Cryptocurrency exchanges are similar to stockbrokers in that they allow the purchase and sale of digital currencies such as Bitcoin, Ethereum, and Dogecoin. With minimal costs and solid security features, they make the transaction of digital currencies simple.
To select the best exchange to use, it’s critical to consider what currencies they support, pricing, withdrawal methods, and security. So what happens when you have one of the best cryptocurrency exchanges with two mediums?
One such exchange is Coinbase. With Coinbase and Coinbase Pro. What are their similarities, differences, and ultimately, which is the best out of the two? Read on.
What is Coinbase?
Coinbase is an easy-to-use platform to buy and sell cryptocurrency. In fact, they claim front and center on their website that they are the easiest place to do just this. You can see the app itself is very easy on the eyes and effortless to navigate. It’s simple, intuitive, and user-friendly.
What is Coinbase Pro?
Coinbase Pro, on the other hand, is the most trusted platform to trade cryptocurrency. It was formerly known as GDAX until May 2018. And at first glance, the app can immediately seem more overwhelming and intimidating, especially the web-based version.
Additionally, its definitely targeted towards Professional investors, i.e.: day traders. But that’s not to say that only those types of investors can use it.
Similarities Between Coinbase and Coinbase Pro
While Coinbase and Coinbase Pro are two totally separate things, they are owned by the same company making them quite similar. The same login can be used for both platforms. And they both Provide a means for consumers like us to purchase and sell a variety of cryptocurrencies with ease.
Similarly, they have a USD wallet or buying power account to which you can transfer money – including directly depositing paychecks to your account.
Differences Between Coinbase and Coinbase Pro
With Coinbase, a $10 transaction results in a 99 cent fee incurred for Processing. This is almost a 10% exchange fee.
On Coinbase Pro, the same $10 transaction will only cost you four cents.
This means that you end up purchasing more crypto on Coinbase Pro than Coinbase.
Coinbase is definitely more simple to use, prettier, and more user-friendly – thanks to tab labeling.
Coinbase also has a portfolio view, with a graph which you can easily drag your finger across to review at various times of the day. The graph also enables switching through hourly, daily, weekly, monthly, yearly, and even all-time views.
While Coinbase Pro is a little harder to navigate, its app version is easier and less intimidating than the web version. It does not have a graph version of your portfolio, and the act of making a trade on here can be confusing.
Which is Better: Coinbase or Coinbase Pro?
With significantly lower fees and the ability to easily transition from one to the other, we have found Coinbase Pro the best exchange for our crypto needs. While you are definitely giving up that amazing Coinbase interface and portfolio charts, paying so much fewer fees covers more than makes up for it!
Migrating from Coinbase to Coinbase Pro
If you want to switch to a Coinbase Pro account, just download the Coinbase Pro app and sign in with your existing Coinbase credentials. Additionally, if you already have funds in Coinbase, simply navigate to the portfolio section in the Coinbase Pro app. Then click on the deposit button and choose what type of currency you want to deposit into your account.
From there, click on the Coinbase.com option.