Coinbase To Discontinue Coinbase Pro Later This Year; Moves All Advanced Trading Into One Coinbase Account
- Coinbase wants to terminate the use of Coinbase Pro to avoid overlapping features between Coinbase Pro and Coinbase.com.
Coinbase has announced its intention to phase out Coinbase Pro by the end of 2022. The popular exchange explained its actions in a lengthy blog post released on Wednesday.
The reason for the launch of Coinbase Pro in 2018 was to make it easy for advanced traders to access the market. According to the announcement, user funds on Coinbase Pro will remain safe on Coinbase. However, it urged users to start using Advanced Trade on the exchange’s mobile app and website.
Coinbase Pro Era Comes to an End
With Coinbase pro, traders can perform their technical analysis and place trades from the same dashboard on the Coinbase exchange order book.
However, the Coinbase team was also adding more crypto features to Coinbase.com and the Coinbase app. Such features include Coinbase card, staking, lending, and DApp wallet. Thus, there is an overlap of features between Coinbase Pro and Coinbase.com.
Coinbase’s solution to help customers is to build the whole Coinbase Pro features into the Coinbase mobile app and Coinbase.com. Hence, it will discontinue Coinbase Pro later this year once the advanced trading features are fully built into Coinbase.com.
Coinbase launched the Advanced Trade on Coinbase.com this year to provide a better alternative for its Coinbase Pro users. The Advanced Trade has all the features of Coinbase Pro. These features are also upgraded to make it easier and faster for users to make informed trades.
For instance, technical analysis in advanced trade is more in-depth. The real-time order books are also upgraded. TradingView-powered charts enable customers to perform a detailed analysis of the crypto market before placing their trades.
In addition, there is an upgrade on the order flows. Thus, it is easier and faster for traders to place market limit or stop-limit orders instantly on the exchange. All these features are available under one unified dashboard.
Thus, users can make their crypto balances (such as DAI, ETH2, and USDC) eligible for staking rewards. Advanced trade is also improved with the addition of Coinbase’s well-known security system. An example is its 24-hour monitored cold storage system.
Coinbase announced that it would keep imProving the advanced trade by adding better features. For instance, mobile app support is the next feature it intends to add. The Coinbase team will add more features to provide a full trading experience before the year ends.
However, current customer users can still be using Coinbase Pro till these features are fully built. Coinbase will update its users as each new feature is added to advanced trade.
You’d recall that Coinbase had earlier announced a redesign of its wallet mobile app to make it more visually compelling and intuitive. Coinbase is making changes to prepare it for the fast-changing face of the crypto market.