Coinbase and Coinbase Pro are two account types through Coinbase Global. These accounts surround the exchange of both established and newly rising cryptocurrencies. Each of these platforms cater to different investors and follow different cost structures.
Find out more which account type is best suited for your investment needs as we compare Coinbase Vs. Coinbase Pro.
What Is Coinbase?
Coinbase is an online platform where investors can buy, sell, transfer, or save cryptocurrency. It is a secure financial system with the goal of helping both passive and active traders invest into different cryptocurrencies.
Coinbase follows federal regulations and additionally allows investors to trade these digital assets into their local currencies.
What Is Coinbase Pro?
Coinbase Pro is a platform off of Coinbase that is best suited for active crypto or individual experienced traders. It contains advanced charting such as crypto-to-crypto trading pairs and supports 52 different currencies.
Additionally, it provides more types of transactions that active investors can utilize.
Mile High View
In short, Coinbase is a base level account for new crypto investors whereas Coinbase Pro is designed for those who have more experience in this type of investment. However, each platform comes with its own benefits and disadvantages.
|Fee Structure||.5% per trade, 1.49% for digital wallet, and 3.99% for credit card purchases||A maximum of .5% per trade, $10 per deposit and $25 per withdrawal|
|Features||Can withdrawal from digital wallet through Paypal, cryptocurrency price alert notifications, can use debit or credit card to acquire new currencies||Advance charting/trading options, low fees, API keys, and more trade options|
|Types of Transactions||Buy, send, sell, receive, and exchange||Buy, sell, deposit, withdraw, limit & stop orders, trade, and time in force order policies|
|Security/Privacy Features||Biometric fingerprint log in, insurance against data breach, FDIC insured, two step authenticator, and encryption on digital wallets||Biometric fingerprint log in, insurance against data breach, FDIC insured, two step authenticator, encryption on digital wallets, and whitelisting|
What Is the Difference Between Coinbase and Coinbase Pro?
Even though these platforms have similar names, we are going to highlight the key differences between Coinbase and Coinbase Pro through their fee structure, features, types of transactions, currencies supported, and security.
Coinbase has a more complex fee structure when it comes to its transactions. There is a percentage fee that gets accounted for depending what form of payment the trader is trying to use. For example, fees will differ depending on if the investor is making a trade, using their digital wallet, or credit card.
However, with Coinbase Pro this complicated fee structure is simplified. Coinbase Pro has the fee range of 0% to .5% per trade regardless of the trader’s transaction type. But, it is important to highlight there are wire transfer fees which are a $10 fee per deposit and a $25 fee per withdrawal fee.
Since Coinbase Pro is designed for those who have more experience in their investment journey, it provides more in-depth information and uses more technical jargon. For example, it provides advanced charting tools providing information such as the cryptocurrency’s exponential and moving averages.
Additionally, this platform has API Keys which allows an investor’s external or 3rd party apps to link with their account. Due to the plethora of resources available, this platform does require the investor to be actively involved.
Coinbase is designed to make buying and selling cryptocurrencies a simple and seamless process. This account is best for passive or beginner investors and it allows for a low account minimum. This form of account comes with great educational investor resources, digital storage, and customer support.
Types of Transactions
Since Coinbase Pro is outlined for active investors it does give the traders more flexibility and options on what form of transaction they wish to execute. Coinbase allows for the basic transaction types whereas Coinbase Pro additionally allows investors to execute limit orders, stop orders, withdraw, deposit, and time in order policies.
There isn’t much of a difference between Coinbase and Coinbase Pro when it comes to cryptocurrencies supported. The two currencies that Coinbase doesn’t support that Coinbase Pro does are Golem (GNT) and Loom Network (LOOM). Otherwise, the two platforms support the same major cryptocurrencies.
Both Coinbase and Coinbase Pro have similar security features. Ensuring investors are safe, they provide up to 250k FDIC insurance in addition to built in insurance in case of a data breach.
However, Coinbase Pro also provides Whitelisting for their active traders. This is an additional security feature which allows the investors to enable withdrawals to only go to specific addresses.
Pros & Cons of Coinbase
- Beginner and user friendly
- Simplified transactions & price alerts
- Educational investment resources
- Complex fee structure
- Does not allow withdrawals or deposits
- Does not have Whitelisting
Pros & Cons of Coinbase Pro
- Multiple trade options
- Cryptocurrency trade pairings
- API Keys
- Not Beginner Friendly
- No control on private keys
Which Cryptocurrency Platform is Best for You?
By understanding the difference between Coinbase and Coinbase Pro, you can be able to find out what platform is best sorted for you. Both Coinbase and Coinbase Pro provide benefits for a wide range of investors and is a great platform for those who wish to trade cryptocurrencies.
Frequently Asked Questions
Yes, due to its less complex fee structure Coinbase Pro is less expensive than Coinbase.
Yes, Coinbase Pro is as safe, or more safe than Coinbase.
Investors use Coinbase and Coinbase Pro to invest in cryptocurrency and diversify their portfolio.