Coinbase to shut down Coinbase Pro to merge trading services
Coinbase’s professional trading platform Coinbase Pro will cease to exist as the cryptocurrency exchange is restructuring services to bring them all into one platform.
The United States-based crypto trading firm Coinbase officially announced on June 22 that it will start sunsetting Coinbase Pro to migrate all advanced trading services into one unified Coinbase account.
Coinbase Pro’s services will migrate to Advanced Trade, Coinbase’s new trading section available on the exchange’s main website, Coinbase.com. 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 of Coinbase Pro to Advanced Trade will take place gradually over the next several months as the exchange will continue to launch new 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 is 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.
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The original Coinbase platform primarily targeted beginners, reportedly supporting around 100 cryptocurrencies, while Coinbase Pro provided exposure to over 250 digital assets. Coinbase Pro also offers unlimited trading amounts, while the original general Coinbase platform’s trading volume is capped depending on payment methods and regions.