|Debit / Credit Cards||2%||0|
|ACH transfer||To free||To free|
|Bank transfer||$ 10 deposit, $ 25 withdrawal||$ 10 deposit, $ 25 withdrawal|
|Encryption conversion||0.50% to 2%||0.50% to 2%|
|Purchases||0% to 0.50%||0% to 0.50%|
|Trades||$ 0.50||$ 0 to $ 0.50|
|Basic Currency Fee||$ 0.99 to $ 2.99 depending on the amount||0.04% to 0.50% taker charge, 0% to 0.50% manufacturer fee|
The way to avoid access fees is to trade on the Coinbase Pro platform or pay money from your bank account or digital wallet. While Coinbase’s fees are comparable to other exchanges, the fees can quickly add up.
If you were to spend $ 200 to buy altcoin on Coinbase, you would pay the higher amount between Coinbase’s flat fee or the percentage based on the payment method. For example, if you pay by credit card, you will pay 2.00% (higher than the flat fee of $ 2.99). On Coinbase Pro, you would pay a 0.50% fee on your $ 100 purchase, which is 50 cents.
Coinbase vs Coinbase Pro: Ease of Use
You don’t need to download anything to get started with Coinbase or Coinbase Pro as all features are available using a web browser. Both versions come with a user-friendly mobile app.
The simplicity of Coinbase makes it the easiest option for beginners. It only supports buying and selling, so you can go straight to the app or web browser and start investing. Coinbase Pro may seem overwhelming at first glance because it offers a lot more information and advanced reporting.
However, once you get to play around with the platform, it is quite easy to use. The advanced trading features give users a lot more options which is why they are more suitable for people familiar with crypto trading.
What are Coinbase and Coinbase Pro?
Coinbase and Coinbase Pro are the main cryptocurrency exchange platforms owned by Coinbase Global Inc, founded in 2012. Coinbase is like a brokerage house with a virtual wallet, while Coinbase Pro works like an exchange where people buy and sell from each other.
Newbies use Coinbase because it is easy to buy and sell cryptocurrencies. Users don’t need to learn investing lingo. Instead, they can jump onto the platform and trade. People familiar with trading use Coinbase Pro to enjoy various types of trading. The Coinbase Pro platform is also easy to use, so newbies can quickly familiarize themselves with the terminology and start investing.
How do Coinbase and Coinbase Pro work?
Whichever option you choose, you need to create a user account on Coinbase. This requires your name, email address, and a new password. Once you’ve verified your email address, you can confirm your phone number to set up a two-step authentication process.
After your account setup is complete, users based in the United States must provide a Social Security number, while those in other countries must provide some other form of identification. Once you’re done, you can add your credit card, debit card, or bank account.
Decide how much money you want to spend and click “redeem”. You can buy whole coins or fractional coins. Choose which altcoin to buy, how you are going to pay and click on a buy preview. You will see your Coinbase fees, payment method, price, and purchase amount on this screen. Click on “buy” to complete your transaction.
Should I use the Coinbase wallet?
The Coinbase digital wallet is a standalone app that works on iOS and Android phones. You don’t need to trade on the Coinbase platform. For the Coinbase wallet, the keys are stored on your device, giving you control over your crypto assets. You can also store digital tokens and digital collectibles.
Unlike some other wallets, the Coinbase wallet uses two-factor authentication, which makes it a safe choice. Moreover, it allows you to manage cryptocurrencies from other wallets. You can choose from a list of third-party wallets, enter your 12-word keyword phrase, and then access your funds. However, it is essential to review the best Bitcoin wallets to find an option that fits your needs.
Who should use Coinbase or Coinbase Pro?
Coinbase and Coinbase Pro offer user-friendly mobile apps, but Coinbase is designed for people who are new to investing in cryptocurrency. It simplifies your options by limiting your types of transactions.
If you want more advanced investment options, Coinbase Pro is a great choice. Although it is easy to use, the various alternatives can be confusing. However, you will save a lot of money on fees and be able to do a lot more on the Coinbase Pro platform. In most cases, people can take a cryptocurrency trading course and then start using Coinbase Pro.
How we rated Coinbase against Coinbase Pro
We looked at Coinbase and Coinbase Pro by looking at the breadth of features, such as types of transactions, buy and withdrawal options, and supported currencies. Additionally, we rated overall ease of use in a web browser and on mobile apps. We have also taken into account the fee structure and security levels for both account types and the Coinbase wallet.