Ever since the invention of bitcoin via the blockchain technology in 2008, many other cryptocurrencies have been formed. This vastness in the amount and variety of cryptocurrency available can be attributed to the benefits users can derive from them as well as the wide extent of their application. These digital currencies are, however, not items sold and bought in traditional markets. Instead, they are sold and purchased in what is known as exchanges.
There are many of these exchanges in the world, and many more are still being developed. While some only accept cryptocurrencies as exchange items for other cryptocurrencies, others allow fiat currencies to be exchanged for these digital currencies. One of the world’s leading and most popular cryptocurrency exchange is Coinbase Pro.
What Is CoinBase Pro?
Fully known as Global Digital Asset Exchange, Coinbase Pro is an exchange run by Coinbase, a San Francisco based exchange, and was made active in the year 2015. Not specific to only one cryptocurrency, it supports different cryptocurrencies like Bitcoin, Litecoin and Ether among others.
Features of Coinbase Pro
So, what features does coinbase pro offer?
- Competitive fees
Different exchanges charge different fees for cryptocurrency exchange. Coinbase, for example, charges 1.49% on all transactions a user makes with a bank account and 3.99% for all transactions made via debit/credit cards.
Coinbase Pro, however, charges fees that are as low as 0.1% to 0.25%. Asides these, one can also make trades without paying any fees. To avoid paying these, one only has to place a limit order. This means that you only buy/sell your cryptocurrency when the price reaches a particular value.
- Country support
Even as the prices of cryptocurrencies are not regulated by nations’ economic laws, cryptocurrency exchanges still have to be recognized by the government.
Coinbase Pro is an exchange supported in most of the European countries and all the states in the United States of America except Hawaii, Minnesota, and Wyoming.
- Currency support
Some exchanges could be currency-specific, especially if they are limited to a specific region. This is not the case with Coinbase Pro which supports some of the world’s major currencies; the American dollar, the British Pound, and the Euro.
To protect users against an irreversible loss, there is an insurance of up to a quarter of a million US dollar per user.
- Instant transactions
Transactions made via Coinbase Pro need no waiting period as they are done instantly.
- Limit and liquidity
There are no limits to the cryptocurrencies that can be stored on Coinbase Pro’s wallets. Similarly, there are no limits to the amount of money that can be deposited into or even withdrawn from one’s account.
- Simple user interface
The interface lacks the complexity that might confuse users. Instead, it is simple, sleek and easy to use, especially for those who are not new to trading via exchanges.
To Wrap It Up
Coinbase Pro is an exchange that seeks to make trading of cryptocurrencies hassle-free, and since inception, this is exactly what it has been doing.