What Is Coinbase Pro
Launching in 2015 as GDAX then rebranded in 2018, Coinbase Pro is a cryptocurrency trading platform owned by Coinbase, Inc that is based in San Francisco. While Coinbase may be the most user-friendly place to purchase and sell cryptocurrencies, Coinbase Pro is geared for the more experienced trader. High volume traders can make use of advanced trading options like “fill or kill” orders to stop and limit orders. They also have a good review of their customer support. They have a dedicated team that can resolve most issues within minutes and phone support is available for the more urgent issues.
Setting Up Your Account
Set up is easy if you already have a regular Coinbase account. You can log into Coinbase Pro with your regular Coinbase login to link them together. This allows you to easily transfer funds between accounts. If you are only wanting a Coinbase Pro account, registration is easy and straightforward.
- Go to Coinbase Pro and select “Sign Up”.
- Follow instructions for registration that includes providing details like your email address and phone number.
- Verify your registration via email link.
- Once registered, you will be asked to provide information to verify your identity. United States users will be asked to provide a photo of their driver’s license or state ID. You will also have to complete address verification along with the last four digits of your Social Security number.
- After verification, you can link a bank account by going to your profile and choosing “Bank” from the dropdown.
- Options in your profile also include limits, API settings, Address Book, Statements, Taxes, and Margin.
- From your dashboard, you can view open orders and set up multiple portfolios.
- Trading is pretty straightforward. From the “Select Market” tab, you can select the currency pairs. These pairs include USD, USDC, BTC, DIA, and ETH.
- Coinbase Pro supports Bitcoin along with Augur, Basic Attention Token, Ox, Bitcoin Cash, Ethereum, Litecoin, EOS, Ethereum Classic, Stellar, ZCash, and Ripple.
- Coinbase Pro has relatively low trading fees and also charges no fees for cryptocurrency withdrawals and deposits.
Security is always a factor when choosing a trading platform and Coinbase Pro has several measures in place to keep your investments safe.
- To reduce the risk of a security breach, Coinbase Pro stores your Bitcoin and sensitive data around the world in offline safety deposits disconnected from the internet.
- Additional data security is added by splitting your data and securing it using AES-256 encryption before being copied tho FIPS-140 hardware and paper backups. These backups are also distributed around the world offline in vaults and safe deposit boxes.
- 2-factor authentication is required for logins, deposits, and withdrawals.
- Since digital currencies are not legal tender, they are not backed by the FDIC. Coinbase Pro is privately insured against employee theft, physical security, and cybersecurity.
- Although Coinbase Pro has a good support team, high volumes of support can lead to delays in responses.
- No mobile app available.
- When volume is high, the site can become unresponsive.
- Retail trading fees are higher than most of the other major exchanges.
- Lagging behind other top exchanges with their smaller selection of digital currencies available.
- Good User Interface for managing your digital currencies.
- Two-factor security for logins.
- Privately insured against hacking and theft.
- Although they don’t have a mobile app yet, accessing Coinbase Pro from your mobile phone browser is easy and easy to use.
- Has an alert feature for monitoring prices when they go above or below your target prices.
- After your account is set up and verified, buying and selling currencies is simple.
Coinbase Pro is a great choice if you are looking for an exchange with high liquidity and trading volume. The low transaction fees are great if you plan to trade often.