Review of Coinbase Pro
Coinbase is one of the leading cryptocurrency trading platforms and was the first to become a public company by listing on the NASDAQ Exchange in 2021. Coinbase Pro is its offering to professional traders, with options and an interface that are specifically designed for experienced users.
Pros & Cons
What can I do with Coinbase Pro?
On Coinbase Pro you can trade cryptocurrency and get some of the best prices offered by any exchange around. It offers lots of advanced trading features, particularly in the form of tools and charts to track and analyse the market.
Pro comes with a dynamic fee structure, which means you’re charged lower fees the higher your trading volume and you can trade coins with a maximum leverage of up to 3x. What’s more, its API lets you create your own secure trading bots.
Coinbase Pro cryptocurrencies and trading options
Which cryptocurrencies can you trade on Coinbase Pro?
All the leading coins are available on Coinbase Pro and there are approximately 50 different coins available in total. You can buy them with Bitcoin or fiat currencies like USD, GBP, and EUR, and there are roughly 100 pairs available as well.
The exact rules over which coins you can trade and which pairs are available depends on your location, so it’s important to check out the platform’s restrictions in your area before you start.
Major cryptos traded on Coinbase Pro
- Bitcoin Cash
- Basic Attention Token
- Kyber Network
Coinbase Pro core currency pairs
All Coinbase Pro trading options
Coinbase Pro only offers spot trading of coins/tokens and pairs.
Can I trade with leverage on Coinbase Pro?
Yes, Coinbase Pro allows you to trade with up to 3x leverage.
|Product (CFDs)||Maximum leverage||Margin|
What are the spreads?
Coinbase Pro charges a fixed taker fee between 0.04% and 0.50% and maker fee of between 0.0%-0.50% on every transaction. Maker/taker fees decline based on your 30 day trading volume.
Fees, limits, and payment options on Coinbase Pro
Fees on Coinbase Pro are based on your trading volume so are unique to each user. You don’t have to pay to create or own a Coinbase Pro account but there are some fees for deposits and withdrawals, although these also vary depending on which currency you use.
A lot of the limits on Coinbase Pro can be altered in your own account settings. You can request an increase in deposit or withdrawal limits and there is no limit on the amount of orders you can place.
Varies by currency
$10/$50,000 per day
Varies by currency
$25/$50,000 per day
1-2 working days
How much are Coinbase Pro’s fees and commissions?
Coinbase Pro offers a sliding scale of fees depending on how much you trade. So for high volume traders the fees can be quite minimal.
|Fee type||Fee amount||Commission|
Coinbase Pro trade sizes and limits
One of the big advantages of Coinbase Pro to experienced investors is its lack of trading limits. Minimum trade sizes are very small and there is no limit on the maximum end, although this can change as individual accounts may have different limits on them.
|Product||Minimum trade||Maximum trade|
|Cryptocurrencies||0.001 BTC||No limit|
|Crypto futures||0.001 BTC||No limit|
Coinbase Pro trading platform
What devices can I use Coinbase Pro on?
Coinbase Pro features a web-based platform for storing, buying, and selling cryptocurrency. A mobile app with encouraging customer reviews is also offered, which is available on both iOS and Android mobile devices.
- iOS Mobile Devices
- Android Mobile Devices
Can I use Coinbase Pro in my country?
Coinbase Pro supports users from over 100 countries, including the U.S., Canada, Italy, and Luxembourg. Select your country from the list below to see if it is available to you.
Is Coinbase Pro available in my language?
Currently, Coinbase Pro supports over a dozen different languages including English, Spanish, Portuguese, and French. Select your language from the list below to see if it is available for you.
How easy is it to use Coinbase Pro?
Coinbase Pro is aimed at experienced users, so it’s not as user-friendly as the regular Coinbase interface. The sheer amount of information available to you could be overwhelming for a new user, but for those who are used to trading cryptocurrency it provides a lot of useful data.
Any beginner looking to get into cryptocurrency for the first time would be better off sticking to Coinbase rather than using the Pro version.
Coinbase Pro offers a world-class, feature rich trading platform. Here are some of the broker’s key features.
Coinbase Pro stores the vast majority of its digital assets in secure offline, cold storage wallets to keep them safe and away from hacker threats. Your wallet keys are protected by Secure Enclave and biometric authentication technology.
Simple order process
Complete your trades in as little as 3 clicks by selecting the coin you wish to buy/sell, the order price, and confirming the transaction.
All Coinbase Pro client assets held in storage are fully insured and all USD balances are covered by FDIC insurance, up to a maximum of $250,000 per customer.
Security and regulation
Is Coinbase Pro safe?
Coinbase Pro implements a series of measures to make each transaction as safe and possible, protect your data, and the assets you are trading. For starters, it uses separate passwords and two-step verification for each device you use the platform on.
To prevent attacks, Coinbase Pro uses SQL injection filters and verifies the authenticity of all POST, PUT, and DELETE requests. It also limits a variety of actions on the site, including login attempts. Although no platform is impenetrable, Coinbase Pro is constantly improving its security protocols to protect your funds which should be commended.
Am I and my cryptocurrency protected?
Yes, 98% of assets stored by Coinbase Pro are held secure offline storage. Coinbase Pro promises customers “sensitive data that would normally reside on our servers is disconnected entirely from the Internet.” The data is encrypted and transferred to USB drives and paper backups, stored in deposit vaults across the globe.
If you are used to trading big sums, you also benefit from the Coinbase Pro vault option. This feature provides delayed withdrawals, granting you up to 48 hours to cancel. Besides these features, Coinbase Pro holds all of its fiat currency in a USD wallet covered by FDIC insurance, so in case of insolvency, customers’ capital is protected up to $250,000.
Is Coinbase Pro regulated?
Yes, Coinbase Pro complies with all applicable laws and regulations in each jurisdiction in which it operates. The company is registered as a Money Service Business with FinCEN and is required to comply with several financial services and customer protection laws as a result.
Do I have to verify my account with Coinbase Pro?
Yes, as a regulated financial services company, Coinbase Pro is required to identify the users on its platform. It follows a KYC (Know Your Customer) policy that implies that all accounts and their users are verified before trading.
Although Coinbase Pro doesn’t require you to provide your SSN (Social Security Number) to open an account, you will be asked to provide two pieces of valid ID as well as additional background information for tax reporting purposes and to comply with the anti-money laundering laws of the United States.
On the main page, at the bottom, you will see a section called “Learn”. By clicking through you will learn the basics of trading cryptocurrencies and other tips and tricks to help you get more familiar with the process.
There is also an entire section of useful information on the taxes you might have to pay if you are a citizen and taxpayer of the United States when trading cryptocurrency. Coinbase Pro is one of the first brokers we have seen provide this.
Tools and charting
The Coinbase Pro trading platform comes with logbooks, charting capabilities, and a straightforward ordering process. It collects trading history and allows for backtesting whenever you want.
Coinbase Pro trading APIs also enable any professional trader to create automated trading bots, which enable enhanced trading strategies with custom setups.
Currently, Coinbase Pro doesn’t offer phone support with a live agent. But you can use the “Dialogue” chat box in its help section to reach support or you can submit a ticket via the “Contact us” page.
From searching online, it appears that customer support isn’t very responsive so you may want to take advantage of the support section to answer your questions to the extent possible.
Coinbase Pro trading volume has skyrocketed in the last couple of years because it offers traders a secure platform and wallet for their digital currencies. The Pro platform is intelligent and suitable for newer traders up to seasoned pros. Although it lacks the generous crypto coin rosters of other trading platforms, Coinbase Pro is one of the easiest, most intuitive platforms you can use that also offers a bevy of features and tools.
The trading fees are also in line with what is normally charged by other brokers, but given the advanced security features including a status update page where you can track any outstanding platform issues and the fully insured deposits you receive, it is a bit of a discount in reality. Coinbase Pro is great for its simplicity and the advanced tools and security are a welcome addition.
The fact Coinbase is now a public company adds a layer of security and reputability to the platform, and as the level of disclosure is higher it’s a much safer place to invest with than some of its competitors.
How to buy and sell cryptocurrency with Coinbase Pro
How to buy crypto on Coinbase Pro
- Log into your Coinbase Pro account
- Select the type of cryptocurrency you want to buy
- Enter the amount you want to buy denominated in your account’s local currency
- Select the wallet you wish to have your funds deposited to
- Select your preferred payment method
- Confirm the order and click “Buy”
How to sell crypto on Coinbase Pro
- Click the Trade button
- Select Sell
- Select the crypto you want to sell
- Then select your wallet and click on Withdraw
Coinbase was founded in 2012 and is currently owned by one of the co-founders, Brian Armstrong, who is also the CEO. Coinbase is headquartered in San Francisco, CA.
Out of the fees it charges for the trading transactions on its platform, as well as from the 3.5% processing fee for every withdrawal and deposit via credit cards and other payment fees.
It depends on where you live. Tax laws vary by country but its likely traders in the US, UK, or EU will have to pay some form of tax on any profits that come out of Coinbase Pro. Check your local laws to be sure.
To close your account, select the “Close Account” button located near the button of the Activity page. You need to have a zero balance before deleting your account. The action is permanent and cannot be undone.
Yes, you can short some of the most popular cryptocurrencies on Coinbase Pro.
Click “Sign In” from the Coinbase Pro main page. Select the “Forget your password” option and enter your email used to register your Coinbase Pro account. Click on the “Reset Password” button and wait for an email to be sent to your inbox.
Yes, you can select PayPal as a method to receive funds from your Coinbase Pro account.
All your open trades are saved in real-time and your funds are protected at all times.
Yes, your Coinbase Pro account history can be found under the “My Orders” tab and “My Portfolios” section.
Yes, you can use Bitcoin, Ethereum, and other supported altcoins to add funds into your Coinbase Pro account and use them for trading.
No, currently there are no bonuses offered by Coinbase Pro.
No, Coinbase Pro runs a full KYC system and in accordance with the rules it requires full identification of all clients who set up a trading account using the platform.
Yes, Coinbase Pro provides an integrated wallet where users can securely store coins and collectibles.
To withdraw your funds, sign in to your Coinbase Pro account and click on the Withdraw button next to the relevant cryptocurrency in the Balances section. Type in the amount you wish to withdraw in the pop-up window and click “Withdraw”.
There are online reports by multiple users or former users attesting that they have previously had their accounts hacked. A company insider has said anonymously that these were not hacks, but rather successful phishing attacks.