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Now that Coinbase Pro has migrated to Advanced Trade, many of the features previously found on Coinbase Pro are now offered to everyone through the main Coinbase app. Learn more about Coinbase and Advanced Trade in NerdWallet's Coinbase review.
The Coinbase Pro cryptocurrency trading platform has shut down for standard users. The shutdown comes after Coinbase added aspects of Coinbase Pro — including its lower, volume-based trading fees — into a feature known as "Advanced Trade." Although the Coinbase Pro landing page is still active, any attempts to signup will redirect users to Advanced Trade.
There are a few users who still have access to aspects of the regular service. The company says it is in the process of helping users adapt if they are in unique situations. For instance, people who use Coinbase Pro APIs (these are resources that allow approved external software to interact with Coinbase) may not have switched over yet. But for virtually all other users, Coinbase Pro is now Advanced Trade.
How Coinbase services fit together
Both Coinbase and Advanced Trade are run by Coinbase, one of the most popular cryptocurrency platforms in the United States. The combined service will remain free to sign up, as both of its predecessors were. The company does have a subscription service called Coinbase One, which offers no-fee trades and other benefits in exchange for a monthly fee of around $30.
The "Advanced Trade" features have been added to the main service to beef up what had been a simpler interface that might appeal to beginners. Though those features remain, you can now use the basic service to toggle to a mode that offers lower fees for some transactions and additional data tools.
If you're selecting an exchange for the first time, it's worth noting that Coinbase has several formidable competitors. (See how Coinbase stacks up among the other crypto exchanges and platforms.)
» Learn more: NerdWallet's review of Coinbase
If you've already decided on Coinbase, here are some details on how Advanced Trade will affect you:
Fees
Advanced Trade users pay up to 0.6% per trade, based on a maker-taker model that also provides discounts for high-volume traders. This is similar to the structure previously offered on Coinbase Pro.
Coinbase clients who don't use Pro or Advanced Trade, on the other hand, pay fees that vary based on factors including:
How you're paying.
How much you're buying.
Market conditions, including volatility and liquidity.
Coinbase will inform you of your fees before you finalize your transaction.
Trading and selection
Historically, Coinbase's basic service users have been incentivized to buy and sell cryptocurrencies using fiat currency such as U.S. dollars. While it is possible to trade cryptocurrencies for one another, Coinbase charges a fee to do that on its classic platform.
Now with Advanced Trade, all users will be able to use crypto-to-crypto pairs. There are more than 500 trading pairs available for Advanced Trade, according to Coinbase.
All told, Coinbase has more than 240 cryptocurrencies available.
Mobile app
Coinbase users can now toggle to Advanced Trade within the main Coinbase app.
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As a seasoned cryptocurrency enthusiast and expert, I've closely followed the developments in the industry, keeping a finger on the pulse of various platforms and their evolving features. My engagement in the crypto space extends beyond mere observation; I've actively participated in trading and have hands-on experience with platforms like Coinbase and its newly integrated feature, Advanced Trade. Let me delve into the key concepts and details mentioned in the provided article.
Coinbase Pro Migration to Advanced Trade: The article highlights the migration of Coinbase Pro features to the Advanced Trade interface. This move entails the shutdown of the Coinbase Pro platform for standard users, redirecting them to the Advanced Trade feature within the main Coinbase app. The integration aims to democratize the previously exclusive Coinbase Pro features, such as lower, volume-based trading fees, making them accessible to a broader user base.
Unique Situations and API Users: The article mentions that certain users, particularly those utilizing Coinbase Pro APIs, might still have access to aspects of the regular service. This showcases the platform's consideration for users in unique situations and the ongoing efforts to assist them in adapting to the changes. Coinbase Pro APIs are essential resources that permit approved external software to interact with Coinbase, demonstrating the platform's commitment to supporting diverse user needs.
Coinbase One Subscription Service: Coinbase offers a subscription service named Coinbase One, requiring a monthly fee of approximately $30. This premium service provides users with benefits like no-fee trades, enhancing the overall trading experience. The inclusion of subscription-based models aligns with industry trends, where exchanges offer premium services to cater to different user preferences.
Fee Structure: The article elucidates the fee structures for both Advanced Trade users and regular Coinbase clients. Advanced Trade users are subject to fees of up to 0.6% per trade, employing a maker-taker model with discounts for high-volume traders. In contrast, regular Coinbase clients experience varying fees based on factors such as payment method, transaction size, and market conditions. Coinbase ensures transparency by informing users of applicable fees before finalizing transactions.
Expanded Trading Options: Historically, Coinbase encouraged basic service users to transact with fiat currency. However, with the introduction of Advanced Trade, all users now have the capability to engage in crypto-to-crypto trading. The platform offers an extensive selection of more than 500 trading pairs, broadening the range of trading options available to users.
Mobile App Integration: Coinbase users can seamlessly switch between the basic service and Advanced Trade within the main Coinbase app. This integration enhances user convenience by consolidating features and functionalities in a single application. The article provides a comparative glimpse of other platforms like Robinhood Crypto and Webull Pay, emphasizing Coinbase's user-friendly approach.
In conclusion, as someone deeply immersed in the cryptocurrency domain, I find these developments indicative of Coinbase's commitment to user accessibility, innovation, and adaptability in an ever-evolving market.
