Coinbase will shut down its Coinbase Pro platform to merge its exchange services. US cryptocurrency exchange Coinbase announced on June 22 that its trading platform, Coinbase Pro, will soon cease operations. Indeed, Coinbase is in the process of restructuring all of its trading services for “merge” in a single platform.
Coinbase Pro trading services will be transitioned to “AdvancedTrade“, a new trading service from Coinbase available on the exchange’s website, Coinbase.com. The service “AdvancedTrade” was launched in March 2022, giving traders a more professional look to their real-time trades.
According to Coinbase’s announcement, Advanced Trade will offer the same volume fees as Coinbase Pro. Currently, Coinbase Pro fees range from 0.05% to 0.6% per transaction, according to data from the official Coinbase website.
It should be noted that the migration to Advanced Trade, will be done gradually over the next few months, without affecting Coinbase Pro users.
“For customers who hold funds on Coinbase Pro, they don’t have to take any action, the funds will remain secure on Coinbase. In the meantime, customers can start using Advanced Trade on the Coinbase mobile app and on Coinbase.com.”
According to the announcement, the service migration aims to simplify the process of trading on Coinbase by allowing “professional traders” to access advanced trading tools and use general Coinbase functions in one place and using one balance.
“In the past, advanced traders have used Coinbase Pro for deeper trading and analysis. But to use other Coinbase features, they needed to transfer funds to their main Coinbase account. He voiced the exchange.
“Professional level trading on one platform”.
According to Coinbase, its Advanced Trade service has all the options of Coinbase Pro, but it’s updated more seamlessly for faster and easier trading.
Advanced Trade offers deeper technical analysis, advanced real-time order books and charts powered by TradingView to help traders research and analyze the cryptocurrency markets before making investment decisions.
Additionally, the service offers enhanced order flow, making it easier and faster to place market orders directly on the Coinbase platform.
In addition, Advanced Trade’s security is enhanced by warehousing infrastructure cold monitored 24 hours a day. Also, according to the exchange, US dollars are held by FDIC-insured institutions.
“Over the next few months, we will continue to release more Advanced Trade updates before we begin to shut down Coinbase Pro.This is what Coinbase’s statement expresses. “We will share updates as they are rolled out.“, they added.
Coinbase was launched in 2012 and to date is one of the largest cryptocurrency trading platforms in the world. The exchange launched Coinbase Pro in 2018 with the aim of catering to professional investors, focusing on expanded trading services and offering exposure to more cryptocurrencies than on its traditional platform.
Coinbase was aimed at an audience that was relatively new to cryptocurrencies. By comparison, in 2021, Coinbase supported around 100 cryptocurrencies, while Coinbase Pro offered exposure to over 250 digital assets. Additionally, Coinbase Pro also offers unlimited trade amounts, while trade volume on the Coinbase platform is capped based on payment methods and regions.