About Coinbase Pro
Coinbase Pro is the most adopted cryptocurrency exchange for trading several digital cryptocurrencies. It is widely known for its security and is a pioneering insurance-powered platform. Coinbase Pro is a version of Coinbase that is specially dedicated to more active and advanced crypto traders, while the latter is designed for beginners. Coinbase is headquartered in San Francisco and was developed by former Airbnb engineer Brain Armstrong to introduce an open financial system in the crypto space. Initially known as GDAX, the platform was rebranded in 2018 to be known as Coinbase Pro.
Coinbase Pro Platform
The professional traders will find the interface of the Coinbase Pro intuitive and straightforward. The platform is bound with incredible tools, information, and analytics that only advanced traders would appreciate and understand, while the beginner might find it complex to interpret. Unlike the Coinbase version, which is widely available globally, Coinbase Pro is available only in 42 countries due to the restriction imposed by local authorities. Easy access to features like live price feed, order book, price charts, stop orders, market order, etc., leads to an exceptional trading experience. The interface is based on the existing ecosystem of Coinbase and does not require new signing details, making the whole signing-in and trading experience swift.
Pros
Coinbase Pro supports an enormous size of transactions and accommodates several critical tools essential for professional traders. It is a popular choice of many due to lower fees, and the interface reduces the fees even further if the traders trade frequently. Well equipped with two-factor authentication and cold storage makes it a sought-after platform for its robust security. The platform engages auditing mechanisms to keep track of financial transactions at regular intervals and to ensure safety. The cold storage system manages to secure 98% of the trader’s financial assets offline, accessible only through multi-signature keys. Coinbase Pro also extends insurance for its platform’s funds by covering up to USD 250,000 through the Federal Deposit Insurance Corporation (FDIC).
One exclusive feature available on Coinbase Pro is that it blocks those malicious entities that can potentially withdraw the cryptocurrency. What also sets Coinbase Pro apart is its Application Programming Interface (API) which enables real-time data analysis and gives fascinating results using trading bots. Its multilingual platform has captured more than 100 countries around the world. This platform can be chosen by traders who desire to trade in multiple digital currencies. It supports several cryptos, and traders can also benefit from its Fiat transaction that supports traditional currencies like USD, EUROS, etc.
Cons
Although Coinbase Pro offers low-cost services, there has been a nominal fee hike for those traders who don’t trade frequently. Secondly, the platform can prove to be overwhelming for novice traders. Also, currently, there is no app available to use the Coinbase Pro platform. And users do not have any access to the private keys through the Coinbase Pro platform. By far, the most critical aspect of the Coinbase pro ecosystem is that it NOT a decentralized platform.
Who Can Use Coinbase Pro?
Coinbase uses a differentiation strategy and aims to attract the advanced traders and only the individuals, and it is not meant for the enterprises. Instead, businesses can opt for Coinbase Prime that is exclusively designed to serve institutional clients. The users that belong to the GEOs are supported by the platform can avail their services. However, major countries are not supported due to strict local regulations. Users from Canada, Singapore, and Australia can opt for the services through this platform without transacting through traditional currency.
How to Trade on Coinbase Pro?
1) The interface has a dropdown available on the top left corner of the dashboard for users to view/select the pairs to trade.
2) On the same page, traders can access the price charts, analytics, and more on the top middle of the interface to display the information related to the dates selected.
3) Go to the trade page to view the order book that displays all the events related to the transaction carried out so far.
4) To gain access to the price chart, click on the right side of the chart. A depth chart is also available so you can view the transactions and related statistics on the screen. The price charts will mark several high and low points enabling the trader to make informed decisions.
Is Coinbase Pro Safe?
With several parameters related to safety and security, Coinbase Pro is often touted to be the safest exchange. The multi-layered security covers two-factor authentication and cold storage, and each trader is insured by FDIC up to $250,0000, making it a reliable and trusted platform.
Is Coinbase Pro better than Coinbase?
Two platforms are entirely different and cater to different needs aimed at two different users, and hence one is not better than the other. While advanced players will benefit from Coinbase Pro, novices will benefit from Coinbase. You can know more about Coinbase by visiting the following url:- https://www.cryptonewsz.com/cryptocurrency-exchange/coinbase-review/
Conclusion
Coinbase Pro has become a successful platform among professional traders due to its in-depth analytical insights that help devise well-informed decisions. Coinbase Pro is a widespread and reliable exchange. Its nominal fees and candid perspective manifest it as an excellent exchange for enthusiastic crypto investors. For traders looking for a dependable exchange with high capacity and liquidity, Coinbase Pro is a clear choice. Its moderate transaction fees make it an excellent choice for those looking to trade a lot of volumes.
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