What Happened to Coinbase Pro?

Move aside, Coinbase Pro: Coinbase Advanced Trade is here!

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In June 2022, Coinbase announced that it would be sunsetting Coinbase Pro to replace it with Coinbase Advanced Trade to provide its full suite of advanced crypto investment services on one single platform.

The addition of new features—such as staking and the Coinbase Card—to Coinbase.com and the Coinbase app meant that Coinbase Pro users had to switch platforms and transfer assets to use all of Coinbase’s products. To provide a more streamlined crypto investing experience for its professional clients, Coinbase Pro will shut down to make way for the company’s new Advanced Trade platform.

As of November 14, 2022, Coinbase has started the process of migrating customer accounts from Coinbase Pro to Coinbase Advanced Trade. If you are a Coinbase Pro user and you haven’t moved your funds to Advanced Trade yet, no worries! Coinbase will credit your funds held on Coinbase Pro to the Coinbase platform.

What Is Coinbase Advanced Trade?

Coinbase Advanced Trade is Coinbase’s advanced trading platform targeting professional crypto traders and investors.

Advanced Trade enables crypto holders to utilize an extended variety of chart analysis tools, earn up to 7% staking rewards of a range of digital assets, and benefit from additional security features, all while paying the same low volume-based fees as they did on Coinbase Pro.

How Will the Phasing Out of Coinbase Pro Impact Trading on Coinbase? 

Advanced Trade users will be able to trade all 350+ cryptocurrency trading pairs that were available on Coinbase Pro, with the same liquidity and order types.

However, traders will now be able to use a much broader suite of technical analysis indicators, such as MACD, RSI, and Bollinger Bands, powered by TradingView. As a result, traders are less likely to need third-party charting tools, alleviating the need to click out of the trading dashboard.

Advanced Trade users are also able to earn staking rewards for crypto assets, such as USDC and staked ETH (ETH2), enabling investors to earn up to 7% APY. This feature was not previously available to Coinbase Pro users, providing a more streamlined crypto asset management and trading experience.

Trading fees remain the same on Advanced Trade as they were on Coinbase Pro, starting at 0.4% for price makers and 0.6% for price takers. The exact fees traders will be charged depends on their trading volumes, as pricing on Advanced Trade is volume-based.

Advanced Trade users also benefit from Coinbase’s security infrastructure, which includes monitored cold storage facilities, U.S. dollar balances held at FDIC-insured institutions, YubiKey support for mobile app users, and the ability to store funds in Coinbase vaults.

To access all of Advanced Trade’s features on the Coinbase mobile app, users only have to update their Coinbase app to the latest version. All of the new advancing trading platforms features are also available on Coinbase mobile app.  

How Can Existing Users Migrate From Coinbase Pro?

To transfer funds held in your Coinbase Pro account to Advanced Trade, you need to take the following steps. 

  1. Sign in to your Coinbase Pro account and click on “Portfolios.”
  2. Click “Withdraw.” 
  3. Choose “All Portfolios” to transfer all crypto assets to Coinbase.com.
  4. Select “Transfer to Coinbase.”

To then get started with Advanced Trade, you can click on the “Trade” tab and choose “Advanced Trade” in your Coinbase mobile app or visit https://www.coinbase.com/advanced-trade on the web.

How Can New Customers Get Started on Coinbase?

If you would like to start using Coinbase to manage your crypto investment, you need to visit coinbase.com to register a new account. Alternatively, you could also download the Coinbase app on your smartphone. 

To set up a new account, take the following steps: 

  1. Click on “Get started.”
  2. Type in your full name, email address, password, and state, and click on “Create account” (on web) or “SIGN UP” (on mobile).
  3. Verify your email address by clicking on the link in the email you receive from Coinbase.
  4. Add your mobile number for verification and click “Send code” (on web) or “Continue” (on mobile). 
  5. Enter the seven-digit code you receive via text and click on “Submit” or “Continue.”
  6. Add your personal information as part of Coinbase’s identity verification process and answer the questions concerning your source of funds and employment situation. 
  7. Verify your identity by uploading a government-issued photo ID document. 
  8. Set up two-factor authentication to protect yourself against unauthorized access to your account by third parties.
  9. Link a payment method to complete the account setup.

Once you have completed the Coinbase registration process, you can open an Advanced Trade account within the Coinbase app by clicking on “Advanced Trade” on the “Trade” dropdown menu on the mobile app or by accessing https://www.coinbase.com/advanced-trade online.

Article Sources
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