But can Coinbase Pro be beneficial for you, and how can you switch to it from your standard account?
What Is Coinbase Pro?
The first thing you’ll notice when using a Coinbase Pro account is how its layout differs from a standard account. Below, you can see a comparison between the trading pages of both the standard and pro versions of Coinbase’s exchange.
Here’s the standard trading page on Coinbase:
And here’s the trading page for Coinbase Pro:
As you can see, the Coinbase Pro trading page appears to be far more complicated than that of the standard account. In fact, even the “Advanced Trading” option on a standard Coinbase account is less complex than that you’d encounter using a Pro account. This is because Coinbase Pro is designed for professional traders, rather than those who trade casually or rarely do anything with their crypto holdings.
Most beginner or casual crypto traders only need a few basic exchange features, such as the ability to buy, sell, trade, convert, and stake their funds. Many crypto owners never wander beyond these core features, which is why a standard Coinbase account keeps it simple and sticks to the options that such users are more likely to both understand and use.
But there are thousands of individuals in the crypto industry that want to take their crypto holdings a step further. These experienced users are likely to use more advanced features to expand their portfolios, and such features are offered on a Coinbase Pro account.
Coinbase Pro Features
Coinbase and Coinbase Pro have several differences. A key feature offered by Coinbase Pro alone is multiple trading options, including stop and limit orders. Stop orders allow users to set a sell price for their crypto assets to minimize their losses, while limit orders allow users to set a buying point when they believe that a crypto they want to buy may soon drop in value (which lets them grab it at a lower price if this happens).
On top of this, Coinbase Pro offers some more advanced charting for experienced traders. As you may have noticed in the screenshot of the Coinbase Pro trading screen above, the page is very busy, with hundreds of different figures flashing red and green.
This is because the Coinbase Pro trading page is designed to fit in as much information as possible. Using Coinbase Pro, you can view live moving averages to get a better idea of how any given coin is performing within the market.
But this doesn’t mean that you can only view basic statistics using a standard Coinbase account. As you can see in the screenshot below, you can view the order book, candle chart, and trade history of a pair by simply clicking on the pair on your basic trading page. So, there are only a few specific additional analytics you can access on Coinbase Pro, which means you may not need to switch accounts.
There’s also one extra security feature offered by Coinbase Pro, known as whitelisting. This feature ensures that only wallet addresses in your address book can receive funds from you. So, if you use whitelisting and your account is compromised or hacked, it will be harder for money to be sent to a new address, as it needs to first be put into the address book and listed as safe.
Now, let’s talk fees. Currently, Coinbase Pro charges its maker and taker fees depending on the amount of money being moved within a transaction. For example, if an individual sells $12,000 dollars in Ethereum, they’ll be charged a 0.25% maker fee. But if another individual sells $60,000 in Ethereum, the maker fee drops to 0.15%. Coinbase has a dedicated page listing all the Pro account features.
Users with a standard Coinbase account, on the other hand, will never be charged a maker or taker fee but will be charged a spread fee of 0.5% for buying and selling crypto.
How Are Coinbase and Coinbase Pro Similar?
One thing you can be assured of whether you’re using Coinbase or Coinbase Pro is that you’ll be able to buy, sell, or trade the same number of cryptocurrencies. Both account types offer over 120 different cryptocurrencies, from market leaders like Bitcoin and Ethereum (which is different from Ethereum Classic), to lesser-known tokens like SUKU and Kryll.
Coinbase and Coinbase Pro also offer many similar coin metrics, aside from some additional, more complex analytics that can only be accessed with a Pro account.
For the most part, Coinbase and Coinbase Pro also offer the same security features, including two-factor authentication, insurance for USD wallets up to $250,000, and cold storage of funds. The only feature only offered by Coinbase Pro, as mentioned above, is the wallet address whitelisting option.
So, if you’re not looking to trade crypto professionally on a very regular basis, you probably don’t need a Coinbase Pro account. The majority of the features offered by Coinbase as a whole can be accessed using a standard account, and you may find yourself diving in at the deep end if you use a Pro account if you’re not thoroughly experienced in crypto trading.
But if you think a Coinbase Pro account may be beneficial for you, how can you make the switch?
Switching to a Coinbase Pro Account
Switching to a Coinbase Pro account cannot be done on the interface of your standard account. Instead, you need to sign up for a separate Coinbase Pro account. But don’t worry, your standard and Pro account will be immediately linked if you sign up for Coinbase Pro using the login details of your standard account.
To open up a Coinbase Pro account, enter open Coinbase Pro account in your search engine. Then, you should be met with a search result called “How to Open a Coinbase Pro account”. Alternatively, you can hop instantly to the page here.
Then, click on the here link in the first line of text on the page, and you’ll be taken to the Coinbase Pro sign-up page. Enter the login details you use for your standard account, and you should be taken to the trading page of your new Coinbase Pro account.
Now, you can trade using Coinbase’s Pro’s advanced features! Be mindful that you now still have your standard account which you can still use to buy, sell, trade, swap, and stake your crypto. Coinbase Pro just gives you that added layer of professional features if you’re an experienced trader.
However, it is entirely free to start using Coinbase Pro; if you’re still unsure about it, you can open an account quickly and easily to see if it works for your needs.
How to Transfer From Coinbase to Coinbase Pro
There are two ways to send funds back and forth between your standard and Pro accounts.
If you want to transfer funds from your standard account to your Pro account, you’ll first need to head to the trading page in your Coinbase Pro account. Then, select the Deposit option under the Wallet Balance section, and select a currency. After that, select your Coinbase account as the sender, and enter how much you’d like to transfer. Click Deposit, and your funds will be sent over.
Alternatively, if you want to transfer funds from your Pro to your standard account, go to the trading page on your Coinbase Pro account again, but click Withdraw this time under Wallet Balance. Then, the process is the same, wherein you select a currency type and enter your desired amount to transfer. Then, click Withdraw and your funds will be moved.
Coinbase Pro Is Certainly Useful, but Not for Everyone
While opening a Coinbase Pro account can certainly be beneficial to individuals who trade very regularly, it can be a little overwhelming for those who are at a beginner or intermediate knowledge and experience level in the crypto industry. So, consider the points above if you’re interested in opening a Coinbase Pro account, as they will help you in determining whether it’s a suitable option for you.
