Coinbase to Shut Down Coinbase Pro Platform
- Launched in 2018, Coinbase Pro was designed to provide advanced traders with unlimited trading volumes, as well as a larger choice of cryptocurrencies.
- Coinbase plans to replace “Pro” with its Advanced Trade feature by the end of the year, bringing all of its services under the same platform.
Coinbase CEO Brian Armstrong speaking at TechCrunch Disrupt SF 2018. Steve Jennings/Getty Images for TechCrunch
Cryptocurrency exchange Coinbase has decided to shut down its tool for advanced traders, Coinbase Pro, and bring all of its services under the same platform, the company said in a blog post on 22 June.
According to the announcement, the United States-based exchange is planning to phase out its Coinbase Pro tool by the end of the year, and incorporate its functionality into the Advanced Trade tab, a new trading section available on Coinbase.com. The goal of the move is to simplify the trading process on the exchange, by enabling professional traders to use both general and advanced Coinbase features in one place. The company said in the blog post:
“After developing a better alternative for our Coinbase Pro customers, we released Advanced Trade on Coinbase.com earlier this year. Advanced Trade is equipped with all the capabilities of Coinbase Pro, but upgraded with the most seamless Coinbase experience to make informed trades, faster and easier.”
Coinbase Pro was launched in 2018 as a platform for advanced traders, which allowed them to conduct technical analysis and place traded by interacting directly with Coinbase’s order book. It not only offers unlimited trading amounts — the general Coinbase platform has a capped trading volume depending on payment methods and regions — but also provides exposure to over 250 digital assets, with the primary platform only supporting 100 cryptocurrencies.
The platform, however, does not have some of Coinbase’s features, which forced some advanced traders to transfer funds between their primary Coinbase account, and their Pro one. In order to offer users “the best of both worlds”, Coinbase launched its Advanced Trade tab in March 2022, providing users on Coinbase.com with in-depth analysis and crypto trading services.
Coinbase also noted that the Advanced Trade tab will offer the same volume-based fees as the Coinbase Pro tool, which has fees ranging from 0% to 0.6% depending on the volume. The company plans to introduce new upgrades to Advanced Trade over the next few months, while it gradually replaces Coinbase Pro.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.