Coinbase is not a blank slate. Anyone who has been involved with cryptocurrencies for a while will certainly have heard the name of the Coinbase Exchange. The US exchange is one of the largest on the market. But Coinbase Pro?
Coinbase Pro is a further development of GDAX, an exchange with which Coinbase primarily addresses advanced private investors. The main advantage over Coinbase is the increased user-friendliness and the lower fees that the site charges for buying and trading Bitcoin & Co. However, these only take effect with very large trading volumes, so that only a few private investors are likely to benefit from them.
Useful tools on Coinbase Pro
On Coinbase Pro, traders will find a variety of useful trading tools such as analysis charts and additional trading options. In our review, we take a closer look at the trading platform. It only receives a good rating if it can convince us in all categories. Among other things, we test the customer service and the offer, pay attention to transparency and check the security standards of Coinbase Pro. What does Coinbase Pro do to protect you from fraud? Which languages are supported by the website? And how reliable is the customer support here? Our Coinbase Pro test provides answers to these and other questions.
What is Coinbase Pro?
The company Coinbase was launched in 2012. Coinbase Pro is a further development of the platform. On both platforms, traders and customers can conduct transactions with new digital currencies such as Bitcoin, Ethereum and Litecoin. Coinbase is also a wallet for digital currencies. The company is headquartered in San Francisco, California.
Coinbase is used by over 20 million customers. Over 150 billion US dollars have been traded on Coinbase’s exchanges to date. Coinbase’s goal is to provide an open financial system for the entire world and to increase economic freedom, innovation, efficiency and equality of opportunity. “An open financial system can effectively address inequalities and lift billions of people out of poverty while driving global innovation,” Coinbase’s principles state.
While Coinbase is not yet available for buying and selling cryptocurrencies in UK, this is the case for Coinbase Pro. In addition to the exchange, the company also offers its own cryptowallet with which you can manage your purchased currencies. CFD trading is not supported by Coinbase Pro. For this, you can, for example, use the crypto broker eToro, which we recommend.
Coinbase Pro advantages and disadvantages
On the Coinbase Pro Exchange you can buy cryptocurrencies like Bitcoin with euros. Registration is required for this. You can either use your own wallet or access the Coinbase Pro wallet to manage, hold or transfer the cryptocurrencies you have purchased. The site is partly only available in English, but certain sections are in German.
- Buy and/or trade Bitcoin, Ether and many other cryptocurrencies with Coinbase Pro
- Buy eight cryptocurrencies with euros
- Use Coinbase Pro app wallet to store cryptocurrencies
- Attractive fee model for large customers
- Manageable offer
- Coinbase Pro Support without Live Chat
- Website partly available in English only
- Private clients generally pay the highest fee rate
Coinbase Pro experience: No trading with CFDs
Coinbase Pro is not a broker and does not offer any financial instruments. If you wanted to trade CFDs with Coinbase Pro, you have come to the wrong address. For trading cryptocurrencies with CFDs, you can instead use the broker eToro, which also has its own wallet app. Buying Bitcoin & Co. is also possible with this broker. Moreover, eToro’s offer is clearly aimed at private investors.
Coinbase Pro Review – the offer
On Coinbase Pro you can buy eight different cryptocurrencies with euros. You can then exchange your cryptocurrencies for other cryptocurrencies. Coinbase Pro offers the purchase and sale of cryptocurrencies as well as its own wallet app. Since Coinbase Pro is not a cryptocurrency broker, financial instruments such as CFDs, forex or stock options are not available here.
Coinbase Pro is aimed at private investors. For institutions, there is the Coinbase Prime platform.
Which trading pairs you can use depends solely on the regulations of your country of residence. Trading pairs with USD are only available in the USA; trading pairs with GBP are only available in the UK. We list all trading pairs:
Coinbase Pro Trading Pairs
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Coinbase Pro Fees & Charges
Coinbase Pro’s fees are very manageable. The platform distinguishes between “maker-fees” and “taker-fees”: Anyone who places an order at the market price is considered a “taker” and receives the “taker-fee” accordingly. Anyone who selects a limit order that is not immediately filled is considered a “maker” and pays the “maker-fee” instead of the “taker-fee”. Coinbase Pro’s taker fees range from 0.05 to 0.25 per cent. Maker fees are between 0.00 and 0.15 per cent.
It is therefore possible under certain circumstances not to pay Coinbase Pro fees on cryptocurrencies. However, only very few people can enjoy this because the amount of the fees on Coinbase Pro depends on how successfully you trade. The maker fee is only waived completely for limit orders with a trading volume of at least 50 million US dollars.
|Taker Fees||from 0.05 per cent to 0.25 per cent|
|Maker Fees||from 0.00 per cent to 0.15 per cent|
|Transaction fees for cryptocurrencies||Deposit and withdrawal free of charge|
|Transaction fees for bank transfers with SEPA (EUR)||Deposit and withdrawal 0,15 Euro each|
|Transaction fees for International Wires||Deposit and withdrawal $25 each|
Nevertheless, the Coinbase Pro fees are very reasonable. Even if you pay the maximum rate, you will only incur fees of 0.25 or 0.15 percent (per trade). The transaction fees vary depending on your payment method. If you pay with cryptocurrencies, for example, Coinbase Pro does not charge a fee.
Payments with SEPA bank transfers cost you only €0.15 per transfer. Keep in mind that your bank may also charge a conversion fee. There are no further costs, for example for opening an account, with Coinbase Pro.
Coinbase Pro payment methods
There are only a few payment methods available on Coinbase Pro. You can make a bank transfer or pay with cryptocurrencies. Transfers are also possible via international wires, but they cost a lot (see previous section).
You cannot pay with every cryptocurrency on Coinbase, but only with certain cryptocurrencies. These are currently Bitcoin, Bitcoin Cash, Litecoin, Ether and Ether Classic. If you pay with cryptocurrencies, Coinbase Pro does not charge any transaction fees.
Pay with cryptocurrencies on Coinbase Pro
Payments with credit cards or providers such as Skrill, Neteller or Paypal are not possible on Coinbase Pro. If you are looking for a broker that accepts Paypal, you will find an excellent Coinbase Pro alternative for buying, but also for trading cryptocurrencies in our Exchanges comparison test winner eToro.
Coinbase Pro licence and security
To increase the security of its customers, Coinbase Pro insures all digital assets stored on the platform. In addition, 98 percent of the cryptocurrencies of all Coinbase Pro customers are secured in a cold wallet (offline). The insurer FDIC additionally secures each customer up to a maximum of 250,000 US dollars. This applies to fiat funds held on the platform. Because cryptocurrencies are not recognised by governments, they are not covered by the insurance.
The customers’ data is also protected with a lot of effort. Instead of storing it on servers, it is stored in an offline database, which makes hacks much more difficult. In addition, all of this data is encrypted with AES-256 before being stored on FIPS-140 USB hard drives. Backup copies are printed on paper. These backup copies and hard drives are distributed all over the world.
Two-factor authentication (2FA), which is advisable anyway, is mandatory with Coinbase Pro. For each login, a code is generated that the user must read on his smartphone and enter into the login screen. The process effectively prevents unauthorised third parties from accessing your accounts.
Coinbase Pro Regulation: Lack of clarity regarding UK
Coinbase Pro’s list of security features goes a long way: all employees undergo background checks, must encrypt the hard drives they use and use strong passwords. Every Coinbase Pro device and service is protected with its own password and 2FA. In the “Coinbase Bug Bounty Programme”, developers are rewarded for identifying vulnerabilities in the site and reporting them to the company. Thanks to all these measures, Coinbase Pro puts a stop to fraud attempts.
Coinbase is clearly regulated in many countries and enjoys a good reputation; it is also one of the best-known marketplaces for buying and selling cryptocurrencies in UK. Nevertheless, there is no complete clarity about the legal conformity of Coinbase Pro in UK. Coinbase’s T&Cs clearly state that the offer is not aimed at customers from UK. Nevertheless, there are numerous reports according to which German customers were able to get verified on Coinbase. Coinbase Pro, on the other hand, seems to be aimed at German customers as well. However, we have not yet been able to obtain absolute clarity on this in our research.
Due to the good reputation of the globally operating company and the enormous effort that Coinbase puts into security issues, it is difficult to assume that things are nevertheless above board at Coinbase Pro. Unlike Coinbase, Coinbase Pro clearly lists UK in the list of authorised countries. Unfortunately, we cannot completely dispel our doubts about Coinbase Pro, as we cannot find any more detailed information about it.
Coinbase Pro Customer Service, Contact & Support
Surprisingly, the Coinbase Pro support is not as broad as would be expected from a company of this size.
This already starts with the FAQ: Many questions are answered here in an exemplary manner. Especially the overview of the costs associated with the use of Coinbase Pro and the list of official social media presences could hardly be better designed. Here we find out, for example, that there is no presence of Coinbase or Coinbase Pro on Telegram or can check whether the addressed Twitter account really belongs to the company. However, the offer is entirely in English. We can only switch to Spanish and Chinese. We would have liked to see a German-language version here.
No live chat option
You can contact Coinbase Pro Support by email or via the contact form on the site. A telephone number is also available for problems if you can communicate in English. However, callers have to expect high charges because there is no European number. There is also no live chat. In our opinion, the support does not serve European customers satisfactorily. This affects the rating in our Coinbase Pro test.
Registration and trading with Coinbase Pro
Here you can find out how exactly you can trade and buy cryptocurrencies with Coinbase Pro. From the first login to the first order: We will guide you through the process step by step.
Select trading pair
The Coinbase Pro App
There is no Coinbase Pro mobile app, neither for iOS nor for Android. If you want to learn more about good apps, read our comparison. According to the site, Coinbase Pro can be used very well with any browser on any device. Whether this can really replace a Coinbase Pro app, we cannot answer definitively at this point.
Conclusion – the Coinbase Pro rating
Coinbase Pro clearly stands out from the multitude of offers on the net due to one feature in particular: the company stands out for its extremely high security standards, which range from the training of all employees to the backups of personal data and cooperation with hackers to insurance funds that protect investors’ capital from such unlikely cases as the company’s insolvency.
The Coinbase Pro offer is also convincing. The detailed graphs and charts can be valuable tools for trading that give you an edge over other traders. However, there is one big problem with Coinbase Pro: It is still unclear exactly what the offer for customers from UK is. As long as there is no clarity about this, we cannot give our readers from UK a clear recommendation. This is a pity, because if this hurdle did not exist, we would gladly recommend using Coinbase Pro despite the shortcomings in customer support.
Did you like our Coinbase Pro review? Our Coinbase Pro review is part of our big series on the best exchanges on the net. For a good alternative to Coinbase Pro registration, check out our review of online broker eToro. Are you wondering if cryptocurrencies are still worth it in 2019? Or do you want to learn more about cryptocurrencies? Then you can find our buying guides for the most important coins here.