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Are you a Coinbase user and wondering if you should upgrade to Coinbase Pro but you’re not sure what the difference is or if it’s worth it?
You’re not alone. Many people are unsure what the difference is between Coinbase and Coinbase Pro and if the upgrade is worthwhile.
In the article below, I attempt to answer some of the more common Coinbase Pro-related questions which should help you know if an upgrade is right for you.
Let’s get started.
In This Post:
- 1) Are Coinbase and Coinbase Pro the Same?
- 2) Does Coinbase Pro Have Stop Loss?
- 3) Are Coinbase Pro Deposits Instant?
- 4) Are Coinbase Pro Fees Lower?
- 5) What is Post Only Mode on Coinbase Pro?
- 6) Can Coinbase Pro Be Used in Canada?
- 7) Can Coinbase Pro Connect to Coinbase Wallet?
- 8) Can Coinbase Pro Send Notifications?
- 9) Can I Short on Coinbase Pro?
- 10) Can You Convert Crypto on Coinbase Pro?
- 11) Can You Customize Coinbase Pro?
- 12) Why is Trading Disabled on Coinbase Pro?
- 13) How to Fix Trading is Disabled on Coinbase Pro?
- 14) Can You Login to Coinbase Pro with Your Coinbase Account?
- 15) Can You Sell on Coinbase Pro?
- 16) How to Get Coinbase Pro Wallet Address?
- 17) Why Does Coinbase Pro Say Insufficient Funds?
- Wrapping Up
1) Are Coinbase and Coinbase Pro the Same?
Coinbase is an exchange/wallet to buy cryptocurrency with fiat (USD or EUR). However, they don’t deal in any altcoins yet. You have to transfer the coins you purchase on Coinbase into another wallet that supports altcoins if you want to trade with them.
You also have the option of transferring your funds out to your bank account, which, again, you would have to do through Coinbase.
Coinbase Pro is the rebranded version of what used to be GDAX. You can still use it as a wallet or for trading purposes, so there are very few differences between the two platforms other than their branding and user interface.
The one main difference I see is that Coinbase Pro offers 3x margin trading while Coinbase does not. That being said, because they provide the same services, it’s easy to move funds from Coinbase into Coinbase Pro without any hassle via coin transfer or ACH/EFT transfers that are instant.
2) Does Coinbase Pro Have Stop Loss?
Yes, the official Coinbase Pro website does state they offer stop-loss orders.
Let’s look at the conditions of stop-loss in detail:
You can set this buy or sell type limit order to trigger only when the market price is at or better than your target price (stop).
You can enter a custom offset value (the amount above and below your target price that your order will be placed).
Finally, you can choose whether to use Good ‘Til Canceled (expires) or Immediate or Cancel (expires immediately).
3) Are Coinbase Pro Deposits Instant?
Short Answer: Yes.
Long Answer: Deposits on Coinbase Pro are instant, but withdrawals can take up to 72 hours. This is because of how slow blockchains are and ensuring there isn’t fraudulent activity behind the withdrawal.
Keep in mind that it should arrive at your bank account after you withdraw your cryptocurrency within a few days. The time it takes for a withdrawal to complete depends on the network activity and blockchain congestion/sluggishness.
4) Are Coinbase Pro Fees Lower?
Yes – Coinbase Pro will lower your costs significantly, with an average of 0.50% fee per transaction (or less). If you are an active trader, Coinbase Pro offers some of the lowest fee trades on the market.
These platforms usually depend on the user’s trading volume, but in a professional’s opinion, it is one of the lowest fee transaction platforms in the market. The buyer also gets 100% in their wallets when buying crypto coins.
It is essential to say that it makes no difference for the platform you are operating since Coinbase has branches outside the US.
There are many reasons why people opt to buy cryptocurrencies through this website. One thing that attracts most people here is that they have 0% deposit fees on transactions, making us able to receive our money back within seconds.
5) What is Post Only Mode on Coinbase Pro?
Coinbase Pro has an order type called “Post Only,” which allows you to ensure that your Order executes at a specific price. When placing the Order, you restrict yourself to only buying below the limit price or selling above the limit price.
This mechanism may protect against adverse situations where your purchase would cause a significant increase in the market price of an asset that you do not want to own.
What Will Happen To My Post-Only Orders?
Your post-only orders are safe and will remain unchanged until they are canceled or triggered. You can cancel them anytime if necessary. You can still remove all post-only orders at once by turning off the post-only order mode.
Why Are There Different Types Of Orders?
- Market Order – A Market Order, sometimes referred to simply as a Market, places an immediate Order at the best available price.
- Limit Order – This kind of Order specifies quantity and price requirements when you submit it to the marketplace. The exchange will match your limit buy or sell with another trader’s limit buy or sell, resulting in a filled Order.
Related: Coinbase Fees (Complete Guide)
6) Can Coinbase Pro Be Used in Canada?
Yes – It’s possible to use the platform if you live in Canada. You need to ensure that their service supports your region or state.
Before you begin using the site, here are some of the most important things to be aware of regarding Canadian residents and their ability to use Coinbase Pro:
Canadians cannot buy cryptocurrencies on the exchange with fiat currency (i.e., Canadian dollars). They can only purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin using another cryptocurrency – no exceptions.
Canadians must use either a cryptocurrency to fund their Coinbase Pro account or another exchange. For example, Canadians could send USD from their US-based Coinbase account to Coinbase Pro and then trade it for other cryptocurrencies on there.
7) Can Coinbase Pro Connect to Coinbase Wallet?
The short answer is yes. Coinbase Pro does connect directly to your Coinbase Wallet. There is no fee to transfer funds between Coinbase Pro and Coinbase Wallet (Coinbase charges fees for their services, though).
Steps of Linking Your Coinbase Pro Account With Your Coinbase Wallet:
Step 1: Click on Settings in the top right-hand corner of the screen at Coinbase pro
Step 2: Click on Linked Accounts under Accounts
Step 3: Click on Get Started under Linked Wallets
Step 4: Click on Coinbase Wallet
Step 5: Enter the account number that’s shown under your Coinbase Wallet and click Confirm
8) Can Coinbase Pro Send Notifications?
Did you know that, yes, Coinbase Pro can send notifications to the user via the API. Bots often use this for alerts of market changes or price movements.
Coinbase Pro recently announced they would be rebranding their apps which will eventually include sending notifications to users when certain events occur on the platform.
For example, this could mean that if someone uses Limit Orders (which stay active in the order book until they are either filled or canceled), there is a good chance that the user would like to know when it gets filled or canceled.
Or it could mean that if someone sets up a Trailing Stop Loss (an order which follows prices upwards in hopes of locking in profits but can also protect against losses), they might want to get notified when their stop loss gets triggered.
These are just two examples of the many types of notifications sent on Coinbase Pro.
9) Can I Short on Coinbase Pro?
On Coinbase Pro, there’s no direct way to short using only their native exchange interface. Most exchanges don’t currently allow for this activity directly on their platform.
To do so would be very risky concerning how one manages long vs. short margins in equities trading (margin calls).
However, since GDAX is a different platform from Coinbase Pro, there are ways to do this on GDAX. It does involve setting up an OTC desk since GDAX doesn’t have one of its own, but this is fine for most crypto-currency traders.
The issue here is that if you’re already on Coinbase Pro, there isn’t a way to convert your funds over to GDAX to take advantage of the margin trading ability. These exchanges are internally separate platforms, so you can’t transfer or send funds between them unless specific criteria are met (e.g., a minimum balance).
10) Can You Convert Crypto on Coinbase Pro?
Yes. It’s a bit more complicated than that, though.
You can convert crypto on Coinbase Pro in two ways: Staking or Selling. Staking converts funds into an equivalent asset based on the Binance model, where you stake your assets to receive a proportional voting power.
Selling immediately sells your assets for USDC, which can be withdrawn to your bank account at any time but is only available with USD balances (Coinbase accounts cannot hold fiat).
You can currently convert funds between BTC, ETH, BCH, LTC. These are all listed as base assets on the exchange with no tokenization set up yet, so they are not interchangeable or convertible into one another using this method. Instead, you must sell or stake one of them to convert it for the other.
11) Can You Customize Coinbase Pro?
Yes, you can customize Coinbase Pro.
The price chart can be customized based on time range, chart type (candlestick and line), and overlay (12- and 26-Day EMAs). There are toggle buttons at the top of the price chart interface to assist.
Additionally, clicking anywhere in the background of the graph allows you to drag around a custom timeframe. Customizable settings include:
- The time frame between 1 minute and one day
- Type of candlestick or line graph
- Overlay technical indicators including 12- and 26-day EMA, Bollinger B®, Keltner Channels, and Parabolic SAR
12) Why is Trading Disabled on Coinbase Pro?
There are two possible reasons for this:
Reason 1: The first reason is the 3-1/2 day waiting period required when moving funds from one’s Coinbase account to new trading or investment account. Before an individual can place trades with their own money, they must wait 30 days and then transfer (or ‘sweep’) into a separate wallet the amount of money in their Coinbase account.
If you receive payments directly to your Coinbase wallet (e.g., mining), they will be added to this total. They may result in receiving a buying limit that exceeds your actual available balance. For this reason, sweeping all funds into a separate wallet is recommended.
Reason 2: The second reason for this error message is the amount of money in the account. If an individual has $10,000 or more, they’ll need to ‘verify’ their identity with Coinbase before making any trades on Pro (as per government regulations). Furthermore, they can only trade up to 1% of their total net worth during each transaction (within a 30-day window).
This restriction took effect on Aug 23rd, 2018. You can find out if you have been classified as High Risk by going to Settings > Limits & Verifications and scrolling down to Risk Profiles. Coinbase must limit exposure to risk in a given area until that customer takes additional verification steps to be compliant with government regulations.
Your account has been flagged as High Risk due to an increased level of risk associated with it. You are limited to a maximum purchase of 1% of your total net worth within the past 30 days, up to $10,000.00 by Coinbase’s standards.
If you have reached the limit today, please wait 24 hours before trading again or submitting a request for higher limits. Please note that they may need more time to review your case and contact you if this is the case.
13) How to Fix Trading is Disabled on Coinbase Pro?
The first thing to do when you see the Coinbase Pro Trading is Disabled page after login in is to click on the ‘Recover Access’ button under that error message. That button will take you directly to a form that will ask you why your account was disabled and all other details required.
After filling out that form with valid information, wait up to 24 hours for the next step. After applying, the second step is waiting for an email from the Coinbase support team or logging in through a Google+ account (which requires creating one if not existent) if applicable.
If you still see the same error message after applying, try turning off ‘Two-factor authentication’ on your Coinbase account. After doing so, log in to your account and turn it back on. Typically this is required if you are asked to provide a valid mobile phone number during support request submission.
Other issues that might be causing this include forgetting or not knowing your password or saved security phrases (if applicable). Try resetting both of those first by selecting ‘Forgot Password’ or ‘I Forgot My Security Phrases.’
After successfully logging in with new credentials, log in through Google+, wait for an email from the Coinbase support team, followed by another attempt at trading which should now work without any problems.
14) Can You Login to Coinbase Pro with Your Coinbase Account?
Yes. When you try to log in to Coinbase Pro, you will be directed to a screen that says “Login With” and among the many options, it will say “Coinbase Account”.
If you are wondering what this means, it means that your account on Coinbase Pro is linked with your Coinbase account. This allows for easy transfer of currencies between your Coinbase Pro account and your fiat-linked Coinbase account.
You can also use this feature to deposit or withdraw funds from both platforms (provided that there are no transaction limitations in place).
If you want access to multiple accounts on one platform (or if you want to consolidate all of your cryptocurrencies into one platform), then linking up different existing accounts to the same platform is a good idea.
In this case, you can use your Coinbase account as a gateway that gives you access to all of the different cryptocurrencies listed on Coinbase Pro.
15) Can You Sell on Coinbase Pro?
Yes, but only if you’re using the site as a market maker. If you’re buying and selling to customers, then no, you can’t sell via Coinbase Pro.
This is because the service was designed for institutional investors who are active traders, not people who are spending or receiving cryptocurrency for goods or services.
If your primary intent is to provide an easy method for users to acquire cryptocurrency for their use, it’s probably best to stick with simpler solutions like creating a wallet within your website.
It provides extremely helpful features like automatic conversion of fiat currency into bitcoins (Coinbase) or eth (Myetherwallet) and provides users with a seamless trading experience (the pay page is already set up and you receive the proceeds directly into your account).
If, however, you’re interested in building something like an exchange platform that allows users to buy cryptocurrency with fiat currency directly from your site, It is recommended to create a wallet service that establishes contracts between buyers and sellers.
16) How to Get Coinbase Pro Wallet Address?
Step 1: Sign up with Coinbase
You can sign up with Coinbase using an email or your real name (which will require verification). Once you’ve done this, make sure you have 2 Factor Authentication enabled.
Keep in mind that if your phone is broken or if you lose access to your phone number, you’ll need to make sure your backup codes are available and accessible.
Step 2: Go to the Addresses Section
Click Accounts on the top navigation bar.
Select which currency you want to use (Bitcoin/Ethereum) from the drop-down menu in the upper left-hand corner under your name.
Note that this is different than normal Coinbase accounts, so make sure this is set accordingly. Then click “Receive”. You will see fields for BTC & ETH addresses – one for each type of currency. Click either address to copy it to your clipboard.
Step 3: Select Create New Address
Go back to Accounts > Click “Accounts” drop-down > Click “Receive”. You will see fields for BTC & ETH addresses – one for each type of currency. You can create a new one here if you do not want to use the ones you have already copied from Coinbase Pro.
Type in an amount, paste your address into the field under Amount, then click “Request”. It will look something like this- 1EJQ6KyojukNhv3eudd64BdbyenLcCQMnH. The next page will show you a QR code and an alphanumeric string below it which are both the address.
17) Why Does Coinbase Pro Say Insufficient Funds?
This means you entered an order amount that’s more than your current balance for that asset. For example, if you have $10 in Bitcoin on Coinbase Pro and enter an order of $15, this error will appear. However, you can still place an order.
You just won’t be able to see it in the Order Book until your Bitcoin balance updates with enough funds for the newly placed order. To get around this, try entering a slightly lower amount than what you want (e.g., $14.55 instead of $15).
The Bitcoin price is always fluctuating so if you wait then perhaps there will be enough Bitcoin available to meet your order request.
The information presented in this article is more than enough for beginners to start their crypto investment journey.
You can now go out and buy your first Bitcoins using the Coinbase app. Make sure you choose a strong password and use Two Factor Authentification.
Also remember that there are different types of wallets – software wallets on your computer, mobile wallet, or a web wallet – see which one fits best for you.