Coinbase Discontinues Its Coinbase Pro Services For A New Advanced Option
Launched in 2018, Coinbase’s specialized trading platform, Coinbase Pro, was designed to offer unlimited trading volume and support for more than 250 cryptocurrencies.
It will cease to exist as the cryptocurrency exchange unveiled plans to restructure its services to consolidate them into one platform.
The U.S.-based crypto trading company officially announced Wednesday that it will begin discontinuing its Pro version in order to migrate all of its premium trading services to a unified Coinbase account.
Coinbase Pro’s services will migrate to Advanced Trade, Coinbase’s new trading section accessible via the exchange’s website. The section was initially launched in March 2022, providing traders with in-depth analysis and actual trading directly on Coinbase.
According to the announcement, Advanced Trade will provide the same volume-based fees as Coinbase Pro. Depending on volumes and taker or maker orders, Coinbase Pro’s fees range from 0% to 0.6%, according to data from Coinbase’s official website at the time of writing.
The upcoming migration will take place gradually over the next several months as the exchange continues to launch new, planned upgrades to Advanced Trade.
Coinbase noted that it will notify its customers about exact dates for sunsetting Coinbase Pro, adding:
“For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase. Meanwhile, customers are welcome to begin using Advanced Trade on the Coinbase mobile app and Coinbase.com.”
According to the announcement, the migration aims to simplify the trading process on Coinbase by allowing professional traders to access advanced trading tools and use general Coinbase features in one place, using one balance. “In the past, advanced traders have used Coinbase Pro for more in-depth trades and analysis. But in order to use other Coinbase features, you had to transfer funds to your primary Coinbase account,” the firm said.
Launched in 2012, Coinbase is a publicly-traded company and one of the largest crypto trading platforms in the world. The company launched Coinbase Pro in 2018, targeting professional investors and focusing on expanded trading services, providing exposure to more cryptocurrencies.
The original Coinbase platform was aimed at beginners and reportedly supported around 100 cryptocurrencies, while its Pro version offered exposure to more than 250 digital assets and unlimited trading volume, while the original Coinbase platform’s trading volume was based on payment method and region.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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