Coinbase vs Coinbase Pro – Which is Better?
Barbara Thompson
Coinbase and Coinbase Pro are two distinct platforms owned by the same holding company Coinbase Global Inc. While Coinbase is more suited to beginners, Coinbase Pro is a sophisticated trading platform for more experienced investors.
This guide examines Coinbase and Coinbae Pro platform’s account options and compares them based on features, security, ease of use, fee structures, and supported currencies.
What is Coinbase?
Coinbase is a simple cryptocurrency trading platform where newbie traders can buy and sell cryptocurrencies, including Bitcoin, Ethereum, Ripple, Dogecoin, etc. The crypto exchange has over 89 million users and $278 billion in assets. The platform is user-friendly with a swift setting up and verification process.
What is Coinbase Pro?
Coinbase Pro is a cryptocurrency exchange for professional crypto traders and higher-volume traders. It provides a safe and straightforward means to purchase, sell, and trade digital assets in various trading pairs via the internet.
Coinbase vs. Coinbase Pro
| Parameters | Coinbase | Coinbase Pro |
|---|---|---|
| Best for | Crypto newbies/beginners | Advanced crypto-traders |
| Number of cryptocurrencies supported | 150+ | 250+ |
| Fees | 0% to 0.50% per trade, 2.49% fees for Coinbase card transactions, and the fee varies for banking. | 0% to 0.50% per trade |
| Security features | FDIC insurance for USD balances, 2FA, cold storage, biometric fingerprint logins. AES-256 encryption for digital wallets, | Cold storage and AES-256 encryption for digital wallets, fingerprint login, 2FA, and FDIC for US citizens. |
| Types of transactions supported | Buy, sell, send, receive, and exchange | Buy, sell, deposit, withdraw, trade, and execute trades with limited orders. |
| Maximum trading amount | Limits depend on your payment method and location. | Unlimited |
| Usage | Coinbase is designed for personal use | Coinbase Pro is intended for commercial use. |
| Unique features | Schedule recurring crypto purchases, time-delayed withdrawals with vault protection, insured, offline storage of assets. | API support for trading bots, advanced trading tools, order types and charts, address book, and whitelisting. |
| Deposits | Free ACH transfer, $10 wire deposit, 2.5% for PayPal. | Free ACH transfer, $10 wire deposit, $25 wire withdrawal |
Coinbase vs. Coinbase Pro: Fees
Standard Coinbase is an ideal option for newbies, but it can be pricey, except you opt for a buy and hold strategy. Coinbase charges a 1.49 % fee for USD Wallet, while a Debit/Credit Card will cost you $3.99. ACH (Bank Account) Transfers are free, while Wire Transfers have a $10 incoming and $25 outbound fee. Additionally, there is a 2% fee for Crypto Conversion.
Coinbase Pro is a premium version of Coinbase that caters to high-volume traders. They operate on a maker-taker fee model, in which customers get fee reductions based on the number of trades they make on the site. These Coinbase pro trading fees start at 0.60% and fall as the monthly trading volume of more significant volume dealers increases.
Coinbase exchange charges a higher amount for either a flat rate or variable fee based on the payment method. Coinbase Pro gets lower-cost transactions with higher dollar transactions.
For example:
- Transactions amount to less than $10,000. You need to pay a 0.50% taker fee or 0.50% maker fee
- Transactions between $10,000 to $50,000 you need to pay a 0.35% taker fee or 0.35% maker fee
- Transactions between $50,000 to $100,000 you need to pay a 0.25% taker fee or 0.15% maker fee
- For transactions between $100,000 to $1 million, you need to pay a 0.20% taker fee or 0.10% maker fee
Here is a free comparison table of both exchanges:
| Fees | Coinbase | Coinbase Pro |
|---|---|---|
| Bank account transfer | Varies | 0 |
| Debit/credit cards | 2.49% | 0 |
| ACH transfer | Free | Free |
| Crypto conversion Fees | 0.50% to 2% | 0.50% to 2% |
| Purchases Fee | 0% to 0.50% | 0% to 0.50% |
| Trading Fees | $0.50 | $0 to $0.50 |
Winner: Coinbase Pro is a clear winner here as its fees reduce if you trade more.
Difference between Coinbase and Coinbase Pro
Here are some important differences between Coinbase and Coinbase Pro:
Coinbase vs. Coinbase Pro: Supported Coins and Tokens
Both Coinbase and Coinbase Pro platforms support fiat currencies like USD, EUR, GBP, etc. Moreover, you can select from 50+ altcoins across both crypto platforms. The Coinbase portfolio page supports all ERC20 tokens and over 10,000 coins in its wallet, including Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).
There are some differences with Coinbase offering support for Bitcoin Satoshi Vision (BSV). However, it doesn’t support Loom Network (LOOM) or Golem (GNT). You can purchase LOOM and GNT on Coinbase Pro but not on the Coinbase exchange.
Winner: Tied! As some coins supported by Coinbase, not supported by Coinbase Pro and visa-versa.
Coinbase vs. Coinbase Pro: Ease of Use
Coinbase is an ideal option for beginner traders. However, as it is a primary exchange, it only supports buying and selling. So you can start the app and make your desired crypto transactions.
Coinbase Pro, on the other hand, offers plenty of information and advanced reporting. The advanced trading features give users many more options, so it’s ideal for expert crypto traders and investors.
Winner: Coinbase! As it offers basic transactions like buying, selling, and exchanging, it is easier to use for beginners compared to Coinbase Pro.
Coinbase vs. Coinbase Pro: Security
Coinbase has an industry-leading security process to safeguard its clients’ funds. Investors’ assets are kept in secure cold storage, including digital and paper backups.
Here are some of the security options which are available on both platforms:
Two-factor authentication (2FA) is required for all accounts, prohibiting anyone from accessing your account. Coinbase supports several payment methods. These include credit or debit cards, bank wires, and others.
Encrypted data: Coinbase follows payment industry best practices for data encryption. This crypto exchange’s website traffic runs over encrypted SSL, so its wallets and private keys are stored using AES-256 encryption.
Cold Storage and Crypto Vaults: Coinbase and Coinbase Pro exchanges maintain 98% of their customers’ cash in cold storage offsite. 2% is held on Coinbase’s servers and is covered by the company’s insurance policy for losses suffered due to cybersecurity breaches.
FDIC Insurance (up to $250,000): Federal Deposit Insurance Corporation (FDIC) ensures any USD cash balances maintained in Coinbase’s custodial bank accounts up to $250,000 per individual.
Address whitelisting: This security option allows crypto withdrawals to wallet addresses you’ve designated in your address book. It’s an ideal way to prevent anyone from stealing your funds, even if they gain unauthorized access to your account.
Winner: Tied. As security features of both these exchanges are highly advanced and offer robust protection to their users.
Coinbase vs. Coinbase Pro: Trade
Historically, Coinbase’s users have been incentivized to buy and sell cryptocurrencies using fiat currency such as U.S. dollars. Although it is possible to trade cryptocurrencies for one another, Coinbase charges a fee to do that on its classic platform.
Whereas Coinbase Pro users have been able to trade digital assets for one another, also called crypto-to-crypto pairs, without the fees found on the basic service. Coinbase also rolls out Advanced Trading more broadly, which allows all the users to use crypto-to-crypto pairs.
The Coinbase Pro trading page comes with real-time charting tools and technical metrics. Investors have access to indicators like the moving averages, exponential moving averages, and a depth chart feature.
Additionally, users can easily monitor their transaction history and view the order book. Coinbase Pro also supports order types, including stop orders, limit orders, and margin orders.
Winner: Coinbase Pro is a winner here, as it offers more advanced and highly complex trader
Coinbase vs. Coinbase Pro: Staking and rewards
One of the prime advantages of Coinbase’s platform is that it allows users to earn rewards by holding specific cryptocurrencies on its platform. Coinbase Pro does not offer this benefit.
Coinbase also offers crypto staking, which is a process by which digital asset owners can earn additional cryptocurrency in exchange for helping to verify crypto transactions on an underlying blockchain network. However, it will be challenging for beginning users to set up from scratch. So, exchanges like Coinbase will do it for you and pay you a portion of their rewards.
Winner: Coinbase is a winner as it supports staking and allows you to earn rewards.
Coinbase vs. Coinbase Pro: Mobile Apps
Coinbase offers an advanced mobile app that is available for Android and iOS.
Coinbase:
It allows you to do the following:
- Send Bitcoins: It allows you to send crypto to merchants who accept it as payment.
- Request Bitcoin: It also allows you to request crypto from other traders through the app.
- Access Accounts: The mobile app allows you to access your Coinbase wallets to check your transaction details.
- Buy and Sell: You can connect with your bank account to buy and sell crypto on the go.
Coinbase Pro:
The Coinbase Pro is relatively new, launched in October 2019, and its Android version was released in July 2020.
It also includes all the basic features of the Coinbase and additional features like:
- Real-time candlestick charts
- Depth charts and Order books
- Advanced order types
Winner: Coinbase Pro has advantages here, as it offers more advanced features.
Coinbase vs. Coinbase Pro: Customer support
Coinbase provides fast and easy-to-approach customer support, while until now, Coinbase pro customer support is not very impressive.
Winner: Coinbase. It offers best-in-class customer support.
Pros and Cons of using Coinbase
| Pros | Cons |
|---|---|
| You can buy/sell with debit cards | Higher fees compared to other crypto exchanges |
| It offers two-factor authentication and cold storage | Limited trading types |
| You can make withdrawals via Paypal | |
| You can make purchase cryptocurrency with debit or credit cards |
Pros and Cons of using Coinbase Pro
| Pros | Cons |
|---|---|
| Coinbase Pro offers so much more in trading options. Traders can quickly execute margin, spot, or perpetual and futures trading strategies. | Only provide two indicators and overlays for charts |
| It comes with a more detailed and simple spread fee structure. It is also much more affordable as fees are levied starting from 0.6%. | Fees are Higher Compared to Competition |
| Users can easily locate tools on their dashboard and apply the needed charts in seconds. | |
| It provides multiple trade options, including stop and limit orders | |
| Coinbase Pro users can access advanced charting views. | |
| Coinbase Pro provides you access to their API keys so you can have more control over your crypto trading. |
Coinbase Wallet vs. Coinbase Pro Wallet – Which is better?
When comparing both exchanges Coinbase vs. Coinbase Pro, there are many similarities. Both of these platforms provide access to similar currencies. They both are regulated exchanges with insurance and provide safe and secure storage of your digital crypto assets.
Here are points that you need to consider before making your final section:
Coinbase Wallet is a self-custody wallet that provides complete control over your digital assets. The digital wallet also allows you to safely store your NFTs. Besides this, the Coinbase wallet allows users to interact with decentralized applications (dApps) on its browser extension. Users also enjoy bank-level security like 2FA.
While Coinbase Pro only offers an in-house digital wallet controlled by the trading platform. This significantly limits users as only a few functions can be performed on the crypto wallet. The primary distinction between Coinbase and Coinbase Pro is that Coinbase is designed for personal use while Coinbase Pro is intended for commercial use. However, because of its advanced charts and lower transaction costs, stop/limit orders, better control, API Access, experienced traders favor Coinbase Pro.