Coinbase Pro digital currency exchange review
US-based Coinbase Pro is a popular digital asset exchange that makes depositing and withdrawing funds quick and easy.
Coinbase Pro offers high-volume digital currency trading and wallet services to Australian and global clients. Like fiat currencies, digital currencies offered through Coinbase Pro are traded against the US dollar.
Traders will be interested to know that GDAX is part of Coinbase, which is one of the world's leading cryptocurrency exchanges. The company rebranded its Coinbase Exchange into GDAX back in May 2016, when it began offering the Ethereum token. In July 2018, the company rebranded from GDAX to Coinbase Pro.
|Product Name||Coinbase Pro|
|Fiat Currencies||USD, EUR, GBP|
|Cryptocurrencies||BTC, ETH, XRP, BCH, EOS, LTC, XLM, DASH, ETC, ZEC & 15+ more|
SEPA: €0.15 EUR
Wire transfer: $10 USD
SEPA: €0.15 EUR
Wire transfer: $25 USD
Coinbase was recently listed on the NASDAQ. Read more about how to buy Coinbase shares.
What is Coinbase Pro?
Coinbase Pro is an online digital currency exchange that gives institutions and professionals the ability to trade the world's leading cryptocurrencies.
Coinbase Pro is highly liquid and tapped into one of the world's biggest cryptocurrency networks. It offers advanced trading features, competitive fees and many deposit options.
The exchange is backed by some of the industry's biggest investors, such as the New York Stock Exchange and Andreessen Horowitz, the private American venture capital firm.
Which cryptocurrency pairs can I exchange?
Coinbase Pro currently only offers limited crypto-to-crypto pairs in Australia, including:
Coinbase Pro currently operates in countries including Australia, the United States, Europe (including the UK), Canada and Singapore.
Which payment methods are accepted?
Coinbase Pro offers payment methods including:
- Single Euro Payments Area (SEPA) withdrawals and deposits in euros
- Automated Clearing House (ACH) bank transfers to verified US residents
- Wire transfers in US dollars
Fees and charges
Coinbase Pro operates a “maker-taker” model on deposits and withdrawals, where fees are assessed as a percentage of the quoted currency.
The broker charges 0% in “maker” fees. Its “taker” fee goes up to a maximum of 0.25%, with volume-based discounts lowering the fee to as little as zero.
A detailed fee schedule is outlined below:
|User 30-day volume (USD equivalent)||Maker fee||Taker fee|
|$0 to $10,000||0.50%||0.50%|
|$10,000 to $50,000||0.35%||0.35%|
|$50,000 to $100,000||0.15%||0.25%|
|$100,000 to $1 million||0.10%||0.20%|
|$500 million to $1 billion||0.00%||0.05%|
Here’s a list of deposit and withdrawal fees charged by ACH, SEPA and USD Wire:
- ACH Deposit: Free
- ACH Withdrawal: Free
- SEPA Deposit: Free
- SEPA Withdrawal: EUR0.15
- USD Wire Deposit: US$10
- USD Wire Withdrawal: US$25
How fast will my funds be available?
ACH bank transfers may take several days to process. Wire transfers can be credited to your account on the same day provided they are initiated before the daily cut-off time, which is usually around 2:00pm ET.
Are there any transfer limits?
Coinbase Pro has a daily limit of US$25,000 or equivalent or per day. To increase your daily limits, you can go to the limits section of your account settings and opt to increase limits.
Is Coinbase Pro secure?
Coinbase Pro is considered to be one of the safer and more reliable exchanges. Not only has it never been hacked, it’s supported by leading investors and maintains an insurance policy whose coverage exceeds aggregate customer holdings. This policy covers theft of digital currency resulting from a security breach, hack or employee theft. Note that this insurance does not cover theft resulting from unauthorised access to your account.
Because account verification requires photo ID and proof of address, Coinbase Pro is considered less private than other platforms.
Coinbase Pro offers a comprehensive FAQ section on its main site, which answers many common questions users have.
Each page in its support section also has a “Submit a Request” button at the very bottom, where you can reach out to customer support with any issues related to account transactions, ID verification, security, technical questions regarding API or other inquiries.
Pros and cons
- Suited for professional traders
- Competitive fees
- Access to some of the world's leading cryptos
- Fully regulated in the United States
- Highly liquid
- Fewer altcoins/pairings to choose from in Australia
- Not ideal for beginners
The first step is to consider the features of the platform, and decide whether it suits your needs. To get started with Coinbase Pro, head over to its website and select “Create Account”. After signing up and verifying your credentials, you'll be ready to start trading.