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Have you ever bought cryptocurrencies on Coinbase, but you would like to have more features to be able to exchange bitcoin for ether at the best price, or litecoin for Bitcoin Cash? Coinbase Pro (formerly GDAX) was specially created to allow novice traders to buy and trade cryptocurrencies at a lower cost. Here is my review of COINBASE Pro.
Coinbase Pro in a nutshell
The acronym GDAX stands for Global Digital Asset Exchange . Managed by the same company that owns Coinbase, Coinbase Pro is a particularly convenient platform for those who wish to trade the currencies offered on Coinbase on a regular basis, without having to suffer from its high transaction fees.
Many traders choose to first create an account on Coinbase, because buying cryptocurrencies is very easy there by credit card or SEPA transfer: you can buy bitcoin, Bitcoin Cash, ether or litecoin against euros, US dollars, British pounds, other fiat currencies. Subsequently, it is very easy to import your Coinbase wallet from Coinbase Pro.
Number of currencies on Coinbase Pro
As with Coinbase, Coinbase Pro is very limited in the choice of cryptocurrencies: you will therefore only be able to trade bitcoin, Bitcoin Cash, ether or litecoin.
User experience on Coinbase Pro
Coinbase Pro's interface is very intuitive . However, considering that Coinbase is perfect for newbies to the cryptocurrency world, Coinbase Pro will be more suitable for people with an intermediate understanding of how cryptocurrency exchanges work.
Users will be able to take advantage of graphical tools and view transaction history. You will have the possibility to follow market data in real time and to take advantage of APIs to program secure trading robots.
Coinbase Pro is a trading platform that will allow you to make your purchases live, but also - and this is essential when you want to trade cryptocurrencies - to place buy price limits and stop losses, to allow you automatically sell your cryptocurrencies if the price drops to a certain threshold.
Deposits and withdrawals on Coinbase Pro
The easiest way is to open an account on Coinbase first. Subsequently, you can directly make your cash deposit on Coinbase Pro from your funds on Coinbase, and also withdraw from Coinbase. These deposits and withdrawals are done instantly and without fees.
Transfers in dollars are made on Coinbase's IBAN. It is not possible to deposit funds on Coinbase Pro directly with your bank card.
For withdrawals, you are normally limited to $ 10,000 per day . But you can increase this cap in your settings, providing a rationale.
Fees and commissions on Coinbase Pro
The very good point of Coinbase Pro concerns withdrawals in cryptocurrencies, for which no fees apply. If you want to withdraw dollars, you will have to pay a fixed fee of 0.15$. A trifle compared to the past fees to withdraw US dollars, which reach 25 USD.
The fees associated with exchanges vary. The make orders are free (0%), while orders take so far have fees that range between 0.10% and 0.30%.
Coinbase Pro site security
Coinbase Pro is subject to the same security requirements as Coinbase and has a reputation for being a very reliable site. Two-factor authentication secures your identification to better protect you from hackers.
Coinbase Pro customer funds, like those on the Coinbase platform, are 98% stored offline, in secure physical wallets in a vault.
Support team on Coinbase Pro
Coinbase Pro support is generally responsive, and very rarely responds in more than 72 hours.
Final Coinbase Pro Review
Coinbase Pro is ideal for all newbies who have already had their hands on Coinbase and want to get started in cryptocurrency trading. Coinbase's fees are not at all suitable for trading activities and the Coinbase Pro platform has been specially created to meet the expectations of users who want to learn how to trade step by step.
Coinbase Pro is a more intimidating platform than Coinbase for beginners, but offers a lot more features and will allow you to get your hands on some trading techniques before you can diversify your cryptocurrency portfolio on other platforms, like Kraken or Bittrex.
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