Coinbase to shut down Coinbase Pro to merge trading services

Coinbase Pro will be replaced by Advanced Trade, which will offer all trading necessities in one place

By Shashank Bhardwaj

Image: Shutterstock

Coinbase Pro, the professional trading platform of the popular crypto exchange Coinbase (COIN), will be discontinued shortly, with the exchange announcing plans to restructure its services and combine them into a single platform. The announcement, made on Wednesday, June 22, said that the exchange would replace trader-focused Coinbase Pro in favour of 'Advanced Trade', a similar exchange service that, unlike Pro, coexists with Coinbase's other crypto investment products.

"Later this year, we’ll begin sunsetting Coinbase Pro to migrate all advanced trading into one unified Coinbase account, bringing customers access to popular features like staking, Borrow, dapp wallet, and Coinbase Card from a single platform balance. Advanced Trade on Coinbase.com is already available globally, with the same volume-based fees as Coinbase Pro. Over the coming weeks, we’ll be rolling out Advanced Trade in the Coinbase mobile app along with other improvements to make Advanced Trade an upgrade from Coinbase Pro for every customer”, reads the announcement.

Currently, the standalone site of Coinbase Pro provides more technical trading features than Coinbase's standard version — and, more importantly, lower transaction fees. However, according to the recent announcement, Advanced Trade will charge volume-based fees similar to Coinbase Pro.

Coinbase Pro's fees range from 0 per cent to 0.60 percent depending on volume and taker or maker orders. As a result, the biggest benefit of this change will be increased accessibility for retail traders who were previously unaware that they could frequently find lower fees on Pro.

One of the biggest crypto trading platforms in the world, Coinbase was established in 2012 and is a publicly-traded firm. Coinbase Pro was launched in 2018, with the aim of providing access to more cryptocurrencies to professional investors.

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