Please note that Global Digital Asset Exchange (GDAX) is going to be rebranded into Coinbase Pro on the 29th of June, 2018.
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Coinbase Pro Exchange Exchange – All You Need To Know
Coinbase Pro refers to itself as the most trusted platform when it comes to cryptocurrency trading. This insurance backed platform allows its users to trade a wide variety of different digital assets and ensures the high level of the security. The platform helps you easily exchange digital assets from anywhere across the globe. The platform is run by the company behind Coinbase. But the latter has become very popular among investors looking for the best deals in cryptocurrency trading.
The new Coinbase pro has also brought many new features, tool, and an overall spirit to the platform. For instance, it offers an interface that is intuitive yet has real-time order books, trade history, tools for charting and a simplified process of ordering, which is aiming to allow even the complete beginners to trade since the very first day. In this article, we will take a deep look at what is Coinbase pro about and will examine its new features in details.
What is Coinbase Pro?
Coinbase Pro is a digital currency exchange. This is a platform used by traders to convert their digital assets – cryptocurrencies into fiat or other digital assets. The orders of Coinbase Pro are not placed on the very same platform and instead, they are directed to the Coinbase Market, which is the only source of Coinbase Pro’s liquidity. The platform is designed in a way to serve primarily individual traders from around the world (despite a few restricted areas). The people who already have an account on Coinbase can easily upgrade to Coinbase Pro and start trading right away. If you hold BTC, ETH or LTC, you can convert them into USD, EURO or GBP.
Coinbase Pro is a product of Coinbase that is located in San Francisco, CA. The original company was founded on the 2nd July 2011 by Fed Ehrsam and Brian Armstrong.
The platform is very competitive especially in terms of fees. To give you a better idea, on maker trades are 0 % on Coinbase Pro and there are discounts on all taker fees that depend on the volume and go as low as 0.1 %. The platform is insured and supported by investors of repute including Andreessen Horowitz, NYSE and the Union Square Ventures.
At the time of writing, Coinbase Pro trading is offering several currency pairings. These include the three major cryptocurrencies; BTC (Bitcoin), LTC (Litecoin) and ETH (Ether) and three major fiat currencies; GDP, EUR, and USD.
The Coinbase Pro list of the trading pairs: BTC/USD, BTC/EUR, BTC/GBP, BCH/USD, BCH/BTC, BCH/EUR, ETH/USD, ETH/BTC, ETH/EUR, LTC/USD, LTC/BTC, LTC/EUR.
The Coinbase Pro website is user-friendly, and the Dashboard is easy to navigate even for the beginner, as a trader, you can easily track the market trends, access historical trades’ data, view and monitor active orders, among other functionalities. The Coinbase Pro API is available for advanced traders, which is also recognized as the API that leads the industry. The WebSocket fee of Coinbase Pro allows the users to gain access to up to date market data very easily and the API allows a secure development along with programmatic bots for trading. The APIs are belong to two main types – either trading or feed. The trading APIs request authentication and afterwards give an access to the place orders etc. In the meantime, the fees APIs are public and give data about the market.
Traders undergo a verification process at the time of opening an account. After verification, you can fund your Coinbase Pro wallet or account and start trading.
Coinbase Pro Supported Countries
Coinbase Pro operates in the UK, US, Europe, Canada, Australia, and Singapore. In Europe, the exchange supports Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
Trading on Coinbase Pro
To start trading with Coinbase Pro, you need to have an account with Coinbase. This should be verified and linked to a bank of repute. Once your account is set up and verified, you need to fund it before trading. Coinbase Pro does not allow you to buy from their platform with debit or credit. You have to transfer funds from Coinbase or the bank to your Coinbase Pro account.
Coinbase Pro Limitations
The Coinbase Pro platform allows traders to place orders for buy or sell as low as 0,001 BTC, 0.1 LTC, and 0.01 ETH. However, if you are depositing BTC, ETH or LTC, there is no limit; it depends on how much funds you have at your disposal. The same applies when you are depositing USD via wire transfer.
It is important to confirm the amount you deposit in advance if you are using ACH or SEPA. These have variances and a prior confirmation before depositing. This is a system requirement, and it puts into account the current rates in the market and the volatility of digital assets.
The beauty of the platform is that traders are not restricted to the amount they can trade in. this also applies to the balance in your account; it is unlimited.
Withdrawals are categorized into to two; individual and institutional. As an individual, you are allowed to withdraw up to $10,000 from your Coinbase Pro account. For institutions, $50,000 per day is the limit. These limits are not cast on stone; you can go to the setting sections of your Coinbase Pro dashboard and increase your limit.
As noted earlier, the three cryptocurrency products on the Coinbase Pro platform: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). However, you need to be keen on the pairing. At the moment, you cannot trade ETH with LTC; you must covert your ETH to any fiat currency traded on the platform before converting it to LTC.
Coinbase Pro Fees
Coinbase Pro is among the best exchanges in terms of fee affordability. Their transaction fees are open and have no hidden charges. The maker fee is 0% irrespective of the volumes involved. For the taker, a volume base fee of 0.30% is applicable. However, this drops to a low of 0.1% if your trade volume exceeds 113,432 BTC within a thirty day period.
Maker and Taker
A market maker is a trader agreeing with the current list price on the Coinbase Pro platform order book and willing to settle the trade immediately. However, the trader must be comfortable with the highest and lowest price. A market maker is a trader placing an order with a different price from the current price in the market. These traders thrive on buying high and selling low to make profits.
Trade orders that are not matched immediately are usually added to an order book due to lack of an available taker. Unavailability of a taker means the order attracts 0% fee. Below is a detailed breakdown of the different Coinbase Pro tier fees:
|PRICING TIER||TAKER FEE||MAKER FEE|
|$0m – $10m||0.30 %||0 %|
|$10m – $100m||0.20 %||0 %|
|$100m+||0.10 %||0 %|
Coinbase Pro Verification
All Coinbase Pro users must undergo a verification process before being allowed to trade. This is a two-step process. This is done during adoption. For US users, a State ID or driver’s license are required. Passports are not allowed since they do not indicate the state of residency.
The second step is the residential customer address and Social Security number (SSN). If you fail to produce any of these documents, you cannot be allowed to trade on the platform. Verification is done online through Coinbase Pro official website.
Verification for UK residents
For the UK residents an ID issued by the government, Driver’s license or Passport are accepted. Just like the US customers, verification is done online, and there is no way the process can be manipulated manually.
In both cases, you will be taken through some verification questions. There are mean to verify your residency identification against what is available from the national identification data depository.
Non-US and UK Resident Verification
Customers who are not residents of the US and UK have a different verification requirement. This requirement covers countries like Australia, Singapore, Canada and European countries only. If you are from these countries, you need to provide your passport, Driver’s license, and National Identity card.
Coinbase Pro Features
- The Coinbase Pro trading dashboard is user-friendly and ideal for beginners, middle and advanced traders, it has a global appeal and trades are real-time, and once you are verified and have funded your Coinbase Pro wallet, you can start trading immediately.
- The Coinbase Pro updates have also brought up a new type of trading which is wallet to wallet function, designed for ERC20 tokens that are acquired through the cryptocurrency relay platform known as Paradex.
- Your online digital assets are insured and in the event that you incur loses as per the insurance provider, you are entitled to a $250,000 compensation. The funds are FCID covered.
- The Coinbase Pro API support allows for real-time market data, and every trader has unlimited access. This is part of securing the platform’s activities.
- The platform is highly secure, and 98% of the total funds are stored in cold storages that are offline. This and scheduled IT and financial audits make it a trusted system.
- Lowest fee in the marketplace: Offering a 0% fee for the maker and 0.1% for the taker makes Coinbase Pro.
- Coinbase Pro allows traders to trade in multiple fiat currencies and cryptocurrency pairings.
Is Coinbase Pro safe?
With their increased online presence, many adorers keep asking whether Coinbase Pro is legit or whether Coinbase Pro is safe. Trader funds are insured, and this makes the platform safe. In addition, trader funds are stored offline in cold storages. These are safe from hacks and other threats which give users enough confidence, to trade and sell.
There is some trust as far as Coinbase Pro is concerned, but as a trader, the verification process tends to go overboard. However, this is a blockchain based platform, and your personal information cannot be shared without your consent. Use of government-issued identification documents is an added security feature to keep the community safe.
To ensure the customer funds are safe, wallets are encrypted, and use of multi-signatures in the part of the trader is an extra security measure. In addition, FDIC insurance covers all user wallets up to $250,000 worth of compensation.
The Coinbase Pro customer support team is reachable by phone. However, the mobile services are manned between 6 am and 6 pm. Their online support can be reached using their official website and takes hours or days before you get a satisfactory response. This might not work well when you feel your account has been compromised.
How to use Coinbase Pro?
To place a Buy Order is easy; below are the steps to follow:
- You need to log in to your account
- Select your product from the dropdown list
- Once your product is highlighted, click the “BUY” button
Under the “BUY” you are prompted with more options “Market,” “Limit” and “Stop.”
- If you want to buy you click on the “Market” tab. This allows you to buy currency at the indicated price.
- You select “Limit” tab to set the amount you are willing to pay. This is just like placing an order.
- The “Stop” tab allows you to state the amount you want to buy in USD.
Coinbase Pro Review Summary
The Coinbase Pro site is user-friendly and loads fast. The dashboard is easy to navigate. Everything is easy to understand. Anyone with cryptocurrency trading idea can navigate through. The platform is secure and designed for digital currencies and fiat money. To date, no cases of hacking have been reported.
However, Coinbase Pro support team is not the best; they do not have a 24/7 on phone support given the sensitivity of online trading. Their online complaint portal is not manned, and responses take days or weeks before getting a workable solution.
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