How you’re losing money to insane fees
If you plan to trade a lot, you should verify your identity to ensure that your deposit and withdrawal limits are higher. It’s better in the long run, even if you don’t plan to invest a lot of fiat.
Coinbase Pro offers individuals the ability to trade a variety of digital assets on a secure, insurance backed platform.
I view Coinbase as more of a Bank, whereas Coinbase Pro is an asset trading platform. So if you are not planning to trade certain assets, leave them in Coinbase. If you want to trade some assets, transfer them over to Coinbase Pro and start trading.
- The fees on Coinbase for buying and selling are extremely high. They range from $0.99 to $2.99 and allow credit card purchases with a 3.99% fee.
On Coinbase, a $10 purchase will charge a 14.9% fee of $1.49.
On Coinbase Pro, a $10 purchase will charge up to a 0.25% fee, or only 2.5 cents.
That’s 60x more expensive than Coinbase Pro.
5. For all the coders out there, Coinbase Pro’s API is extensive.
6. If you want to send assets to another exchange outside of Coinbase and Coinbase Pro, sending assets from Coinbase Pro is FREE. No transaction fees. No network fees. Be aware that it might take a bit longer to show up on the blockchain if you use this method.
Easy! Any of your wallets on Coinbase also exist on Coinbase Pro. Simply deposit into your wallets on Coinbase Pro to transfer your assets from Coinbase. Follow these steps below to transfer your assets to Coinbase Pro:
- Log into Coinbase Pro
- Go to My Wallets (top-right corner)
- Click on a wallet to deposit into, e.g. Bitcoin
- Click Deposit (see image below for reference)
- Select the COINBASE ACCOUNT tab
- Type in the amount you want to transfer from your Coinbase wallet and click Deposit
- Start trading on Coinbase Pro!
I recommend depositing fiat into your Coinbase USD Wallet, and then transferring it over to Coinbase Pro to start trading. Otherwise, you will be paying high fees on Coinbase when you buy any crypto with fiat.
Don’t lose money to excess fees by buying and selling on Coinbase!