Coinbase Pro is the leading cryptocurrency exchange in the US and in the world, owned by the company Coinbase.com – famous for its crypto wallet service and cryptocurrency exchange platforms such as Bitcoin, Ethereum,… , Litecoin, Bitcoin Cash,…
Coinbase Pro exchange was founded in 2016, formerly known as GDAX and as recently as May 2018, and was changed to Coinbase Pro.
Coinbase is known as a regulated exchange by the US law enforcement agency, so it is very safe and never afraid of scams.
Some countries like the US, UK, Singapore, Coinbase are always the number one choice when they have a need to buy Bitcoin, ETH, LTC, BCH, …
Transaction fees at this exchange range from 0% – 0.3%.
Coinbase Pro supports trading cryptocurrency – electronic money or USD – cryptocurrency. Accepted payment methods on this exchange are PayPal and bank accounts (US only), Deposit Credit / Debit Card.
Currently Coinbase Pro supports 32 countries. There will be some trading pairs that are only supported in certain countries, In which, countries such as Singapore, Canada and Australia are only allowed to buy but not sell.
Coinbase Pro pros and cons
- Safety and security: No need to argue, Coinbase is one of the safest digital currency trading platforms in the world, it uses many of today’s most advanced technologies, features 2FA security, identity verification, email verification, …
- Use a cold wallet: 98% of the customer’s cryptocurrency is stored offline by Coinbase, i.e. a cold wallet, so it is very safe.
- As a legitimate exchange: Coinbase is one of the few legal crypto exchanges today, operating under the control of U.S. regulatory authorities.
- High liquidity: Coinbase Pro owns quite a large transaction volume, so it is very liquid.
- No Deposit / Withdrawal Fees: As mentioned above, Coinbase does not charge Coinbase deposit / withdrawal fees, only charges for Fiat.
- Support for coin transactions with Fiat: Coinbase Pro mainly offers coin pairs with Fiat such as USD, EUR, GBP, unfortunately there is no VND yet.
- Professional trading interface: Coinbase has a very professional trading interface coin, with chart analysis and order information, price, … and is also quite easy to use.
- There are Stop-Limit orders: In addition to basic trading orders, Coinbase also supports stop-limit orders to help traders cut stocks and take profits automatically.
- Up to now, Coinbase has not supported Vietnamese users
- Transaction fees are quite high: From 0.1% to 0.3%, (but to reach 0.1% must trade at least 10 million USD), this number can be too large for the average investor.
- Small coin and token support: Currently Coinbase only supports trading of 13 coins and tokens, (it seems Coinbase is not suitable for surfing traders).
- Coinbase does not support margin trading.
How does Converting Cryptocurrency work?
Users can trade between two currencies directly. For example: exchanging Ethereum (ETH) with Bitcoin (BTC), or vice versa.
- All trades are executed immediately and therefore cannot be canceled
- Fiat currency (ex: USD) is not needed to trade
How do I convert cryptocurrency?
- Sign in to your Coinbase account or into the Coinbase mobile app
- Find the asset page for the cryptocurrency you would like to convert from.
- There will be a panel with the option to convert one cryptocurrency to another
- Enter the fiat amount of cryptocurrency you would like to convert from in terms of your native fiat currency. For example, $10 worth of BTC to convert into XRP
- Select Preview Conversion to see the amount of XRP you would convert from BT. If you do not have enough crypto to complete the transaction, you will be prompted to buy some
- Confirm the conversion transaction