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The basics of Coinbase and Coinbase Pro, capabilities and differences

All Cryptocurrencies

by COINS NEWS 196 Views

Someone asked about Coinbase in a post about a half hour ago. This was my answer. I'm putting it here because this is the stuff I'd have liked to know when I first started using exchanges back in March. It should save you some time:

Coinbase Standard:

Positives

Fast SEPA (instant) bank deposits and withdrawals

Quizzes to earn crypto ($$)

Direkt crypto - crypto conversions (everything is a trading pair)

Nice clean interface (subjective)

Easy to interpret price movement charts

Page with articles on crypto (useful for beginners)

Negatives

Relatively expensive to convert Fiat deposits to crypto or vice versa due to high fees. Better to send or withdraw money to bank account using Coinbase Pro.

Only Market orders possible when buying/selling crypto

Good luck getting customer support in a timely manner

Coinbase Pro:

Positives

Fast SEPA (instant) bank deposits and withdrawals

Relatively inexpensive to convert Fiat deposits to crypto or vice versa due to low fees

Market, Limit and Stop buy/sell orders possible

In depth, real time charts/trade/asset movement statistics, if you know how to read them

Negatives

Interface could use some work (subjective)

Can only convert crypto via a few trading pairs: $ - BTC/ETH/crypto, alt crypto x - $/BTC/ETH etc. Direkt alt crypto - alt crypto conversions generally not possible, for that it's best to transfer crypto from Pro to Coinbase standard (instant, no fee), convert there, and send back to Pro.

Basically no customer support if you run into issues

I use Kraken, KuCoin, and Coinbase/Coinbase Pro. KuCoin is a bit of a clusterfuck of complexity but some people like the huge amount of options. Feels like a marketing website sometimes. Has more total assets available for trade than the other two. Kraken is super clean and it's my favourite, but SEPA transfers take longer and there are some (security) limits on trading/withdrawals and wallet transfers when you first start.

Advice: use Coinbase AND Coinbase Pro together to cover all of your use cases and needs. Your accounts are linked automatically when you set up one and then log into the other using those credentials.

Edit: I upvoted every single comment here because why not. Now every single comment is -1 vote compared to ten minutes ago. I see this constantly. Who the fuck are you people and who hurt you

Edit 2: updated 'negatives' to include the legitimate concerns about absurd lack of real-time customer support on both platforms

submitted by /u/diasporajones
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