Welcome to my Coinbase Pro review.
In this review I will be going over everything that you need to know before deciding whether or not to use this cryptocurrency exchange. I will be giving a brief tour inside the exchange, giving details about trading, withdrawals/deposits, going over the fees, security, support, and more. And if you are wondering if Coinbase Pro is a scam the answer is No.
Coinbase Pro Review
Coinbase Pro (located at pro.coinbase.com) is basically a new version of GDAX, which is a cryptocurrency exchange and by Coinbase and was basically there more professionally designed exchange compared to the regular old Coinbase exchange.
Coinbase Pro is a good cryptocurrency exchange if you are looking to actively trade and avoid high fees, all while being able to feel safe and trust that your funds are in good hands.
On this exchange you have the ability to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin back and forth with USD, EUR, and GBP. The ability to trade cryptocurrency with fiat money, such as USD, is one of the reasons why this will be used. In addition to be able to trade back and forth with fiat money and cryptocurrency, you can also deposit and withdraw fiat money to and from your account. Because of this, it is a good exchange to “onboard” into cryptocurrency, meaning to buy cryptocurrency for the first time with fiat money, and of course it’s also a great way to cash out.
A Look Inside The Exchange
After you create your account and log into the exchange you will see this interface in which there are three main areas: there is the section in the top left where you can with draw or deposit funds, there is the section in the bottom left where you can make trades, and then the large portion in the center consists of a price chart and an order book which you can use to zero in on good trading opportunities.
The price chart in the order book are pretty basic. There are a couple different overlays that you can put over top of the price chart to analyze the market, but there really is not much here if you really rely on technical analysis.
You also have the option of selecting the Trade History and the Depth Chart which is nice. So you will be able to see the most recent trades to hopefully get an idea of where the price might be going and you will be able to get a nice visual representation of what the order book is looking like with the depth chart.
Setting trades is very simple and straightforward. You will be able to select what currency you are looking to buy or sell, choose whether you want to set a Market, Limit, or Stop order, enter the amount and make the trade.
When you enter in the amount you’re willing to spend it will automatically calculate the total amount of currency you will be buying for this amount along with the fee. As you can see below, just as an example, I entered in to buy $500 dollars worth of Bitcoin and it shows me that I will receive .06622508 of BTC and that this trade will incur a fee of $1.50.
A Look at The Trading Fees
If you are using the regular Coinbase exchange and are looking for an alternative with much lower fees, then Coinbase Pro is a great way to go. The fees here are minimal and almost unnoticeable.
When it comes to placing trades in the order book there are two different kinds of traders, makers and takers. A maker is someone who places an original trade in the order book and a taker is another trader comes along and takes that trade. This isn’t anything you need to know, so if it is confusing don’t worry about it.
Just know that they charge 0% maker fees and between 0.3 – 0.1% taker fees. So at most you’ll be getting charged a 0.3% fee, which is very small, and some of the times you will not be getting charged any fee.
The taker fee varies depending on how much trading volume you have for the month. If you have under a $10 million trading volume in the past 30 days then you will be charged the 0.3% taker fee, and if you are above this volume then the fees are as follows…
- $0 – $10 mil Trading Volume = 0.3%
- $10 mil – $100 mil Trading Volume = 0.2%
- $100 mil + Trading Volume = 0.1%
If you are depositing/withdrawing cryptocurrency then the process is simple… you get your own wallet address for whichever cryptocurrency you are sending and you send it there. But for depositing/withdrawing fiat money (USD, EUR, GBP) its a bit more complicated but still pretty easy.
3 Options For Depositing Fiat Money
- Bank Transfer – This is my option of choice when depositing money. Before you can do a bank transfer you will have to verify your bank account with Coinbase, but that is easy. After that depositing money is very simple and there is no fee for doing so which is great. However there is a $25,000 limit per week, which some people may run into.
- Wire Transfer – Wire transfers or for those who are depositing massive amounts of money on a weekly basis. There is a $10 fee that will be charged for deposits, but I’m guessing this really won’t matter since the amount you’re probably depositing if you use this method is massive.
- Coinbase Account Tranfer – If you already have a normal Coinbase account then you can also transfer fiat money from there into your Coinbase Pro account.
- Withdrawal to Bank Account – Just as you can deposit money from your bank account you can also withdraw money from your Coinbase Pro account back into your bank. There is no fee for this.
- Withdrawal to Coinbase USD/EUR/GBP Account – And of course you can also withdraw your fiat funds back into your normal Coinbase account if you choose.
One of the great things about Coinbase Pro is the level of security that they offer. Coinbase Pro is owned by Coinbase (of course) and they offer the same level of security and protection.
One of the things that they do is make good use of cold storage. Cold storage is when you store cryptocurrency off-line which makes it un-hackable. On their website they state that they hold less than 2% of all crypto funds online. So even if they were to suffer a massive hack they would not lose much of customers’ funds.
And if you live in the US you also are protected by the FDIC. They do not insure your cryptocurrency holdings, but they do insure your USD holdings up to $250,000. If you live outside of the United States and are not a US citizen then you are out of luck here unfortunately. However, I wouldn’t worry too much because Coinbase has never been hacked.
One thing that is important to note is that Coinbase Pro’s insurance policy does not protect your personal account. If you are lazy and leave your personal account’s password laying around and someone finds it, logs in, and steals all your funds, Coinbase is not responsible. That said, they do provide you the ability to keep your account very secure.
Personal Account Security
Everyone nowadays should know that a strong password is a must. The longer and the more random the better. If I were you I would shoot for over 15 characters at a bare minimum.
In addition to your password you also have 2 Factor Authentication, or 2FA. This is when you are provided with an additional code on your mobile phone that you have to enter before logging in or withdrawing funds. This is an added layer of security that makes it much more difficult for a hacker to get into your account.
One thing that I really praise Coinbase for is their level of support. I have been using them for years and a while ago when I first started using them their support was pretty poor. It was hard getting in contact with them and getting good answers to questions and fast solutions to problems. However, nowadays, they do an amazing job.
Not only do they provide support online where you can submit tickets to them and receive answers via email, but they also provide live phone support. If you ever need it you can find their phone support number on the official website. Do not use phone numbers listed on other sites because there are scammers out there that are just looking to get enough information to hack into your account. So make sure you are talking with real Coinbase Pro representatives and know that they will never ask for account details such as passwords.
Is Coinbase Pro Worth Using?
I am a big fan of Coinbase Pro and I do recommend it as an exchange, however it is not great for everyone. There are downsides to it.
For one, not everyone can join as a member. This exchange is not open to every single country in the world, so some people don’t even have the option of using it.
In the major other downside is that they simply do not offer all that many trading pairs. You have Bitcoin, Bitcoin Cash, Ethereum and Litecoin along with the fiat currencies USD, EUR, and GBP, but that’s it. It is a great exchange for trading between these currencies but there just aren’t all that many options.
If you are looking to trade hundreds of cryptocurrency pairs then exchanges like Bittrex, Binance, etc. are better options. However with many of these other exchanges you are not able to deposit and withdraw fiat money.
Some Downsides But Still Worth Using
If Coinbase Pro is available in your country and you are looking to trade currency pairs that they do have available, then it is an excellent choice. You can’t find a more trustworthy exchange anywhere and the fees are great.
Overall, as I said in the beginning, I’m a big fan of this exchange, just as I am GDAX, which this basically is. It offers a safe and easy way to buy into cryptocurrency and to sell back out of cryptocurrency, which is what I use it for. I’ll be honest, I don’t really actively trade on this exchange, but you definitely can if you want to.
The exchange is extremely cheap to use when compared to the normal Coinbase exchange, the user interface is a bit more complicated but increases your ability to analyze what’s going on and make better trades, and they offer a level of security that the majority of exchanges out there do not.
Coinbase Pro might not be the exchange you are looking for but it is still a good trustworthy exchange to use.
Anyway… That’s all I have for you here in this review. If you have any questions, comments or concerns, please leave them below and I’ll be back to you as soon as I can 🙂