Coinbase has confirmed major news for crypto enthusiasts and traders of their exchange. The Coinbase Pro platform is permanently shutting down on November 09 this year, as the trading exchange seeks to restructure its services and consolidate into a single platform.
In June this year, Coinbase announced that Coinbase Pro closing would be concluded by the end of the year. It is migrating all its features to the ‘Advanced Trade’ section of a user’s single unified Coinbase account. Customers will then be able to access things like Coinbase Card, dAPP wallet, Borrow, and Staking from one platform balance. Crypto Lists looks closer at this development.
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Advanced Trade Already Exists on Coinbase
Coinbase.com has Advanced Trade already available globally. Users of Advanced Trade currently incur the same volume-based fees as Coinbase Pro. The fees range from 0% to 0.6% as per Coinbase’s official website.
The trading platform rolled out Advanced Trade in the Coinbase mobile app shortly after its initial announcement of Coinbase Pro closing. There are also other improvements on Advanced Trade as an upgrade from Coinbase Pro for each customer. The Advanced Trade section launch was in March 2022. It enables traders to access in-depth analysis and direct trading on the Coinbase exchange.
Migration from Coinbase Pro to Advanced Trade
The transition from Coinbase Pro to Advanced Trade has been ongoing for several months as the exchange launched new and anticipated upgrades to Advanced Trade.
In 2018, Coinbase Pro launched advanced trading by offering unlimited trading volumes while supporting over 250 cryptocurrencies. The Coinbase professional trading platform facilitated technical analysis and trade directly with the Coinbase Exchange order book. Customers were impressed with the focus of Coinbase Pro on buying, selling, and swapping cryptocurrencies. As well as more advanced features like limits, stop limits, and leveraging.
Get Coinbase App Rating: 9.3/10
Number of instruments: 39+ instruments
Description: Try Coinbase, one of the best sites for beginners with an easy-to-use desktop and mobile app!
Risk warning: The crypto market is volatile. Don’t risk more money than you can afford to loose.
In the Coinbase.com website and Coinbase app, the exchange’s team added advanced features for further engagement with the crypto-economy. These included a dapp wallet, Coinbase Card, Staking, and Borrow which improved the overall trading experience. These caused users to use both Coinbase Pro and Coinbase.com to access the criss-crossing features. Experienced traders would use Coinbase Pro for extensive analysis and trades but would still be required to transfer funds to their primary account to use other Coinbase features.
Coinbase seeks to resolve this friction by offering customers the best from both sites all in one. It rebuilt the Coinbase Pro advanced trading features within both Coinbase.com and the Coinbase app under the ‘Advanced Trade’ module. They continue to add more features to Advanced Trade on Coinbase as the Pro closing date looms.
Advanced Trade Features for World-Class Trading on One Platform
Advanced Trade is a straightforward migration from Coinbase Pro to the primary Coinbase site. It offers a seamless experience for faster, smarter, easier trades. It offers extensive analysis, and advanced real-time order books, with TradingView powering its charting to assist customers in their study of crypto markets before investing.
There are also improved order flows that ease the placing of limit, market or stop limit orders directly on the exchange. This offers in-depth liquidity within one account balance. Users can gain staking rewards of up to 5% APY for crypto balances such as DAI, ETH, and USDC.
The new section is also protected by Coinbase security infrastructure, including YubiKey for mobile, and vaults, USD held at FDIC-insured institutions, and 24/7 monitored cold storage facilities.
How to Migrate From Coinbase Pro Manually
Coinbase assures their Coinbase Pro customers their funds are safe and they can move their assets before Coinbase Pro closes on November 9. This is through a one-click process on its platform. Coinbase Pro customers that want to continue accessing Coinbase services can move their funds easily. On their current Coinbase Pro page, there is a banner at the top screen where they can select the option of ‘Transfer funds’.
Users who are in the process of trading can use their portfolio view to transfer funds into Coinbase’s primary service. They can do so by following these steps:
- Click on ‘All Portfolio’
- You will receive a prompt to cancel open orders, as Coinbase will not move funds allocated to open orders
- Select Coinbase.com as the destination for the transfer of funds
- Confirm by clicking ‘Withdraw’
- The Withdrawals tab indicates the status of the transfer
Get Coinbase App Rating: 9.3/10
Number of instruments: 39+ instruments
Description: You can still try Coinbase Pro before it migrates to try out its advanced tools and trading features.
Risk warning: The crypto market is volatile. Don’t risk more money than you can afford to loose.
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