Coinbase vs Coinbase Pro: is the upgrade worth it?
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Coinbase and Coinbase Pro are well-known cryptocurrency exchanges in the world of decentralized finance. While Coinbase is aimed at beginners because of its simplicity and user-friendly interface, Coinbase Pro is ideal for advanced and active traders.
In this Coinbase vs Coinbase Pro comparison guide, we take a look at the similarities and differences between these exchanges to determine if the latter is worth the upgrade.
We took a look at some integral features of both platforms, such as usability, fees, security, and supported transaction types. In addition, we evaluated the functionality of each person’s mobile application.
Coinbase vs. Coinbase Pro: A Quick Look
If you want a quick analysis of the two exchanges, here’s a table summarizing their notable features:
| Characteristics | Coinbase | Coinbase Pro |
|---|---|---|
| Friendliness | Great for beginners | Ideal for active traders and advanced users |
| Supported cryptocurrencies | 50+ | 50+ |
| Types of transactions | Buy, sell, trade and receive | Purchase, sale, withdrawal, deposit and exchange. Also supports effective time orders, limit orders and stop loss orders |
| Security functions | -Two-step verification -Insurance for an instance in which a Coinbase violation occurs -Connection by biometric fingerprint -AES-256 encryption for digital wallets – FDIC insurance for balances in USD |
-Two-step verification -Insurance for an instance in which a Coinbase violation occurs -Connection by biometric fingerprint -AES-256 encryption for digital wallets – FDIC insurance for balances in USD |
| Maximum negotiation amount | Depends on region and payment method | Unlimited |
| Costs | -0.50% for each transaction -3.99% for purchases by credit card -1.49% for purchases on a Coinbase bank account or wallet |
0% to 0.50% for each transaction |
As you can see, there are many similarities between the two, but with a more complete interface and lower per transaction fees, Pro is designed for advanced users and active traders.
Mobile app
The Coinbase mobile app is available for Android and iOS. It allows you to do the following:
- Send Bitcoins: You can send Bitcoins to your friends. Likewise, the app allows you to send crypto to merchants who accept Bitcoin as a payment method.
- Request Bitcoin: You can also request Bitcoins from your friends through the app.
- Access accounts: The app allows you to access your Coinbase vaults and wallets. Additionally, you can check the details of the transaction.
- Buy and sell: All you have to do is connect the app to your bank account. Then you can buy and sell Bitcoin on the go.
The Coinbase Pro mobile app launched in October 2019, and the company released the Android version a few months later in July 2020. It includes all the basic features of the Coinbase app, plus:
- Real-time candlestick charts
- Depth maps
- Types of advanced commands
- Intuitive shortcuts
- Order books
The Coinbase Pro app is available to customers in over 100 countries around the world.
Transactions
Both platforms allow transactions, such as receiving, sending, buying and selling. However, Coinbase Pro offers additional options, such as margin orders, limit orders, and stop loss orders.
User education
Both options come with a wide range of video tutorials, guides, and how-to articles to help crypto enthusiasts learn about market trends and stay up to date.
Availablity
Coinbase and Coinbase Pro are available in over 100 countries. However, certain types of transactions are restricted in certain regions.
Coinbase vs Coinbase Pro: Supported Currencies
Coinbase and Coinbase Pro both offer over 50 cryptocurrencies to choose from. They also accept fiat currencies for purchases, like euros, US dollars, and pounds sterling.
Some popular altcoins on the platforms include Ethereum, Litecoin, Bitcoin Cash, Uniswap, Aave, and Stellar Lumens.
Coinbase vs Coinbase Pro: Fees
The biggest difference between Coinbase and Coinbase Pro is the fee structure. Coinbase is more expensive than the Pro version.
Meanwhile, Coinbase Pro is cheaper and the fees differ depending on the amount of the transaction. Here is how it works:
- On a transaction less than $ 10,000, you will pay a 0.50% purchase fee
- On a $ 10,000 transaction, you will pay a 0.35% buyer fee
- On a transaction of $ 50,000 to $ 100,000, you will pay 0.15% maker fee or 0.25% taker charge
- On transactions in the amount of $ 100,000 to one million, you pay 0.10% maker fees and 0.20% taker fees
The taker charge is 0.01% and the maker charge is 0% for those stable pairs on Coinbase Pro:
- DAI – USDC
- DAI – USD
- PAX – USD
- PAX – USDT
- USDC – EUR
- USDC – GBP
- USDT – EUR
- USDT – GBP
- USDT – USDC
- USDT – USD
- WBTC – BTC
If you want to avoid the fees, it would be best to trade on Coinbase Pro. When you trade on Coinbase, your fees can add up quickly.
Suppose you spend $ 100 to buy cryptocurrency on both platforms. On Coinbase, if you buy altcoins using your cryptocurrency, you will be charged a 3.99% fee, which is around $ 4. If you use another method, the fee is $ 2.99.
Coinbase Pro would only charge 0.50% for this transaction – just 50 cents.
Coinbase Pro Fiat currency deposit and withdrawal fees
The table below shows the fees for depositing and withdrawing fiat money from your Coinbase Pro account:
| Currency type | To pay | Withdrawal |
|---|---|---|
| ACH | $ 0 | $ 0 |
| Wire (USD) | $ 10 | 25 $ |
| SEPA (EUR) | € 0.15 | € 0.15 |
| Swift (GBP) | $ 0 | £ 1 |
Coinbase Pro does not charge any registration fees. You also don’t have to pay any fees for holding your funds. You can keep funds in your account for as long as you want.
Coinbase Fees
Coinbase appears to have fees for just about everything except the ACH transfer. Here’s how the platform’s fees compare to Coinbase Pro.
| Costs | Coinbase | Coinbase Pro |
|---|---|---|
| Bank account | 1.49% | 0% |
| Wallet | 1.49% | 0% |
| Debit or credit card | 3.99% | 0% |
| ACH transfer | 0 | 0% |
It is important to note that these fees may fluctuate depending on the size of your order, liquidity and market volatility. Charges will be calculated when you place your order.
Coinbase vs Coinbase Pro: Security
Security on Coinbase and Coinbase Pro is the same. Both platforms are insured by the Federal Deposit Insurance Corporation up to $ 250,000 [14].
In addition, all accounts have biometric fingerprint logins and two-factor authentication. Coinbase also has an insurance policy that covers losses from breaches of its facilities.
Coinbase vs Coinbase Pro: user-friendliness
Both platforms are easy to use and very accessible. With either service, you can use the web browser or the mobile app to transact.
Since Coinbase only has basic transactions like buying, selling, and trading, it is easier to use for newbies. Meanwhile, Coinbase Pro has more features and information. It may seem intimidating to beginners and can be overwhelming if the user is not trained in advanced crypto trading.
However, it is easy to master both platforms after using them for a short time.
Is Coinbase Pro worth the upgrade?
Coinbase has all the features that someone new to the crypto market could possibly need. Coinbase Pro, on the other hand, is worth upgrading for users who are familiar with advanced features and understand how limit, stop, and margin orders are imposed on their assets.
If you are a beginner, Coinbase Pro may be too intimidating for you. Likewise, Coinbase could be restrictive for users who wish to explore all avenues of crypto trading.
If you want to save money on fees and feel comfortable navigating an advanced interface, Coinbase Pro may be the right choice for you.
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