Coinbase Pro digital currency exchange review

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.

Which cryptocurrency pairs can I exchange?

Coinbase Pro currently only offers limited crypto-to-crypto pairs in the UK, including:

• ETH/BTC
• LTC/BTC
• BCH/BTC

Supported countries

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

Which payment methods are accepted?

Coinbase Pro offers payment methods including:

• Single Euro Payments Area (SEPA) withdrawals and deposits in euros
• 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:

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.

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

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

• Can I cancel an order?

  Coinbase Pro users may cancel their order simply by selecting the order they wish to annul and clicking “cancel“.

• Why is my available balance less than my total?

  If your available balance is less than your total, you have open orders. These orders are not part of your available balance.

• How long will my order stay an open order?

  All newly opened orders are marked as “open orders”. An open order becomes a “partially matched order” when it partially matches another user’s order. It becomes a complete order only when all of your order matches other user orders.