Coinbase to phase out its professional trading platform

abdelaziz Fathi

Nasdaq-listed crypto exchange operator Coinbase has revealed plans to phase out its professional trading platform, Coinbase Pro, in the next few weeks.

Coinbase

Later this year, Coinbase will migrate all advanced trading into one unified Coinbase account. Per its statement, the move aims to bring customers access to features like staking, Borrow, dapp wallet, and Coinbase Card from a single platform balance.

Over the coming weeks, Coinbase Pro’s services will migrate to Advanced Trade in the exchange’s mobile app along with other improvements to make the new trading section an upgrade. Plus, user will get the same low, volume-based fees as Coinbase Pro for higher volume trading.

Explaining the rationale behind the move, the popular exchange said many customers rely on Coinbase Pro and Coinbase.com for overlapping sets of features. However, they often experience friction when transferring balances back-and-forth between the two products. To resolve this friction, Coinbase has rebuilt the full Coinbase Pro advanced trading experience within its mobile app and website.

“Meanwhile, on Coinbase.com and the Coinbase app, we have been adding advanced crypto features to foster deeper engagement with the cryptoeconomy, such as staking, Borrow, dapp wallet, and Coinbase Card, in addition to improvements to our core trading experience. We’ll notify customers again when we are ready to share concrete dates for sunsetting Coinbase Pro,” the statement reads.

Launched in March, Advanced Trade offers the same tools as Coinbase Pro, like interactive charts powered by TradingView, advanced order types, and real-time order books. It also offers improved order flows to make it easier to place market, limit, or stop limit orders directly on Coinbase exchange.

Advanced Trade is also augmented by additional security infrastructure like 24/7 monitored cold storage facilities, USD held at FDIC-insured institutions, YubiKey for mobile, and vaults.

The biggest difference between Coinbase and Coinbase Pro was their user interface. The retail-focused platform offers a clean, simple way to buy and sell cryptocurrency with only a few options for placing orders.

On the other hand, the professional terminal gives users advanced charting and trading options.  But in order to use other Coinbase features, you had to transfer funds to your primary Coinbase account. With the launch of advanced trading, customers will be able to access sophisticated trading tools and leverage more Coinbase features in one place, with one balance.

Read this next

Digital Assets

Voyager issues notice of default to recover $660M from Three Arrows Capital

The clock is now ticking for the crypto hedge fund Three Arrows Capital (3AC) to present a plan to meets its financial obligations towards digital asset brokerage platform Voyager Digital.

Digital Assets

GEM commits $200 million capital to CeDeFi exchange Unizen

CeDeFi exchange Unizen announced that it has received a $200 million capital commitment from a new strategic partner, Global Emerging Markets (GEM).

Digital Assets

Ripple opens office in Canada as looking for new HQ in the works

Ripple, the San Francisco-based fintech company, continues to consider alternative locations for its business amid ongoing regulatory woes in the US over its cryptocurrency.

Digital Assets

Goldman Sachs wants to snap up Celsius assets at big discount

Goldman Sachs is reportedly looking to secure $2 billion in funding to buy up distressed assets from Celsius in the event that the troubled crypto lender goes bankrupt.

Institutional FX, Interviews

iFX EXPO International 2022: What is a Prime of Prime?

We explore established Prime of Primes with qualified and accessible liquidity.

Crypto Insider

What is a Cryptocurrency Crime, and How Does it Affect Trading?

Cryptocurrency crime is as sinister and upsetting as most financial crimes. The crimes that are perpetrated range from ordinary theft of cryptocurrency to money laundering and market to market fraud. Investors and consumers are subject to phishing and scams, where they are instructed to send cryptocurrency to a specific location for ransom. Like all financial […]

Crypto Insider

As Bitcoin’s Ecosystem Expands, The Floodgates Open Up For Investors

It’s the year 2045 and Bitcoin has emerged as the world’s reserve currency and the most common store of value. The price of BTC is stable at around $33 million per coin and it’s widely accepted across the planet for everyday goods and services.

Digital Assets

Bybit launches crypto options settled in USDC stablecoin

Cryptocurrency exchange Bybit now offers put and call options contracts settled in USD Coin (USDC), a major stablecoin pegged to the US dollar.

Digital Assets, Industry News

Colendi acquires blockchain specialist SETL

Turkey-headquartered embedded fintech services platform Colendi has acquired London-based blockchain settlements and payments provider SETL.

<