Using a cryptocurrency exchange for crypto-coin purchases is currently a well-known activity. Both Coinbase and Coinbase Pro remain two of the overall best exchanges in town. However, both of these exchanges are owned by Coinbase Global Inc, founded in 2012. Though both are considered leading cryptocurrency exchanges, those two have specific differences. Basically, Coinbase acts as a brokerage with a virtual wallet, while Coinbase Pro acts exactly like an exchange where users can buy and sell coins. But to choose one exchange between above two, one should essentially know its specifications. This context presents such differences as a supplement to choosing your desired exchange.
Both exchanges allow users to buy cryptocurrency using fiat currency, satisfying the primary objective of an exchange. In general, newcomers to the industry use Coinbase because it facilitates buying, selling, sending, and receiving transactions. But advanced users are desired to use Coinbase Pro because it has more sophisticated features such as stop orders, limit orders, and margin orders. However, both the exchange platforms provide mobile application access, digital wallet services and educational tutorials.
At a glance, Coinbase supports 51 different currencies, while Coinbase Pro supports 52 currencies. However, both the above exchanges support currencies such as Ethereum, Litecoin, Cardano, Bitcoin Cash, and Uniswap. On the other hand, both the exchanges support fiat currencies such as the USD and Euro. Considering the differences in supportable coins, Coinbase offers Bitcoin Satoshi Vision (BSV), but it does not offer Golem (GNT) and Loom Network (LOOM). Thanks to Coinbase Pro, users are able to make transactions related to Golem and the Loom Network. Nonetheless, Coinbase Pro does not support Bitcoin Satoshi Vision.
Security Outcomes of Coinbase and Coinbase Pro.
The main foundation provides almost the same high-level security for both exchanges. Especially with two-factor authentication processes and fingerprint logins. The security of US fiat currencies up to $250,000 per individual is protected by the Federal Deposit Insurance Corporation.
Coinbase puts 98% of user cash in cold storage, which is where it is kept offline in vaults or safe deposit boxes. The remaining 2% is held online and is covered by Coinbase’s insurance coverage. Therefore, it covers any damage incurred as a result of cybersecurity breaches on the company’s premises. More sophistically, Coinbase Pro offers a personal offline cold storage option for the user.
- The above discussion is neither financial advice nor financial recommendation. It is a basic study on cryptocurrency which is done based on resource sources. Therefore, our team accepts no responsibility or liability for any predictions/decisions you make in the industry.