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, BCH, ETH, LTC
Deposit Methods ACH Bank Transfer, Wire Transfer, SEPA * payment methods vary depending on fiat currency
Trading Fee Maker: None
Taker: 0.1-0.3%
Deposit Fees Cryptocurrency: None
ACH: None
SEPA: €0.15 EUR
Wire transfer: $10 USD
Withdrawal Fees Cryptocurrency: None
ACH: None
SEPA: €0.15 EUR
Wire transfer: $25 USD

Pros

  • Suited for professional traders
  • Competitive fees
  • Access to some of the world's leading cryptos
  • Fully regulated in the United States
  • Highly liquid

Cons

  • Fewer altcoins/pairings to choose from in Australia
  • Not ideal for beginners
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Exchanges like Coinbase Pro

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. Leverage of up to 500:1 is also offered to investors looking for the opportunity to make more money.

The exchange is insured 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:

  • ETH/BTC
  • LTC/BTC
  • BCH/BTC

Supported countries

Coinbase Pro currently operates in Australia, the United States, Europe (including the UK), Canada and Singapore.

Which payment methods are accepted?

Coinbase Pro offers:

  • 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

The latter ensures same-day deposits, so long as they are initiated before your bank's daily cut-off time.

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 0.1%.

A detailed fee structure for bitcoin is outlined below:

User 30-day volume Taker fee Maker fee
>O% (~0.00 BTC) 0.25% 0%
>1% (~4,691.67 BTC) 0.24%
> 2.5 % (~11,729.18 BTC) 0.22%
> 5 % (~23,458.37 BTC) 0.19%
> 10 % (~46,916.73 BTC) 0.15%
> 20 % (~93,833.46 BTC) 0.1%

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 normally take 7-10 days to process. Wire transfers are 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?

Verified users can deposit an unlimited amount into their Coinbase Pro account.

Daily withdrawal limits begin at US$10,000. To increase your limit, you must submit a formal request.

Is Coinbase Pro secure?

Coinbase Pro is considered to be one of the safest and most reliable exchanges. Not only has it never been hacked, it’s supported by leading investors and insured by the Federal Deposit Insurance Corporation (FDIC) for up to US$250,000 per customer.

Because account verification requires photo ID and proof of address, Coinbase Pro is considered less private than other platforms.

Customer support

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

Pros

  • Suited for professional traders
  • Competitive fees
  • Access to some of the world's leading cryptos
  • Fully regulated in the United States
  • Highly liquid

Cons

  • Fewer altcoins/pairings to choose from in Australia
  • Not ideal for beginners

Next steps

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.

Frequently asked questions

Image source: Coinbase Pro

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