Cryptocurrency Exchange

Coinbase Pro Review 2022: Advanced Trading Features, How To, Pros & Cons

Written by: Delma Wilson

Written by right arrow

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

  • author facebook
  • author twitter

Mar 13, 2022

news-image

What do you gain when you are offered an advanced trading platform which is already operated by the well-renowned platform Coinbase.

Obviously, you will find it appealing. If you find this captivating and looking for an exchange that is ahead of the pack. Then this article is definitely for you!

Without further delay let’s review one of the top Cryptocurrency exchanges, Coinbase Pro. It is a centralized exchange with a diverse range of crypto tokens. It is basically known for its security and fast execution of trades.

One of the interesting facts about Coinbase pro is, it provides insurance for your funds when hacked.

Don’t miss out on a bus that is the champion in the cryptocurrency exchange market. In this article, you will get insightful information about Coinbase Pro and how it works!

Overview

Legal Name Coinbase Pro
Official Web Addresshttps://pro.coinbase.com/
HeadquartersNo headquarters
FoundersBrian Armstrong.
Exchange TypeCentralized
Trading OptionsSpot trading, margin trading
Trading feesMaker fee: 0.00% : Taker fee: 0.05%
Trading pairs39
Native TokenNo
Deposit methodsCryptocurrency, ACH, Wire, SEPA, Swift.
Deposit feesWire: $10 USD, SEPA: 0.15 EUR
Withdrawal methodsExternal wallet, ACH, Wire, SEPA.
Withdrawal fees Wire: $25 USD, SEPA: 0.15 EUR
Supported Countries 100+
Restricted countriesIran, Iraq, Afghanistan, US and more
Supported Fiat currenciesUSD, GBP, and EUR.
Mobile AppApple store and Google store
Customer SupportHelp center.

What is Coinbase pro?

Launched in 2015 by Brian Amstrong, who is also the founder of the lead firm Coinbase.inc. Coinbase Pro is the most cutting-edge technology in the world of crypto exchanges.

This exchange is officially operated by Coinbase. Earlier it was known as GDAX(global digital asset exchange). In 2018 it was renamed Coinbase pro.

 As you can see it offers a variety of features for everyone. The platform offers to buy, sell, earn and learn cryptocurrencies.

It has more advanced charts and a broad range of crypto assets. This is specifically designed for professional traders, adding more complicated tools.

Exchange offers more than 50 cryptocurrencies to trade, buy, sell and earn. It has equal opportunities as Coinbase. 

Why Coinbase Pro?

Coinbase pro is generally known for its complex and sophisticated security. This sets up features like 2FA, verification is needed every time you log in, and much more.

It provides high liquidity and has an automated user platform. You may want to trade right away because of its easy-to-use interface. 

Detailed examination of your identity is done so that there are no fake users. This exchange is most popular in the U.S. It offers all the advanced tools and analysis that skilled traders desire.

Its trading volume is high compared to other exchanges.

Is it Safe and Legit?

Yes, Coinbase pro is safe and legit because it offers the world’s best security features. It has maintained its image as a trustworthy source over the years.

The exchange offers security features like 2FA, biometric fingerprint logins, and wallets are encrypted with AES-256. 

Also insurance upto $2,50,000. Your records are protected by FDIC. Only 2% of the funds are stored online in hot wallets. Whereas 98% of the user’s currencies are stored offline in cold wallets.

The security also depends on you, how strong you create your login password. You are sent a code to your phone every time you login in to your account. This ensures the user’s security.

Pros And Cons

 Pros

  • Robust security features.
  • Easy on the eye for professional traders.
  • Offers High liquidity.
  • Supported by FDIC insurance policy.
  • Free ACH transfer.

Cons

  • Margin trading is not yet available in most of the countries.
  • Beginners may find it difficult to understand the interface.
  • Customer support is slow.
  • KYC procedures are comprehensive.
  • Short supply of crypto currencies.

Coinbase Pro Features

  1. Coinbase listing: When crypto currencies are listed for the first time on coinbase pro, the price shoots up. It records tremendous profits and higher gains.

For example Polkadot prices rose 17.4%.When It was stated that it is going to be listed on Coinbase pro.

  1. Advanced Charts: Coinbase pro upgrades your trading by providing charts powered by Trading view, limit orders, order books, and low fees for high volume trading.
  1. Liquidity: Exchange offers a high liquidity trading platform. Individual users can withdraw $10000 and organizations can withdraw $50000. If you want to withdraw more funds then you have to take approval from the exchange.
  1. Coinbase earn: You will be able to earn cryptocurrencies if you learn. You have to pass a quiz test to earn. You will find various guide articles on the dashboard.
  1. Payment types: You can make payment by debit/credit card, ACH, SEPA(EUR), Wire(USD), Swift(GBP) and coinbase. It does not accept bank cheques. If received it will be destroyed by the exchange.
  1. Orders: Coinbase pro offers margin, stop, limit, and market orders. Margin order is allowed for specified users only. You can buy crypto using Google  pay and Apple pay.Each order shows size, price, fee, time, product, and status.
  1. Coinbase Pro wallet: This wallet secures private keys. Uses two factor authentication so that your account is safe.It is adaptable to outdoor wallets. You can store your private key and crypto currency in a different wallet. 

Fees And Limits

For wallet service, Coinbase pro does not charge for transferring your cryptocurrency from one wallet to your supplementary wallet.

For market order, the fee is charged between 0.04% and 0.50%. This is called the taker fee. When your order gets matched with another trader then you will be charged a maker fee between 0.00% and 0.50%.

For all stable pairs, taker fee is 0.01% and maker fee is 0.00%.

Following is the chart which displays the fees charged by Coinbase Pro.

For fiat deposits and withdrawals the following fee is charged.

No fee is charged for signing up and possessing funds in your Coinbase pro account.

Crypto Currencies Available

There are more than 50 currencies and 39 trading pairs accessible for U.S customers. Offers both types of trading. Many exchanges do not offer crypto to fiat trading. This platform allows you to trade both crypto/fiat and crypto/crypto assets.

Below are some of the important cryptocurrencies listed on Coinbase pro

  • Maker
  • Aave
  • Bitcoin
  • Binance
  • Uniswap
  • Polkadot
  • Chainlink
  • Ethereum
  • Litecoin
  • Cosmos(Atom)

Popular trading pairs on Coinbase Pro are

  • BTC-USD
  • ETH-USD
  • XRP-USD

And many more you will find on pro.coinbase.com.

Coinbase Pro Supported Countries

Coinbase is available in 100 + countries. The exchange is trying very hard to provide their service in every country.

Below are some of the countries, Coinbase Pro is available in :

  • North America( 18 countries supported)
  • South America (8 countries supported)
  • Europe (39 countries supported)
  • Asia (21 countries supported)
  • Oceania (1 countries supported)
  • Africa (13 countries supported)

US states are not yet supported byoinbase Pro including Hawaii.

Coinbase Pro Mobile App

 The latest Coinbase Pro mobile app is known for its rapidity, user-friendliness, and straightforward trading experience. It is designed to deliver top-class security all around the world.

This app is available for both Android and IOS. You can control your trades at any time and from anywhere. This helps the investors to save time. The mobile app is quick, it takes less time to execute the orders.

For android, it takes 57 MB space of your mobile and has a rating of 3+. This mobile app has been the center of attention for professional traders, which has put others in the shade.

It offers both the facilities like fiat to crypto or crypto to crypto accounts. You can deposit, withdraw, buy and sell within minutes in contrast to the desktop version. The mobile app also provide password verification. Nevertheless, it offers the same fees as the desktop version. 

How to Sign Up On Coinbase Pro?

  1. Go to the homepage of pro.coinbase.com. Click on ‘Get Started’.
  2. Fill in the details. Agree to user agreement and privacy policy.
  1. Tap on ‘Create an account’. Confirm your Email address which is sent to your Email.
  2. Input your phone number. A code will be sent to your mobile number to verify it’s you.
  3. Enter the code. Tap to ‘Submit’.

Note:

If you already have an existing account in Coinbase Pro . Please consider providing the same login details that you have used for Coinbase.

As a result of doing this, your Coinbase account will be linked to the Coinbase pro account. By doing so, you will be able to transfer your digital assets between these accounts.

Meanwhile, you will be asked to agree to user terms. You will be asked to verify your identity. Once you complete this, you will be able to trade your assets.

Make sure you don’t have a separate account for Coinbase and Coinbase pro. Use the same login details for both accounts.

How to Verify your account on Coinbase Pro?

 Coinbase pro involves two ways of Identification. You will be asked for details based on your region. For a quick and easy method, use Coinbase pro mobile app.

  1. Go to the dashboard of Coinbase pro. Click on ‘settings’.
  2. Press ‘ Identity verification’
  • For U.S Citizens : You require State ID and driver’s license.

                  Fill in the answers and complete your verification.

  •  For Singapore, Canadian, Australian and Europe citizens: you have to upload any two of these ID’s like driver license, passports or national ID.
  • For Uk Citizens: You have to upload any one of these documents like passport, State Id or driver license.

Fill in the answers and complete your verification.

   3.You will get an Email confirmation whether your Id is verified or not.

How to recover your password on Coinbase Pro?

Go to ‘Password reset page’. Type in your Email address and Tap on ‘reset password’. You will receive a link on your Email. Click on the link and you will be directed to a new page.

Set your password and press the ‘Confirmation’ button. It may take more than 24 hrs to reset your password If you are logged in from a different device.

How to Deposit on Coinbase Pro?

For desktop

  1. Go to the dashboard of Coinbase Pro. 
  2. Navigate to ‘wallet balance’, which is located at the top left corner of the page.
  3. Select Deposit. A box appears displaying currencies.
  4. Select the currency you want to deposit. 
  5. Choose whether you want to deposit through SEPA transfer or Coinbase.com.
  6. Input the amount you want to Deposit. 
  7. Tap on ‘Deposit’ which is located at the bottom of the page.

For Mobile

  1. Download the mobile app. Verify your account.
  2. Go to the portfolio, which is located at the bottom of the page.
  3. Select the token you want to Deposit.
  4. You have two options available.They are crypto addresses and coinbase.com.
  5. For a crypto address you have to enter a wallet address. Input the amount. Click on Deposit.
  6. For coinbase.com, you just have to input the amount. Press the deposit  button below.

Note: For depositing USD or any other currency funds you can use bank transfer or wire transfer.

How to Withdraw on Coinbase Pro? 

For desktop

  1. Login to your account. Go to ‘Wallet balance’.
  2. Select ‘withdraw’ option. 
  3. Choose the token you want to ‘Withdraw’.
  4. Select ‘SEPA transfer’ or ‘Coinbase.com’.
  5. Type in the amount you want to withdraw. Click ‘withdraw’ at the bottom of the page.

For Mobile

  1. Open the Coinbase pro app on your mobile.
  2. Go to the ‘Portfolio’ option, which is located at the bottom of the page.
  3. Select the asset you want to withdraw.
  4. Select crypto address or Coinbase.com.
  5. Enter the amount. Click ‘withdraw’.

How to Buy Cryptocurrencies on Coinbase Pro?

For desktop

  1. Go to pro.coinbase.com.
  2. Under the trade portfolio you will find ‘wallet balance’.
  3. Go to ‘select market’. Choose the pair you want to buy.
  4. Click ‘buy’ below the order form.
  5. You are required to set the market, limit or stop order.
  6. Enter the amount. Hit ‘place buy order.

For mobile

         1. Unlock Coinbase pro on your mobile.

         2.Go to the bar graph icon which is located at the bottom.

         3. Search for the crypto pair you want to trade.

                 For example: BTC – USD

          4. Click on the pair. Hit ‘Buy’ option located below.

          5. After that you have the option to set a limit, market and stop order.

             Enter the amount. Click on ‘Preview order’.

         6.If you are satisfied with the fee, hit ‘ place buy order’.

How to sell cryptocurrencies on Coinbase pro?

For desktop

  1. Go to the dashboard of Coinbase pro.
  2. Go to the ‘trade’ option located on the top left corner.
  3. On the drop down menu, ‘select market’. Choose the pair you want to trade.
  4. Click ‘sell’ located below the order form.
  5. You are required to set the market, limit and stop order.
  6. Enter the amount. Hit ‘place sell order’.

For mobile

  1. Open Coinbase pro app on your mobile.
  2. Go to the bar graph option which is situated below.
  3. Search the crypto pair you want to trade. For example: ETH – USD.
  4. Tap on to the pair. Hit ‘sell’ option.
  5. Set limit, market or stop order. Enter the amount.
  6. Tap on ‘Preview order’. If you are convinced with the fee then tap on ‘Place sell order’.

Customer Satisfaction

Professional traders are satisfied with its advanced trading features. The reviews this exchange has received are both positive and negative.

Currently, for mobile apps, it has 21k reviews and 3+ customer ratings. Most of the complaints are regarding customer support.

Like every other exchange, the complaints are mostly about blocked accounts, not able to withdraw funds, and much more.

It charges fewer fees compared to its parent company, Coinbase. It may seem to be difficult to understand the pro features for freshmen. Solving every customer complaint is not as easy as shooting fish in a barrel. 

FAQ’s

  1. What kind of IDs are not accepted for verification?

          Student ID and Hospital ID are not accepted for verification.

  1. Which is best for small investors, coinbase or coinbase pro?

Coinbase charges high fees and it is best for beginners. On the contrary, pro app have advanced features and charge less fees. It is you who decide which is best for you.

  1. Is Coinbase wallet safe?

It is deemed as one of the protected and secured wallets in the world. As it is integrated with coinbase users feel secure to store their cryptocurrencies here!.

  1. Are transactions traceable in Coinbase pro?

They are certainly traceable. Coinbase is not an anonymous company. The transactions are not accessible by the public. 

 Closing Thoughts

Generally speaking, it has bestowed its users with an excellent crypto trading platform. It is owned by one of the notable crypto exchanges Coinbase. It offers various steps for identity verification. Certainly making Coinbase pro one of the safest platforms to trade.

Sometimes if the liquidity conditions are not met then trading will be disabled. If you are in search of the best security exchange then Coinbase Pro is definitely for you.

It is developing and upgrading itself day by day. The growth of this exchange is unstoppable. Thus making it the most secure and reliable exchange for now.

coinbase - 9

9

Coinbase Pro Ratings
  • Currency Support
  • Online Reputation
  • Fees
  • Customer Support
Overall
4.1

Pros

  • Seamless trading experience with the highly intuitive trading interface
  • High liquidity across their trading pairs
  • Secure platform with private and FDIC-backed insurance protection
  • Backed by a reputable company and fully regulated in the US

Cons

  • Extensive KYC procedures
  • Fewer altcoins to choose from in Australia
  • Not ideal for beginners
  • The trading fees for retail investors are higher than other major exchanges

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button