You may want to switch from Coinbase-to-Coinbase Pro for various reasons. Although the same corporation owns the two platforms, there is a distinct difference between the standard Coinbase and Coinbase Pro.
Both platforms are similar because they make it easy for investors to buy several cryptocurrencies with fiat money (US Dollars or Euros). Beginner investors enjoy Coinbase’s simplicity, while seasoned investors prefer Coinbase Pro’s extensive features.
In this article, you will learn how you can transfer to a Coinbase Pro account from your standard Coinbase account. This article provides you with an answer.
What is Coinbase?
Coinbase is easy to use crypto trading platform that enables traders to buy and sell cryptocurrencies, like Ethereum, Bitcoin Dogecoin, Ripple, Litecoin, etc. This exchange is also accessible via Android and iOS mobile devices.
How Does Coinbase Work?
Coinbase began as an exchange for transmitting and receiving cryptocurrency in 2012. Coinbase is a great place for investors looking to trade crypto assets for the first time. The exchange is also suited for traders who want to learn more about cryptocurrencies and how they work.
Coinbase also offers industry-leading security measures to safeguard their Investors’ assets. For example, they are kept in a global network of safe deposit boxes, including digital and paper backups.
Coinbase supports a number of payment methods. These include debit cards, bank wires, and others. Debit/credit payments on Coinbase incur a 3.99% per transaction. On the other hand, automated Clearing House transfers (ACH) are charged a flat fee of $10 and $25 for incoming and outgoing transfers.
What is Coinbase Pro?
Coinbase Pro is an advanced-level cryptocurrency exchange platform for higher-volume traders. It offers an easy and safe way to buy and sell crypto assets in various trading pairs via the internet.
Coinbase Pro also helps you to track the market, check trading history, manage multiple portfolios, monitor your open orders, and more with your Coinbase Pro account. However, unlike crypto experts, many investors may find navigating the sophisticated features and more complex trading possibilities challenging.
How Does Coinbase Pro Work?
Investors/traders can easily access their accounts via a desktop browser and an iOS or Android mobile app. Similar features and options are available on both desktop and mobile platforms.
There are real-time charting tools with moving averages and exponential moving averages, transaction history, the order book, and price charts available to users. Coinbase Pro supports various order types, including stop orders, limit orders, and margin orders.
The amount of cryptocurrency you can deposit is limitless. However, payment methods limit fiat currency deposits (US Dollars or Euro). Wire transactions are unrestricted, but weekly bank transfer funds limit fiat currency deposits through ACH transfers or Single Euro Payments Area (SEPA).
Users are referred to as takers if you place an order at the market price, which is instantly filled. Takers pay a fee between 0.05% and 0.60%. For cases where orders are matched immediately by another order, it is sent back into the order book.
If a client submits an identical order, the first order is considered the maker and will be charged a fee ranging from 0.00% to 0.40%. Industry-standard security measures, cold storage, and FDIC protection are all included in Coinbase Pro.
Coinbase maintains 98% of its customers’ cash in cold storage offsite. The remaining 2% is held on Coinbase’s servers and is covered in the company’s insurance policy for losses suffered due to cybersecurity breaches.
Moreover, as an additional security measure, the Federal Deposit Insurance Corporation (FDIC) insures all the USD cash balances is maintained in Coinbase’s custodial bank accounts up to $250,000 for each user.
Coinbase and Coinbase Pro Features
Here are important features of Coinbase:
- Main Platform Features: Beginners will find their Coinbase accounts simple to use. They can also withdraw or sell using PayPal.
- Fee: Ranges from 1.49% for a USD Wallet, 3.99% fee for a Debit/Credit Card, and $10 incoming and $25 outgoing fee for Wire Transfers.
- Assets Supported: 10,000+ cryptocurrencies are supported.
- Security features: Two-factor authentication, biometric fingerprint logins, insurance if Coinbase is hacked, FDIC-insured USD balances, AES-256 encryption for digital wallets, and cold storage are all features Coinbase offers.
- Maximum amount to trade: Limits depend upon your payment method and location.
Here are important features of Coinbase Pro:
- Main platform features: Advanced charting features and multiple trading options make it more suitable for crypto experts.
- Fees: Coinbase Pro trading fees vary between 0% to 0.60% for trade.
- Number of assets supported: The exchange supports 10,000+ cryptocurrencies.
- Security features: Biometric fingerprint logins, Two-factor authentication, AES-256 encryption for digital wallets, insurance if a Coinbase account is breached, and FDIC-insured USD balances.
- Supported Transactions: You can perform buy, sell, trade, deposit, withdraw, top order, time in force order, and limit order
How to Transfer Funds between your Coinbase Pro and Coinbase accounts
You can transfer Coinbase to a Coinbase Pro account by following these steps:
Step 1) With your Coinbase account credentials, log in to Coinbase Pro to transfer funds.
Step 2) Click the “Deposit” button to transfer funds to Coinbase Pro.
Step 3) Choose a coin of preference from the list of pre-populated alternatives.
Step 4) Click “coinbase.com” from the list of Deposit methods.
Step 5) Select the Source (this is the crypto wallet you want to transfer from), enter the Amount (this is the amount you wish to send), and then hit the ‘Deposit’ button.
Can I Link Coinbase to Coinbase Pro?
Yes, it is possible to link any part of your portfolio to Coinbase Pro at any moment without incurring additional charges.
Here are some important reasons you might want to transfer to Coinbase Pro:
Fees: The fee structure of Coinbase means that you pay a lot of money per transaction. If you have a buy-and-hold strategy, this is fine. However, the fees are hefty if you wish to trade large volumes.
Coinbase Pro, on the other hand, is designed for those who want to trade crypto actively. As a result, they have a maker-taker fee system, which gives users discounts based on how many trades they perform. These costs begin at 0.60% and gradually decrease for higher-volume traders as their monthly trading volume increases.
This crypto exchange charges a 1.49 % fee for USD Wallet. For Debit/Credit Cards, payment will cost $3.99. For ACH (Direct Bank Account), Transfers are free. However, if you opt for Wire Transfers, you have a $10 incoming and $25 outbound fee. Additional 2% fee for Crypto Conversion.
Stop and Limit Orders: Stop orders and limit orders can help you make more informed buying decisions. You can also access an advanced charting view. The typical view displays a candlestick chart of high and low prices over a specific period. In addition, multiple overlays of exponential moving averages are displayed in the advanced view.
The increased accessibility to information allows experienced traders to better understand how a cryptocurrency is performing.
Better Control: You can access API keys of coin base pros, so you will get additional control over your crypto trading so that you can connect your Coinbase account to third-party apps.
Why Transfer from Coinbase-to-Coinbase Pro
Usage: Coinbase is designed for personal use, while Coinbase Pro is intended for commercial use. However, because of its advanced charts and lower transaction costs, experienced traders still favor Coinbase Pro.
Fees: Each transaction on Coinbase costs 0.60%, with some bank transfers costing an extra 1.49%. Many bank transactions are free of charge with Coinbase Pro, and the highest price is 0.50%.
Trading Experience: Coinbase Pro users can access innovative trading charts unavailable to regular Coinbase users. Traders can also access trade history, order books, and other advanced trading features.
Coinbase vs Coinbase Pro Wallet
The following are the differences between Coinbase and Coinbase pro:
These two exchanges keep your cryptocurrency in custodial wallets by default.
A third party in the form of a wallet controls the private keys to your cryptocurrency. If you have accounts on both platforms, you will have two independent custodial wallets, one on Coinbase and the other on Coinbase Pro. As a result, you can freely move funds between the two platforms.
Coinbase Wallet is a self-custody wallet that gives you complete control over your digital assets. All your NFTs (ERC721 tokens) can be safely stored and viewed in your wallet. Additional security choices on your devices provide more alternatives for keeping your crypto assets safe. You also have access to your API keys to help make your trading experience better.
Therefore, the choice is yours. But since Coinbase Pro offers lesser transaction fees and more control over your trading, you can choose Coinbase Pro over the standard Coinbase to keep your assets safe.