Are you new to cryptocurrency? And you want to know, everything about cryptocurrency. If yes, then this article is for you guys. Please read it till the end to know about some main points of cryptocurrency such as What is coinbase? and What is Coinbase Pro? With the help of this article, you are going to know each and everything about coinbase and coinbase pro. Let us start without taking much time.
• What is Coinbase? – I wanted to start with Coinbase pro, but I am going to start with coinbase because with the help of this you would be able to differentiate between the features of coinbase and coinbase pro accurately. When you have bitcoin with you, and you want to exchange it in currency. Then what will you do?
At that time Coinbase is going to help you in exchange for currency. Coinbase is a digital platform where you can exchange currency. Coinbase has its headquarters in San Francisco in California. Whenever someone uses or pay for something through bitcoin at that time Coinbase exchanges Bitcoin, Bitcoin cash with fiat currencies. Coinbase can help you exchange money in 32 countries, whereas bitcoin’s can be stored or withdrawn in more than 189 countries worldwide. Coinbase gets started in June 2012, the founders of Coinbase are Brain Armstrong and Fred Ehrsam. Coinbase also helps with the exchange of Ethereum, Ethereum Classic and Litecoin also. These all are different digital currency modes. Coinbase charges a fee for all those conversions of cryptocurrency.
• What is Coinbase Pro? – Coinbase Pro is for the professional cryptocurrency buyers. It is the enhanced version of coinbase. If you are new to cryptocurrency, then you should start or use coinbase. Coinbase pro as I told that it’s an enhanced version of Coinbase, so it is faster and more secure than Coinbase. It is for those who want everything instantly. As I told in Coinbase that it charges an amount of money for every conversion or any other service used. While in coinbase pro, it is faster, secure and it is also free of cost. Coinbase pro is specially made for experienced traders, as our life is so fast and everything gets done within no time, so it is a better initiative for experienced trader’s which provides then advanced features with the faster service.
Do you know that, for added security to your digital currency, coinbase pro also offers you insurance protection, so you don’t have to worry about if anything wrong happened, you are going to get your money at any cost? That is the best reason which makes coinbase pro the safest and secure digital currency trading platform. Some areas support Coinbase pro, which the help of which only you can sign up for coinbase pro. Coinbase pro is made for individual clients, not for any particular group clients or we can say, institutional clients. You can trade ETH/BTC, LTC/BTC and BCH/BTC with the help of coinbase pro. It is a full fledge highly secured and faster platform for experienced traders, it is for experienced traders, because if you are experienced and know something about trading in the cryptocurrency, then you can make every conversion or trading without any charge, which means free of cost. such features are the things which I like the most of coinbase pro.
• Coinbase Pro used to be GDAX- As we have already talked that what is coinbase pro? , so we are going to talk about that coinbase pro is used as GDAX. Those who don’t know what GDAX is, GDAX is cryptocurrency exchange, which means that with the help of GDAX one can buy digital coins, you can sell digital coins, and you can also be able to use digital coins for trading purpose. The full form of GDAX is Global Digital Asset Exchange. It is the highly advanced trading system of digital currency. Right now the new GDAX is Coinbase Pro. It is because Coinbase Pro has faster and secured features which are even better than the older GDAX.
• Moreover, Coinbase Pro is typically made, for cryptocurrency traders, who are trading in cryptocurrency only. Coinbase pro has all the functions of GDAX, but coinbase pro has also added some new features to their platform which is liked by most of the cryptocurrency traders there. We can say that Coinbase Pro is a smoother and new designed Global Digital Asset Currency.
• Coinbase Fee- As I told you already that coinbase charges you a fee for every conversion, transaction and for any other service that they offer. With this point let us know about what are the actual price rates that coinbase charges for exchange of any of their service. Let us know what coinbase charge when you buy digital currency or when you sell digital currency.
1. Buying- When you buy digital currency with the help of coinbase, when you add an amount that you wanted to buy as bitcoin or as any other digital currency, then the fee automatically gets added in the total amount and gets deducted, and you get your entered amount. Like, if you want to buy bitcoin for $50 USD, then the fee rate is 1.49%, which is going to automatically get added and make a total of $51.49 USD and you get $50 bitcoins into your account.
2. Selling- When you try to sell you the digital currency that is in your account, at that time coinbase deduct an amount of 1.49% which is the same when you tried to buy digital currency. For ex- If you wanted to sell $50 USD bitcoins, then coinbase is going to deduct its charges which is $1.49, and the receiver is going to receive the total amount of $48.51 USD.
When you try to buy or sell digital currency with the help of coinbase, at that time you get charged differently. This charging difference happens because coinbase have different charging rates for different location areas. Somewhere the charges would be less, while somewhere the charges are going to be higher than others.
• Coinbase Pro fee Details- As I told you that Coinbase Pro is for professional traders. Those who know how to do trading, it is not meant to be used for beginners. Coinbase Pro also told that if you know how to play the trading game, then you can even trade without any charges, which means you can trade or buy/sell digital currency for free.
1. Making Charges- So when you place an order, which means when you have to pay for something at that time the charges rates would be from between 0.05% to 0.25%. These charge rates are meagre than coinbase. They have variable charging rates, because it all depends upon how much you are paying.
2. Taking Charges- The taking charges that coinbase pro charges are in between 0% to 0.15%, which is even better than coinbase.
Being a pro user is a good thing if you are trading daily, as I told that this platform of Coinbase Pro is for professional traders, who make a whole lot trading amount in 100K or more dollars. If you are one of them who is making such amount but haven’t even yet transferred to coinbase pro from coinbase, then you should make this change, you should move to the pro version, Coinbase Pro.
Some people don’t know how to transfer from coinbase to coinbase pro, so for those, please have a look at the next paragraph which is the last one from this article. We are going to provide you with every single information regarding making the transfer of coinbase to coinbase pro.
• Transfer from Coinbase to Coinbase Pro- If you are a member of coinbase and you want to take the game of trading to a higher level, and want to join Coinbase Pro. So please follow these steps-
1. Go to your Coinbase Pro trading page, which is the main page where all your trading information gets located.
2. Click on Deposit in the upper-left side of your account trading page.
3. After doing this step pop up window is going to appear, there you have to select your prescribed options, you have to choose what you want to do. Like the first option would be of choosing the currency type, like what type of digital currency you want to transfer from your coinbase wallet to your coinbase pro wallet.
After that, you also have to make a clearance, that from which wallet you want to transfer money to which wallet of yours from coinbase wallet to coinbase pro wallet.
In the next step, you have to put the amount of value you wanted to transfer between your coinbase wallet to coinbase pro wallet.
Next and the last step is to click the Deposit button, that would be in blue, and it’s all done, you have successfully transferred your money from your coinbase account to your coinbase pro account.
The main point you should know about coinbase and coinbase pro is that, when you make a coinbase account at that time your coinbase pro account gets automatically generated, it’s just that they both have their different wallets, coinbase has his coinbase wallet, and coinbase pro has his coinbase pro wallet. This different wallet is the main difference between both these accounts. Transferring your coinbase account into coinbase pro is simple, and you can transfer and make all the changes within no time. It’s is just that fast. So for beginner trader’s, there is coinbase, and for professional trader’s there is coinbase pro platform.
This was all about what is coinbase? and what is coinbase pro? And we talked about each and every feature that they offer traders.