Is Lack of Profit Making Coinbase Let Go of Coinbase Pro?

Coinbase

Coinbase

The professional trading platform of the popular cryptocurrency exchange Coinbase, will cease to exist!

Coinbase Pro, or the professional trading platform of the popular cryptocurrency exchange Coinbase, will cease to exist. The exchange plans to completely restructure the services, in order to bring them all on 1 platform.

 

An End to Coinbase Pro

The company said it wants to have all of its services under the same hat, which is why it will gradually stop allowing users to access the professional trading platform Coinbase Pro. Thus, customers will be able to stake, borrow, and use the app wallet and Coinbase Card from the main platform.

In order to do this, Coinbase will be making available a new trading section on their website called ‘Advanced Trade’. Coinbase Pro will effectively be moved to this section. Originally launched in March 2022, the section provided traders with in-depth analysis and actual trading directly on Coinbase. So now it is visibly expanded.

The exchange noted that it will add “Advanced Trade in the Coinbase mobile app along with other improvements to make Advanced Trade an upgrade from Coinbase Pro for every customer” in the following weeks.

The fees to be paid for executing transactions will remain the same as they are now on Coinbase Pro, ranging from 0% to 0.6%.

 

World-Class Trading on One Platform

After developing a better alternative for its Coinbase Pro customers, Coinbase 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.

Advanced Trade offers more in-depth technical analysis, advanced real-time order books, and charting powered by TradingView to help customers research and analyze crypto markets before making investment decisions.

It also offers improved order flows to make it easier and faster to place market, limit, or stop-limit orders directly on Coinbase Exchange, which offers one of the deepest pools of liquidity.

All this is within a single account balance so customers can access automated staking rewards to earn up to 5% APY on eligible crypto balances like USDC, ETH2, and DAI.

Advanced Trade is also augmented by additional Coinbase-wide security infrastructure like 24/7 monitored cold storage facilities, USD held at FDIC-insured institutions, YubiKey for mobile, and vaults.

However, it will be several months before the migration is fully completed. The exchange also plans to keep adding new features to Advanced Trade. The exact dates of Coinbase Pro’s termination will be announced and shared with all Pro users.

Reportedly, the ultimate goal of the migration is to simplify the trading process on Coinbase. They want to do this by giving professional traders access to advanced trading tools and common Coinbase functions in one place, using one balance. As a result, they do not have to constantly switch accounts.