Coinbase is the entry point for many cryptocurrency holders, but as its users become more crypto-savvy, they choose to transfer their assets to the more advanced Coinbase Pro. Coinbase is the simpler version of the Coinbase Pro exchange and wallet. It offers an accessible interface that doesn’t require much knowledge or experience to use. However, compared to the Pro version, it lacks some features. How to transfer from coinbase to Coinbase Pro.
HOW DO I TRANSFER FROM COINBASE TO COINBASE PRO?
Since both Coinbase and Coinbase Pro exist within the same exchange network, transferring between the two is relatively easy and most importantly, it’s free. Here’s what to do:
- Sign in or sign up for Coinbase Pro.
- Go to the trading section of Coinbase Pro.
- Click Deposit on the left sidebar.
- Select your desired cryptocurrency from the pop-up tab, then choose to transfer from Coinbase.com
- Enter the amount you would like to transfer to Coinbase Pro. If you want to deposit all your cryptocurrency holdings, select Max.
- Press the deposit button.
And that’s it. While cross-exchange transfers like those between Binance and Coinbase can be more complex (and risky), it’s a relatively simple process for inter-Coinbase transfers.
SHOULD YOU SWITCH FROM COINBASE TO COINBASE PRO?
If you can bypass Coinbase Pro’s less user-friendly interface, the updated exchange offers a variety of additional features and charts compared to Coinbase, making it a perfect choice for more active traders.
One of the main differences between Coinbase and Coinbase Pro is the fees. Fees vary on Coinbase, but buying cryptocurrency with a bank transfer will result in Coinbase taking a 1.49% cut on the transaction. This taker fee is only 0.5% on Coinbase Pro – and it also drops lower for larger transactions over $10,000.
Additionally, it enables users to exchange more cryptocurrencies than the Coinbase version at the start. For example, when Coinbase first listed SHIB, Shiba Inu was only available through Coinbase Pro
Regardless, if you decide to try Coinbase Pro and find that you prefer Coinbase, you can transfer back to Coinbase. To do this, follow the steps above but select Coinbase Pro withdrawal instead of deposit.
The same with your wallet, you can utilise Coinbase vaults for nothing.
Is an account with Coinbase enough or should it be the Pro version?
If you use the Coinbase and Coinbase Pro next to each other, differences immediately catch the eye. It is immediately obvious that Coinbase Pro is much more complicated and is aimed more at professional traders. Why it is like that? Well, Coinbase is aimed first and foremost at people who are new to cryptocurrencies and therefore want to stock up on coins first and foremost. Coinbase wants to make it as easy as possible for them with the basic version and therefore only lists a handful of cryptocurrencies that have proven to be robust in the past. An app for Android and iOS is intended to further simplify entry into trading with cryptocurrencies at Coinbase, as well as its own software wallet for storing credit and an extensive web presence to train beginners.
Coinbase Pro immediately focuses on the experienced trader who thinks in US dollars. There is no app here, but instead a trading platform that calls for larger screens in its complexity. With Coinbase Pro, significantly more different cryptocurrencies are listed and traded with each other. The charts allow detailed analysis of current market events and allow you to delve much deeper into the subject. In short: With Coinbase Pro you feel like a broker, here you trade and speculate in real time.
Both Coinbase and Coinbase Pro use the same backend. This means you can transfer cryptocurrencies back and forth between Coinbase and Coinbase Pro in real time without paying any fees.
Conclusion: Get started with Coinbase, Coinbase Pro will follow later
If you are still familiarizing yourself with cryptocurrencies, Coinbase is a good choice. You can buy your first bitcoins without much prior knowledge and, if necessary, simply see them as a medium or long-term investment. However, if you are keen to devote yourself to the crypto market more professionally and on a daily basis, you will quickly switch to Coinbase Pro. As a result, you benefit from significantly lower fees, among other things. By the way, if you wish, you can also automatically access Coinbase Pro with your Coinbase account.