Coinbase and Coinbase Pro provide diverse platforms for different types of users to trade cryptocurrencies. Coinbase was developed to help beginners trade with cryptocurrencies, while Coinbase Pro has been designed to keep professional traders and active traders in mind. The significant difference between Coinbase and Coinbase Pro is the user interface. Coinbase offers an easy and straightforward to use interface, simple features to buy, sell and trade cryptocurrencies; on the other hand, Coinbase Pro provides advanced charting features, trading options useful for advanced traders. This article explains how to transfer money from Coinbase to Coinbase Pro in simple steps. If you want to know more about the services and features of Coinbase, then do check out the review by CryptoNewsZ.
What is Coinbase Pro?
Coinbase Pro, the most popular trading platform, is preferred by experienced and active traders. It offers an easy and secure way to buy, sell, and trade digital currencies online instantly across different trading pairs. Using the Coinbase Pro account, the user can view trading history, track the market, manage multiple portfolios, monitor their open orders, etc. Further, Coinbase Pro offers lower fees when compared with Coinbase, where it targets explicitly active traders. It charges a maker and taker fee structure and provides discounts for the trades executed on the platform.
Steps to Transfer Money from Coinbase to Coinbase Pro
Here are the steps to transfer money from Coinbase to Coinbase Pro –
- The first step is to log in to the pro.coinbase.com platform. If the trader is an existing user of Coinbase, automatically, they get a Coinbase Pro account. They need to enter the same information they use for the Coinbase platform.
- If the user is logging in for the first time, they might be asked to enter additional details. Once these details are added, they can log into their Coinbase Pro account.
- After logging in to the platform, the user needs to click on the deposit option on the screen’s left side. They need to select the currency like Euros or Dollars, then click the Coinbase wallet.
- In the Coinbase wallet, the user can see the current balance that needs to be transferred to Coinbase Pro. The user needs to insert the amount they want to transfer and click the deposit button. The amount has been transferred from Coinbase to Coinbase Pro immediately.
Steps to Transfer Bitcoin from Coinbase to Coinbase Pro
If the user has Bitcoin in their Coinbase account, they can transfer the coins to their Coinbase Pro account for trading. Here are the few steps –
- The first step is to log in to the Coinbase Pro platform.
- The second step is to click on the deposit option.
- The last step is to select Bitcoin and enter the amount that needs to be transferred and click deposit. Transferring from Coinbase wallets is free, and it is completed within a few minutes.
Can I Use My Coinbase Account for Coinbase Pro?
Yes, the user can use their Coinbase account for the Coinbase Pro account. They can use the same login credentials of the Coinbase account to login to the Coinbase Pro account. Hence, their coinbase account is linked automatically and can quickly transfer funds between Coinbase and Coinbase Pro accounts.
Are Coinbase and Coinbase Pro the Same?
No, both the platforms differ from each other that are used for trading cryptocurrencies. Coinbase and Coinbase Pro are owned by Coinbase Global Inc. Beginners use Coinbase to start trading with cryptocurrencies, and Coinbase Pro is preferred by professional and active traders that offer advanced charting and other features.
How to Avoid Coinbase Pro Fees?
The transfer fees of Bitcoin are the most expensive fees on the Coinbase platform. One way to reduce the transfer fees is to exchange Bitcoin with other digital currencies like Bitcoin Cash or Litecoin that are cheaper to transfer and easy to exchange.
How Much is Coinbase Withdrawal Fee?
There is no direct withdrawal fee either with Coinbase or Coinbase Pro, but there is a standard network fee and cannot be skipped. Coinbase charges a 1% fee to withdraw the crypto and convert it to fiat along with other network fees.
If a user desires to actively trade cryptocurrencies, use spot trading, advanced charting, and want to pay a low fee, Coinbase Pro is the best choice. This platform is the best platform for active trading and also for traders who go for high-volume transactions. Coinbase Pro allows wire transfer, bank account, wallet transactions, and it does not accept debit card or credit card purchases. It offers multiple trade options, advanced charting, and low fees that help users manage their portfolio; it provides FDIC insurance and advanced security features for their traders.