Coinbase is a popular CEX( centralized exchange) that many people, I’m sure even quite a bit of you guys, use for their trading activities. The Coinbase app has a nice user interface and really is designed for the newer entrants into the crypto space. But their fees are horrible! Most trades carry a 3.99% fee and in addition, you are forced to make a market buy order. So what this means is you are at the mercy of the spread. Along with feed, this is also one of several ways Coinbase makes money. But there is a solution!
To fee or not to fee
When I first started, I used the regular CB app. This got expensive quick. I happened to be perusing Reddit one day and I stumbled across some comments about Coinbase pro. And time has not improved this, as I was just commenting earlier on a users post who was complaining about the high fees on Coinbase. So what is the answer? The answer is….COINBASE PRO!!!
Coinbase pro was developed for the more experienced trader, however that shouldn’t deter you as it is still relatively easy to use. Not to mention, there are more options available for executing trades. So let’s look at the good vs the bad.
- Variable fees from $0.99 to 3.99% of every trade
- buys are market orders
- staking for some coins available however CB takes a 25% cut of the rewards before you receive them
- ACH deposits are available instantly for trading
- convert crypto( mercy of the spread)
- Regular does have the CB card!!
- Coinbase earn and learn
- 0.5% fee for all trades up to $10,000
- market orders as well as limit and stop limit buy and sell
- No staking available
- ACH deposits available for trading immediately
- Candlestick charts with multiple time frame options
- Can not convert cryptos
- Crypto trading pairs
As you can see, the options are more favorable for traders on Coinbase Pro. Best of all, the app is free and is interchangeable with the regular Coinbase app. By this, I mean users have the same login info and are able to instantly transfer between the two apps with no problems. They do not share the same details however. So any money in your portfolio on one, does not show on the other. On both apps, if you make an ACH transfer from your bank, you are able to use the funds to buy,trade and sell crypto instantly. However, you can not move the funds or the assets purchased off exchange or even between the two apps for 7 days. This gives the dinosaurs(banks) time to have your funds verified. Once the 7 days is up, you can then move those purchase off the exchange altogether or simply transfer between the two apps.
I prefer to keep my holdings in the regular Coinbase while I keep them on an exchange. I like the interface better and also I have the Coinbase Visa card(4% back in AMP!!). And when I don’t keep them on the exchange I am usually sending them over to Celcius( see previous article https://www.publish0x.com/confessions-of-a-crypto-enthusiast/holding-for-the-long-term-why-not-put-your-crypto-to-work-wh-xznxndj) for earning rewards. But the minute I am ready to sell I send them over to Pro so I’m not wasting all my hard earned money on fattening their pockets. And of course I do all my buying with Pro!
Hopefully this article has enlightened some people about CB pro. One of the biggest complaints I see about Coinbase is the fees. But you don’t need to be held hostage by them.
None of this is financial advice I’m just Harley riding scooter trash who likes crypto I’m a hardworking shmuck who values his money like most of you, so just know that these are my opinions I hope you enjoyed my article. If you did please consider sliding the tipper at the bottom(as far to the right as possible lol)
And if you did enjoy it then consider following me. I write about everything from crypto to its price action and some personal experiences mixed in. Below you will find a couple links and if you would like to donate to my debauchery with ANY crypto, comment or message me and I’ll tell ya where to send it. Thanks everyone and until next time remember….Don’t let your meat loaf!
Sign up for Coinbase using my link and we can each get $10 in Bitcoin https://www.coinbase.com/join/dodd_4za?src=ios-link
Join Celsius Network using my referral code 113068c979 when signing up and earn $50 in BTC with your first transfer of $400 or more! #UnbankYourself