8 Burning Coinbase Pro Questions Answered

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In the U.S., you can use plenty of crypto trading platforms based on where you live, what you want in an exchange, and your trading goals. However, more people choose Coinbase platforms than any other in the country.

For newer traders, the standard Coinbase exchange is a very good, very popular platform. For those who want more out of their exchange, though, there is Coinbase Pro.

Coinbase Pro is the gold standard of U.S. crypto exchanges. It combines a good number of tools and options with an easy-to-use interface and a simplicity that most traders enjoy. In some areas other platforms may come out on top but, on balance, Coinbase Pro generally wins most overall comparisons.

If you are not entirely familiar with these crypto exchanges, we have put together a list of some of the most asked questions about the platform to help you learn more. Here are answers to eight burning Coinbase Pro questions.

1. What is Coinbase Pro?

Coinbase Pro is the higher-level version of the Coinbase crypto exchange platform. It offers advanced tools and charts to help traders buy, sell, and trade cryptocurrency. It also offers an industry-standard tiered fee structure that is easy to understand and rewards high-volume traders.

With Coinbase Pro, according to the company website, “you can track the market, view trading history, monitor open orders, manage multiple portfolios, and more. For advanced traders, we provide a fully featured trading API.”

2. How did Coinbase Pro start?

Coinbase started in 2012 as a platform that allowed people to buy Bitcoin using transfers from their bank accounts. Over the years, Coinbase has grown through a series of investments, strategic partnerships, and new offerings.

One of those new offerings came in 2018 when the parent company, Coinbase Global, Inc., launched Coinbase Pro. The idea was to expand on their current offerings to better serve active traders. In just three years, it has grown to become the world-class crypto exchange the company envisioned when they announced it.

3. Who’s behind Coinbase Pro?

Coinbase was founded by former Airbnb engineer Brian Armstrong and Oldman Sachs trader Fred Ehrsam. The latter left the company in 2017 for new ventures, but Armstrong is still the company’s CEO today. Armstrong was at the helm when the company became the first publicly traded crypto exchange in 2021.

In addition to Armstrong, the company is led by President and Chief Operating Officer Emilie Choi, formerly of LinkedIn, Chief Product Officer Surojit Chatterjee from Google, and CFO Alesia Haas who comes from the banking and finance industry.

4. How big is Coinbase Pro?

Coinbase has become a behemoth in the crypto market since its founding in 2012. From its modest beginnings, the company has grown to over 1,700 employees and over $1.1 billion in annual revenue.

The platforms boast more than 56 million registered users and 6 million-plus active users in over 100 countries around the world. There are $223 billion in digital assets on the platform and $353 billion worth of assets are traded on a quarterly basis.

5. How many cryptocurrencies does Coinbase Pro offer?

Coinbase Pro has around 50 coins for traders to work with and over 150 trading pairs. The most popular trading pairs traders and investors will find on the platform include 50 coins and 152 pairs for trading. Popular pairs include BTC/USD, BTC/EUR, BTC/GBP, BTC/USDC), ETH/USD, ETH/BTC, ETH/EUR, ETH/USDC. 

6. How is it different from Coinbase?

Coinbase and Coinbase Pro have several notable differences and one key difference. Some of the differences include what you can do with the Pro version. Traders are able to deposit and withdraw crypto as well as execute more complex trading maneuvers. This includes the ability to place stop orders, time in force orders, and limit orders. With Coinbase, all you can do is put in fiat currency and make simple trades.

As Cove Markets covers here, trading fees are a key difference. Coinbase charges users multiple fees: 0.50% per trade fee, 3.99% fee for credit card purchases, 1.49% fee for Coinbase wallet or bank account purchases, among other fees. With the Pro platform, users will pay, at most, 0.50% per trade. As trading volume on Pro goes up, fees go down.

7. How does Coinbase Pro compare to other crypto platforms?

Coinbase Pro’s main competitors in the U.S. are Kraken, Gemini, and Binance. Coinbase Pro comes out as good or better than these competitors in most major categories. The platform’s security, offerings, user experience, mobile app, and more meet or exceed what the competition offers.

It also provides more liquidity than its competition.  If you want the most active cryptocurrency marketplace you can find in the U.S., Coinbase Pro may be for you. The one downside, and it is a big one, is that you will pay for these top-of-the-line features and liquidity.

While the fee structures work in a similar way between Coinbase Pro and its competitors’ top-line trading platforms, the fees on Coinbase Pro are generally higher than the competition. This isn’t always the case at the highest levels of trading, but you’d have to trade millions a month to reach that level.

8. Should you use Coinbase Pro?

If you are the type of person who is willing to pay a few bucks more for Tide laundry detergent or Coca-Cola over the store brand, Coinbase Pro may be right for you. This is the name-brand crypto exchange in the U.S. and it has plenty of devotees.

You will pay more for these features and benefits, but for many traders, it’s well worth it. Deciding on the right crypto platform for you is a personal decision.  Before making that choice, you should weigh your needs, wants, and goals, but Coinbase Pro at least warrants strong consideration.

Conclusion

The answers to these burning questions should help give you a better idea of what Coinbase Pro is, how it operates, and how it compares to its sister platform and the other top exchanges in the marketplace. If it sounds like something that would work for you, it is definitely worth conducting a deeper investigation.

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Hi, I'm James George, the founder of Mind My Business NYC and author of this blog. I am an entrepreneur and internet marketer. My wish is that this website helps you to grow your business and achieve your goals.

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