Transferring From Coinbase to Coinbase Pro
Since its inception in 2012, the decentralized exchange Coinbase has evolved to become one of the world’s most popular, as well as the most popular in the United States. However, there is more than one method to utilize Coinbase. In addition to its ordinary form, the exchange allows customers to register a professional account with additional capabilities. This is referred to as Coinbase Pro.
But, can Coinbase Pro benefit you, and how can you move from your ordinary account to it?
What Is Coinbase Pro?
The first thing you’ll notice about a Coinbase Pro account is how different it looks from a basic account. Below is a comparison of the trading pages of Coinbase’s ordinary and pro versions of its 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 website looks to be significantly more difficult than the basic account trading page. Even the “Advanced Trading” option on a normal Coinbase account is less complicated than that on a Pro account. This is because Coinbase Pro is intended for professional traders rather than people who trade infrequently or do little with their cryptocurrency holdings.
Most novice or casual cryptocurrency traders need just a few fundamental exchange capabilities, such as the ability to buy, sell, trade, convert, and stake their money. Many cryptocurrency owners never go beyond these fundamental capabilities, which is why a regular Coinbase account keeps things simple and limited to the choices that such customers are most likely to comprehend and utilize.
However, many of people in the cryptocurrency business desire to expand their crypto holdings. These expert users are likely to employ more advanced capabilities to increase their portfolios, which are available with a Coinbase Pro account.
Coinbase Pro Features
There are significant distinctions between Coinbase and Coinbase Pro. Multiple trading options, including stop and limit orders, are a major feature supplied by Coinbase Pro alone. Stop orders enable users to establish a sale price for their crypto assets in order to avoid losses, whilst limit orders allow users to set a purchase point when they anticipate the value of a cryptocurrency they wish to acquire will shortly fall (which lets them grab it at a lower price if this happens).
Furthermore, Coinbase Pro provides more sophisticated charting for experienced traders. The website is incredibly active, as you can see from the snapshot of the Coinbase Pro trading screen above, with hundreds of distinct statistics flashing red and green.
This is due to the fact that the Coinbase Pro trading page is meant to provide as much information as possible. You can see live moving averages in Coinbase Pro to get a better picture of how each individual currency is doing in the market.
This does not, however, imply that you may only examine basic information with a regular Coinbase account. The order book, candle chart, and trade history of a pair may be seen by simply clicking on the pair on your basic trading page, as shown in the picture below. So, since Coinbase Pro only provides a few select extra insights, you may not need to switch accounts.
Coinbase Pro also provides an additional security feature called as whitelisting. This function guarantees that money are only sent to wallet addresses in your address book. So, if you utilize whitelisting and your account is hijacked or hacked, it will be more difficult to send money to a new address since it must first be entered into the address book and marked as secure.
Let us now discuss fees. Coinbase Pro now charges maker and taker fees based on the amount of money exchanged in a transaction. For example, if a person sells $12,000 in Ethereum, they will be charged a 0.25% maker fee. However, if another person sells $60,000 in Ethereum, the maker fee is reduced to 0.15%. Coinbase has a separate website that lists all of the Pro account features.
Users with ordinary Coinbase accounts, on the other hand, will never be charged a maker or taker cost, but will be charged a 0.5% spread fee when buying and selling cryptocurrency.
How Are Coinbase and Coinbase Pro Similar?
One thing is certain: whether you use Coinbase or Coinbase Pro, you will be able to buy, sell, or trade the same amount of cryptocurrencies. Both account types support around 120 cryptocurrencies, ranging from market giants such as Bitcoin and Ethereum (which differs from Ethereum Classic) to lesser-known tokens such as SUKU and Kryll.
Coinbase and Coinbase Pro both provide many identical currency metrics, with the exception of certain extra, more advanced data available only with a Pro account.
Coinbase and Coinbase Pro, for the most part, provide the same security features, such as two-factor authentication, insurance for USD wallets up to $250,000, and cold storage of assets. As previously stated, the sole functionality available exclusively via Coinbase Pro is the ability to whitelist wallet addresses.
If you don’t intend to trade cryptocurrency professionally on a regular basis, you probably don’t need a Coinbase Pro account. The bulk of Coinbase’s services can be accessible with a basic account, and if you utilize a Pro account and are not well-versed in crypto trading, you may find yourself in over your head.
But, if you believe a Coinbase Pro account will be helpful to you, how do you proceed?
Switching to a Coinbase Pro Account
Switching to a Coinbase Pro account is not possible using the basic account interface. Instead, you must create a new Coinbase Pro account. But don’t worry, if you join up for Coinbase Pro using your usual account login information, your accounts will be instantly connected.
To establish a Coinbase Pro account, use your search engine to look for open Coinbase Pro account. Then you should get a search result for “How to Open a Coinbase Pro Account.” Alternatively, you may go straight to the page by clicking here.
Then, on the first line of text on the website, click the here link to be transported to the Coinbase Pro sign-up page. Enter your usual account login information, and you should be brought to the trading page of your new Coinbase Pro account.
You may now trade utilizing the sophisticated capabilities of Coinbase Pro! Remember that you still have your ordinary account, which you may use to purchase, sell, trade, swap, and stake your cryptocurrency. If you’re an experienced trader, Coinbase Pro just adds that extra layer of professional tools.
However, starting with Coinbase Pro is completely free; whether you’re still undecided, you can establish an account fast and easily to see if it works for your requirements.
How to Transfer From Coinbase to Coinbase Pro
There are two methods to transfer monies between your basic and Pro accounts.
To transfer money from your normal account to your Coinbase Pro account, go to the trading page of your Coinbase Pro account. Then, under the Wallet Balance section, choose the Deposit option and a currency. Then, pick your Coinbase account as the sender and input the amount you want to transfer. When you click Deposit, your cash will be transferred.
Alternatively, if you wish to move money from your Pro account to your normal account, return to the Coinbase Pro trading page and choose Withdraw this time under Wallet Balance. The procedure then repeats itself, with you selecting a currency type and entering the amount you want to send. Then click Withdraw, and your money will be sent.
Coinbase Pro Is Certainly Useful, but Not for Everyone
While creating a Coinbase Pro account may be very advantageous for people who trade often, it might be a bit intimidating for those with beginning to intermediate understanding and expertise in the crypto market. Consider the criteria above if you want to establish a Coinbase Pro account, as they will help you determine if it’s a good fit for you.
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