What is Coinbase Pro?
Coinbase Pro was launched in early 2015 and since then, it has launched several exciting features including stable security mechanisms, high trading rates, low prices, deep liquidity, and ease of use. The platform focuses more on high-volume and experienced traders instead of newbies.
Coinbase Pro is owned by Coinbase. It is an advanced exchange platform featuring a wide range of cryptocurrencies. The platform was formerly known as "GDAX", but was later changed to Coinbase Pro. If you are familiar with Coinbase, you might want to know that the main difference between Coinbase and Coinbase Pro is that Coinbase Pro allows its users to exchange coins based on business order books. This means that instead of buying or selling from Coinbase, buyers and traders are paired up based on the amount they want to sell and buy; thereby eliminating Coinbase as a third party. On the other hand, Coinbase only allows users to exchange through its own website that serves as a third party in the transaction.
Coinbase Pro does not operate on a flat rate model. Instead, takers and makers are charged separately. Takers are orders placed at market value that get filled immediately, while makers are orders placed that are not immediately filled by an existing order.
Coinbase Pro is valued by many for its extremely low commissions. Its charges range from 0.25% to 0.15% for taker trades. This charge is as low as 0.05% to 0.15% for maker trades. Based on the user’s 30-day trading volume, trading fees may vary. Because the more you trade, the cheaper Coinbase Pro's fees get. Compared to Coinbase's rates, Coinbase Pro is favourable for any crypto trader.
Security and Insurance
We all know security is of utmost importance in the blockchain network. So, how secure is Coinbase Pro? Coinbase Pro is a safe haven; it’s as safe as it gets.
In terms of security, one of the platform’s commendable practices is that 98% of the digital assets of its clients are locked in cold storage, thereby eliminating loss of funds by fraud, hacking or other means. The remainder of the asset is insured.
Coinbase Pro has measures put in place to ensure security. Stored Bitcoins, for example, are stored globally in safe deposit boxes and vaults around the world. The platform has all its data stored offline, away from the internet, instead of storing confidential data on servers. This reduces the risk of a data violation significantly.
Limit and Liquidity
Coinbase Pro does not put a restriction on the deposit of Bitcoin, Litecoin, Ethereum and Bitcoin Cash by wire transfer to your wallet as well as USD deposits. A high degree of liquidity is provided to customers, as users can withdraw up to $10,000 per day from an individual account and up to $50,000 per day from an institutional account.
However, they permit higher withdrawal limits upon request and acceptance. But their fiat currency deposits and withdrawals are restricted to a degree, enabling users to deposit and withdraw all cryptocurrencies exchanged on Coinbase Pro.