Coinbase Pro vs Coinbase is a pressing question for investors that want to start trading Bitcoin. For nearly a decade, Coinbase has been the major trading platform for the major cryptocurrency networks such as Bitcoin, Ethereum, Litecoin, Tezos, and others. Coinbase offers its trusted users the option to choose between Coinbase and Coinbase Pro accounts. Many new traders don’t know the difference.
Coinbase Pro offers many differing features for those that wish to be professional traders in their currency of choice. However, Coinbase is much simpler in its interface and features, which may appeal to some. Continue reading to learn the major difference between Coinbase Pro vs Coinbase so you can choose which is best for you.
Coinbase and Coinbase Pro: The Similarities
In order to emphasize the differences between Coinbase Pro and Coinbase, we want to go over the similarities first. If you want a simple trading platform to observe the market prices of your crypto investments, you can place trades, both buying and selling. It works much the same way on both account types.
In both cases, trading is as easy as selecting “buy” or “sell” and the asset amount you wish to trade. If simplicity is your main goal in your investments, the default Coinbase (sometimes called Coinbase Consumer) should be suitable. However, once you know the features of Coinbase Pro, you may decide to use it instead.
Coinbase Pro: The Added Benefits
Both Coinbase Pro and Coinbase accounts allow you to trade at default market prices based on the platform’s analytics. However, deeper trading strategies require the features that only Coinbase Pro accounts have.
Coinbase Pro features more charts and analytics that you can use to observe market trends and plan better investments. Stop orders, for instance, allow you to tell your account to sell at certain prices. Limit orders allow you to set minimum exchange prices that will trigger your trades. Both of these features, which can be used with the analytics to earn greater returns on crypto investments, are only available on Coinbase Pro.
Therefore, savvy traders and those who plan on investing in a coin for the long haul should opt-in for Coinbase Pro’s more robust set of features. More analytics means more ways to follow the market and trade at prices other than the current market trends. Maybe you want to hold out for certain prices or play the market your own way. If so, you’ll need the pro account features.
The Takeaway for Investors
Coinbase Pro vs Coinbase may seem like a difficult decision because the accounts are so similar. Those who value simplicity and just want to trade at market value can make do with a default Coinbase account. However, any investors that want to observe the market and make smarter trades need the advanced analytics locked behind the Coinbase Pro accounts. They allow traders to set their own minimums and parameters for exchanges, bringing larger long-term gains compared to auto-trading on simple market value.
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