To eliminate redundant functions and “friction” when transferring money between Coinbase.com and Coinbase Pro. Coinbase claimed they are gradually discontinuing the Pro service. This will consolidate all trading under a single, “unified” account.
Users of Coinbase Pro have reportedly expressed dissatisfaction with the service’s termination. They worry that the replacement platform might not provide the same pricing advantages.
Coinbase, a major cryptocurrency exchange, has announced that it intends to discontinue Coinbase Pro. Its sophisticated, trader-focused service, which operates independently and charges less to traders.
Advanced Trade, a new feature within the main Coinbase app, will take the place of the Pro service.
In addition to offering “more in-depth technical analysis, enhanced real-time order books, and charting,”. Coinbase said that Advanced Trade is “fitted with all the capabilities of Coinbase Pro, but improved with the most frictionless Coinbase experience to make informed trades, faster and easier.”
Since its debut in 2018, Coinbase Pro has become as the go-to site for traders who want to avoid Coinbase.com’s hefty fees. It includes flat transaction fees added on top of every trade and percentage commission fees.
Several Pro users have already voiced their reservations
“If the Coinbase Pro discounted rates aren’t offered in this new “unified” trading interface. I won’t ever use Coinbase again. not going to be duped into paying retail trading commissions, “a user on Twitter stated.
The Advanced Trade service would, according to Coinbase, “provide the same volume-based fees as Coinbase Pro,” though. The tool is already accessible for desktop users, and the exchange plans to make it available for mobile users soon.
The current action by Coinbase coincides with that of Binance, a rival cryptocurrency exchange.
US has said that it will no longer charge any trading fees for transactions involving bitcoin (BTC) and stablecoins backed by the US dollar.
In a blog post, Brian Shroder, CEO of Binance.US, said, “We see this as a chance to reinvent the way fees are treated in our sector, enhance accessibility to crypto, and better serve our market and consumers in a time of need.”