Review on Coinbase Pro by Praise Olagbadun
My Review On Coinbase Pro
Digital Currencies started with Bitcoin in the year 2009, making it necessary to have an exchange platform, where these Currencies can be traded for numerous Fiats. Among the many exchange platforms that were rising, was the Coinbase company. It was established in the year 2011 by Brian Armstrong and Fred Ehrsam. They managed to start up a company that provides good services at an affordable price and nice security system but lacked something; they made the exchange platform majorly for private use, leaving the company somehow useless to organisations and companies. In the year 2015, the Coinbase Inc. launched a company with the drive of providing solution to company users, the company was first called GDAX and later renamed to Coinbase Pro. This company has its headquarters in San Francisco, USA and is considered to be better than the Coinbase itself (as obviously seen in it's name). Among the various attributes Coinbase Pro has over Coinbase is the fact that they allow unlimited deposits of specific Fiats (like the USD) and cryptocurrencies (like BTC, LTC, ETH and BCH).
The Coinbase Pro is a regulated company, that has it licensed under the United States and many other places where it is accepted. It is known to supported in more than 70 countries across the globe with the United States and the United Kingdom inclusive (this is hardly to come by as most companies that is supported in the UK might not be supported in the US). In terms of security, the Coinbase Pro priorities it by storing more than 98% of it's customer's digital assets in a cold storage system and has the rest (which is less than 2%) privately insured,thereby saving users from hacks, scammers and any type of loss. The exchange platform is known to sipport both Fiat (like the USD, EUR and GBP) and digital currencies (like ETH, BTC and LTC) but is yet to pemit margin trading. Although I heard the company has its mobile application, I am yet to see it as I accessed their services on their mobile friendly platform which I really enjoyed, I wonder how the mobile application would be if I can enjoy their web. Their registration process took less than 4 minutes and involve users passing through strong Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. I guess this could be the reason for it's high security system. Although some people see these processes stressful, I don't see it that way as it is for our security. The company allows a daily withdrawal of $10,000 for an individual account and $50,000 for an institutional account. The company also makes users capable of maintaining individual portfolios for specific functions, making them able to segment their funds into multiple portfolios.
One would start thinking that with all these quality services, it would cost so much. Well, truth be told, it's trading fee is a bit high as they charge a flat trading fee of 0.5% for both makers and takers which happens to be higher than the industry's average. They don't actually charge for crypto withdrawals and deposits (I feel this happens to compensate for the hgh trading fee). I think the company should work on their trading fees as this happens to be very high.
Pros
- The company is licensed and registered in many countries, leaving it's services available without hindrances there
- Allows both Fiat and crypto trading
- Stores users funds in a cold storage and has the rest insured, thereby preventing loss
- Offers trading at a high liquidity
- The company allows unlimited deposits of specific Fiats and cryptocurrencies
- It charges no fee for crypto withdrawals and deposits
Cons
- The trading are really high when compared to the industry's average
- The KYC procedures are considered stressful
