Visit Coinbase Pro
Coinbase Pro is the new name for Coinbase‘s GDAX exchange (Global Digital Asset Exchange). The platform is still a product that caters towards institutional and professional investors. The main focus behind the rebranding was to bring their complete suite of products under the Coinbase brand name that is trusted by millions of customers worldwide.
Coinbase Pro offers a wide variety of digital currency trading pairs, including Bitcoin, Ethereum, and several other cryptocurrencies over popular fiat currencies such as USD, GBP and EUR.
The company is insured and backed by some of the biggest investors in the industry – like the New York Stock Exchange, Andreessen Horowitz, and Union Square Ventures.
This doesn’t mean that Coinbase has rebranded its entire business. To better highlight the difference between these two products:
- Coinbase remains a place for consumers to easily buy, sell, and store digital currency.
- Coinbase Pro (formerly GDAX) is an exchange for professionals to trade digital assets.
The company is still focused on its original mission of providing the ability to easily buy, sell and exchange cryptocurrency to non-technical and casual users, and they will continue to do that through their existing Coinbase product.
Coinbase Pro vs Coinbase
For users who have the expertise, we recommend buying and selling Bitcoin and other cryptocurrencies via Coinbase Pro to save on fees. Coinbase is simple and instant, however this comes at the cost of higher fees, especially for credit and debit card purchases.
Example Coinbase Pro vs Coinbase Fees Table
|Site||Fee Percentage||Example Fee ($8k/BTC & Selling 1 BTC)|
|Coinbase Pro (if maker)||0.50%||$40|
|Coinbase Pro (if taker)||0.50%||$40|
Coinbase Pro Countries Supported
Today the platform is available in 42 countries; Argentina, Australia, Bahrain, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Europe, Ghana, Guatemala, Hong Kong, India, Indonesia, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Mexico, Mongolia, New Zealand, Oman, Panama, Peru, Philippines, Serbia, Singapore, South Africa, South Korea, Taiwan, Tunisia, Turkey, United Kingdom, United States, Uganda, Uruguay and Uzbekistan. For the complete and most up-to-date details on country restrictions, click here.
Accepted Payment Methods at Coinbase Pro
Coinbase Pro is one of the world’s most popular digital asset exchanges. U.S. customers residing in a supported state can deposit USD directly from their bank account via ACH transfers.
Bank wires are also available to all customers. Bank Account deposits made to the exchange are sent via the ACH bank transfer system, which typically takes 3-5 business days to complete after initiating a purchase.
You can also easily transfer funds from your Coinbase wallet to Coinbase Pro account instantly for free. Deposits to Coinbase Pro are unlimited, however withdrawals are limited by your exchange withdrawal limit, which begins at $10,000/day.
Coinbase Pro Transaction Fees
Coinbase Pro’s fee structure is now based on a user’s monthly trading volume. Here’s how their fees stack up against Binance US:
Coinbase Pro Fees vs Binance US
|Tier||Maker||Taker||Binance.us Maker||Binance.us Taker|
|$50M+||0.00%||0.04-0.1% (further tiers)||0.00%*||0.02-0.04% (further tiers)*|
What is a maker vs taker on Coinbase Pro?
Maker and taker fees differ because they have different effects on liquidity.
A “maker” adds liquidity to the order book, because it is not executed immediately at the market price. Since orderbook liquidity is valuable to the exchange, this is often rewarded with a lower maker fee.
A “taker” removes liquidity from the order book, by immediately executing at the market price against existing orders. This is usually subject to a higher fee, because it takes away valuable liquidity.
Buy or sell orders can be subject to maker fees, taker fees, or a mixture of both fee types, depending on how they execute against the order book at the time.
Coinbase Pro Features
1. A great trading platform
Coinbase Pro’s world-class interface provides real time order books, charting tools, trade history, and a simple order process so you can start trading immediately.
Coinbase Pro holds its digital assets in fully-insured online storage. Customer funds are FDIC insured, which means each customer is entitled to up to $250,000 in remuneration in the event of a loss.
3. API Support
Coinbase Pro’s Websocket feed enables traders to easily gain access to real-time market data. It’s trading API allows for the development of secure, programmatic trading bots.
4. Trusted and Secure
Coinbase Pro’s undergoes regular IT security and financial audits. Plus, they keep 98% of users’ funds offline in cold storage.
5. Multiple Fiat And Cryptocurrency Pairs
Coinbase Pro offers a wide range of fiat and cryptocurrency pairs, including BTC/USD, ETH/USD, LTC/EUR, LTC/USD, ETH/BTC, LTC/BTC, BTC/GBP, and BTC/EUR, to name a few.
Their USDC stablecoin trading pairs are also very popular.
6. Margin Trading
Coinbase Pro offers margin trading with leverage up to 3x (on BTC/USD and ETH/USD pairs, up to a limit of $10,000), or 2x (for BTC/EUR pair up to 3,000 EUR, and for LTC/USD pair up to $500).
In June 2017, Ethereum price on Coinbase Pro crashed to prices as low as 10 cents from $319 for a few seconds. This happened due to a multi-million dollar sell order on the exchange.
When this sell order came in, it needed to be matched with the buying orders – which brought the Ethereum price to $224 from $317.
But because this sell order was so huge, it created a domino reaction all the way down the order book. As each margin position was forced to liquidate, it ate up all the buy orders, which sent the price down further more triggering more liquidation orders — all the way to $0.10!
This flash crash created a big controversy in the crypto world. Investors who were liquidated took out their frustration on online forums.
Three days later, Coinbase Pro released an official statement clearing suspicion of any foul play and stood by their trading engine, which they believe worked as intended during the event. Approximately 800 stop loss orders were liquidated in the process.
In the aftermath of flash crash, Coinbase Pro released a second update on their blog, ensuring that they would compensate those who directly got affected as a result of the rapid price movement.
They credited their customers’ accounts who had stop losses executed from their own pocket, and also honored all buy orders that were filled — an estimated loss of $9.47 million.
This event really took many people by surprise, as very few expected Coinbase Pro to return losses that occurred without any fault of their own. This was an excellent example of length that Coinbase Pro may go to, in order to keep its customers satisfied.
Coinbase Pro Conclusion
It is clear that Coinbase Pro is designed to cater to more professional traders. Anyone looking to just buy and sell Bitcoin and Ethereum can easily use either Coinbase or Coinbase Pro. Those who prefer convenience can opt for Coinbase, however traders who are looking for a more sophisticated trading experience must turn to Coinbase Pro.
It is good to see both the exchanges exist focusing of different markets. Coinbase Pro is popular among traders for its lower fees, offering .50% maker fees and taker fees.