Coinbase vs Coinbase Pro

New to buying/trading cryptocurrencies and confused with which one to use? Here’s a breakdown.

Jasmine Taylor

Follow

Published in

Coinmonks

5 min readApr 12, 2021

--

Note: Before setting up an account with either Coinbase or Coinbase pro you will need:

To be at least 18 years old
A Government-issued Photo ID, a passport or a National Identity Card (non-US only)
A computer or smartphone with internet connection
A phone number connected to your smartphone (for SMS text messages)
Latest version of your browser (Chrome is recommended) or the latest Coinbase/ Coinbase Pro App

Coinbase — Setting Up

If you are newbie to the space, setting up a Coinbase account and purchasing your first cryptocurrency will be relatively straightforward, due to the simplicity of the user interface. HOWEVER, the biggest downside to using Coinbase compared to Coinbase Pro would be the high fees. Here is how to set up your account:

Go to https://www.coinbase.com or download the Coinbase App and go through the steps after clicking on Get Started. After filling out information such as your name and your email address, you will need to read and accept the User Agreement and Privacy Policy.
Verify your email (click on the link sent to your email) and verify your phone number (you will receive 7-digit code to your phone).
Add your personal information to the account and then verify your identity; you will need your Government-Issued Photo ID for this.
Link a payment method. For more details on this: https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/create-a-coinbase-account

Coinbase — Buying and Using the Platform +/-

+Easy to use: Now that you have your Coinbase account setup, simply click on the ‘Buy/Sell’ button left to your profile.

+Earn Rewards: On the left-hand side of the platform, the ‘gift icon’ is where you can find all of the rewards that you can earn. These range from earning cryptocurrencies for watching educational videos, to inviting friends to use the platform.

-Higher Transaction Fees: Coinbase charges 0.5% — 4.5% in fees for cryptocurrency purchases and sales, depending on transaction size and platform, payment method, country you are purchasing from and cryptocurrency type. As one example, buying $100 worth of Bitcoin from a US bank account, the fee would be $2.99, but for more details on fees you can visit: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

Coinbase Pro — Setting Up

If you already have a Coinbase account then make sure you use the same login email address, as then your accounts will be linked.

Go to pro.coinbase.com or the Coinbase Pro app and specify your account details, including your name and email address.
Verify your email address and your phone number (via SMS).
Depending on your region you will be asked to provide details such as the your name, address, source of funds, intent and occupation.
Verify your ID through either uploading or taking a photo of your government-issued ID.
Once you verify your ID, you can link your bank account.

Coinbase Pro — Buying and Using the Platform +/-

+Lower Fees: This is one of the best benefits of using Coinbase Pro. Compared to our example earlier of buying $100 of Bitcoin, with coinbase pro and their 0.5% fees, this would cost you ‘just’ 50 cents.

+More Transaction Types Supported: Compared to Coinbase, with which you can only buy, sell, send, receive and exchange, Coinbase Pro has the added features of allowing you to setup stop orders, time in force orders and limit orders. Depending on what you want to use the platforms for, perhaps Coinbase has all of the features you need, but this is a bonus to using Coinbase Pro.

-More ‘Complicated’ User Interface: After playing around with the Coinbase Pro userface, even as a newbie I would argue that the interface is not very difficult to use, but at first it can be intimidating as there does seem to be a lot going on. On the left hand side of the platform is where you can deposit your fiat currencies and then buy your cryptocurrencies. In the picture below, in the top left-hand corner is where you can select the market you want to look at. If you want to buy Bitcoin using GBP, then the market seen below is the one you would select. You then need to select ‘deposit’ and click on the asset ‘GBP’ to then make your payment. After you see your fiat currency is in your portfolio, ensure ‘BUY’ is selected (as it is here), click on ‘Max’ to choose all of your deposited GBP (if you want it all in Bitcoin) and then select ‘PLACE BUY ORDER’.

Overall, if you are new to trading, or new to buying/selling cryptocurrencies, it would be worth looking into both of these platforms before making your purchase. It does not cost to setup an account, so if you spend the time to verify both, you could make the most of the benefits of both; the rewards and simplicity of Coinbase but the lower buy/sell fees from Coinbase Pro.

If you are interested in a further breakdown and comparison of the two platforms I would recommend: