platforms.
- Lower fees for higher volume trading: The platform offers relatively low maker and taker fees for higher volume trades, making it a good option for active traders.
- Strong security features: Coinbase Pro is known for its strong security features, including two-factor authentication, biometric fingerprint identification, and more.
- Advanced trading features: Coinbase Pro offers real-time charting tools with moving averages and exponential moving averages. It also allows you to view your trade history, order book, and price charts.
Cons Explained
- Support can be slow: Because of the high volume of Coinbase Pro users, getting a hold of support can be difficult.
- Platform not designed for beginners: Coinbase Pro is designed for experienced traders. With advanced features and more complex trading options, a beginner may find it difficult to navigate.
- Higher fees than other platforms: While Coinbase Pro offers lower fees than Coinbase, its fees are higher than other competitors.
- Only two indicators and overlays for charts: While it offers more advanced graph features compared to Coinbase, the options are still limited to two selections.
Introduction
Coinbase Pro offers over 130 assets available for trade, low fees for high volume trades, advanced order types, and an easy-to-use platform. Users also benefit from industry-leading security features designed to help protect their crypto holdings.
With its wide selection of crypto assets and advanced order types, Coinbase Pro may be a great platform for experienced traders. However, beginners may find it difficult to use.
While the cryptocurrency market has become more accessible and mainstream in recent years, it’s still subject to large price swings. It’s best to only invest money that you can afford to lose.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Company Overview
Coinbase is owned by Coinbase Global, which launched its exchange in San Francisco in 2012. Former Airbnb engineer Brian Armstrong founded the parent company. In addition to its original Coinbase platform, in 2017, the company launched Global Digital Asset Exchange (GDAX), designed for active traders. Eventually, GDAX was rebranded to Coinbase Pro.
At the time of publication, Coinbase is available in over 100 countries and has over 73 million verified users. It’s also ranked among the top crypto exchanges globally by traffic, liquidity, and trading volumes. And in April 2021, Coinbase Global became the first U.S. crypto trading company listed on a U.S. exchange, and it’s currently valued at around $86 billion.
Cryptocurrencies Available on Coinbase Pro
Coinbase Pro users can buy, sell, and trade over 130 cryptocurrencies. Popular assets supported by Coinbase Pro include:
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Stellar Lumens (XLM)
- Chainlink (LINK)
- Uniswap (UNI)
- Aave (AAVE)
Trading Experience
Coinbase Pro users can log into their accounts through a desktop browser and an iOS or Android mobile app. Both the desktop and mobile platforms offer similar features and options. Users can access real-time charting tools with moving averages and exponential moving averages, as well as their trade history, the order book, and price charts. Additionally, Coinbase Pro offers several order types, such as stop order, limit order, and margin order.
While the platform and trading experience may be ideal for experienced crypto traders, it may be overwhelming for beginners.
Fees
Like many other crypto exchanges, Coinbase Pro charges fees for certain payment methods and trading fees. And while Coinbase Pro offers lower trading fees than Coinbase, its maker/taker fees are still higher than many industry competitors. That said, higher trading volumes result in fee discounts.
| Payment Method | Coinbase Pro Fee |
|---|---|
| Bank Account | $0 |
| USD Wallet | $0 |
| Debit/Credit card | $0 |
| ACH Transfer | Free |
| Wire Transfer | $10 deposit, $25 withdrawal |
| Crypto Conversion | 0.50% to 2% |
| Pricing Tier | Taker | Maker |
|---|---|---|
| <$10K | 0.50% | 0.50% |
| $10 – 50K | 0.35% | 0.35% |
| $50 – 100K | 0.25% | 0.15% |
| $100K – 1M | 0.20% | 0.10% |
| $1- 10M | 0.18% | 0.08% |
| $10 -50M | 0.15% | 0.05% |
| $50 – 100M | 0.10% | 0.00% |
| $100 – 300M | 0.07% | 0.00% |
| $300 – 500M | 0.06% | 0.00% |
| $500M – 1B | 0.05% | 0.00% |
| $1B+ | 0.04% | 0.00% |
Read our full comparison of Coinbase vs. Coinbase Pro for more information.
Security
Coinbase Pro offers industry-standard security features, cold storage, and FDIC insurance. Its security features include two-step verification, biometric fingerprint logins, and AES-256 encryption for digital wallets. Coinbase also keeps 98% of customer funds stored offline in cold storage. The remaining 2% is held online and backed by Coinbase’s insurance policy, which may cover losses due to cybersecurity breaches.
In addition to its security features, all USD cash balances held in Coinbase’s custodial bank accounts are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per individual.
While all accounts come with robust security features, you’re responsible for creating a secure and strong password.
Opening a Coinbase Pro Account
If you want to create a Coinbase Pro account, there are two processes to follow depending on whether or not you’re a new or existing Coinbase user.
New Coinbase User
- Go to pro.coinbase.com
- Select “Get Started”
- Complete the signup form, then click “Create Account”
- Click the verification link sent to your email address
- After verifying your email address, you will be asked to provide a phone number
- Specify whether you want to create an ‘Individual’ or ‘Institutional’ account
- Depending on the account type selected, you will need to provide information about yourself or your institution.
- You have the option to link your bank account so you can fund your trading account with USD, GBP, or EUR. You can also skip this step and fund your account with Bitcoin or Ethereum.
Existing Coinbase User
- Visit pro.coinbase.com
- Click the “Sign In” button
- Sign in using your Coinbase.com email address and password
- If you have already verified a phone number with Coinbase, then you’ll be prompted to enter the Coinbase 2-Step Verification code.
- If you have not yet verified a phone number, then you’ll be asked to enter one.
- You may be asked to verify your identity, depending on which verifications you have previously completed in your Coinbase account.
- If Coinbase Pro supports trading with your region’s local currency (currently USD, GBP, or EUR), then you will have the option to link your bank and fund your trading account. You can also skip this step and fund your account with Bitcoin or Ethereum.
Customer Service
Coinbase Pro offers two different support pathways: email and Twitter. If users would like to receive an email regarding this support inquiry, they will need to fill out a form on Coinbase Pro’s website. Users can also get support through the Coinbase Twitter account.
Phone support is only available for users who want to close their Coinbase account. If you want to close your account, you can call +1 (888) 908-7930.
Customer Satisfaction
Like many other cryptocurrency exchanges, Coinbase Pro receives mixed reviews from users. On Trustpilot, the platform receives an average of 2.1 out of 5 stars across nearly 70 reviews. Several users express frustration over being unable to reach customer service, sometimes for up to months on end. Others mention concerns about platform fees and account lockouts.
Coinbase did issue a statement in January 2021 committing to an improved customer support experience, but reaching someone for support in a timely manner is still a challenge.
Account Management
Users can easily manage their accounts using Coinbase Pro’s mobile app or desktop browser. The online dashboard lets users view account balances, a real-time price chart, and an order form for purchasing, selling, or trading crypto. Users can also add payment methods or access customer service through the settings tab.
How Coinbase Pro Compares to Other Cryptocurrency Companies
Coinbase Pro is a leading global cryptocurrency exchange. While it does offer many positive features for users, its fees tend to be higher than competitors and its customer support options are limited. Here’s a look at how Coinbase Pro compares to another popular exchange, Binance:
Coinbase Pro vs. Binance
Coinbase and Binance are two of the largest crypto exchanges in the world. However, while Coinbase Pro is available to U.S. users, the Binance global platform is not; there are also some other important differences to be aware of:
- For international users, Coinbase Pro supports fewer cryptocurrencies than Binance’s global platform. For those in the U.S., Coinbase Pro offers more assets than Binance’s partner platform, Binance.US.
- Binance offers more charting options and overlays than Coinbase Pro.
- Coinbase Pro has higher trading fees than Binance.
- Binance offers a rewards program for holding BUSD on their platform, but Coinbase Pro does not yet have a rewards program.
Both Binance and Coinbase Pro offer a sophisticated trading experience. Overall, Binance offers more options than Coinbase Pro for global users. But for U.S.-based users, Coinbase Pro may be the better choice due to Binance’s limited offerings in the U.S. Additionally, Binance has a history of regulatory and security issues, while Coinbase Pro has a relatively good reputation when it comes to security. Given these concerns, Coinbase Pro may also be the better option.
Final Verdict
Overall, Coinbase Pro offers an excellent user experience, and it may be an ideal option for active traders. Users can buy, sell, and trade over 130 cryptocurrencies, and the platform offers fee discounts for high-volume trading. Additionally, Coinbase has a good reputation regarding security and compliance, making it worth considering if account security is a concern for you.
Methodology
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges are only considered for review if they are safe, secure, liquid, and either regulated by a proper agency or entirely decentralized.
