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