Review on Coinbase Pro by Temitope Babatunde
Coinbase Pro, Exchange For Experienced Traders
Coinbase Pro is own and operate by Coinbase Inc. It was launched in 2015 with its headquarter in San Francisco, USA. Then it was named Gdax but in 2018 the name was changed to Coinbase, it must be noted that Coinbase pro and Coinbase consumer are under one umbrella. This exchange is exclusively for experienced traders.
Coinbase Pro is one of the most reliable and trusted exchange, but it must be noted that it is centralized exchange which means it is not 100 percent secured. Before you can use this exchange it is compulsory that you do KYC where all necessary information about you will be collected, all this is done so that they can comply with the law of the land.
You can transfer any of the supported cryptocurrencies to the platform without any fee but when using fiat, there are some charges associated with it. Transaction fee is in various categories, with the lowest category paying 0.5 percent as taker or maker so it is not good for retail traders.
The customer care service is up and doing, there is even phone call support under an emergency situation. It has dedicated page for API as well as documents that will help the users to understand its usage.
As mentioned earlier Coinbase pro is very good for experienced and instutional traders. But it has no support for margin trading.
Pros
- 98 percent of the users fund are stored in cold wallet for security purpose.
- Customer funds are insured with FDIC
- It is zero fee for withdrawal.
- Highly regulated, this give rest of mind to customers.
- Very good customer support service
- Dedicated page for API.
Cons
- Not available worldwide
- Deep KYC
New products
Comments (1)
June 11, 2020
Even if the company expand its services throughout the world and it becomes one of the most useful, it is a centralized service that could affect customers' transactions. I noticed the service asks for a great amount of data despite it is centralized.
