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Coinbase has announced that it is phasing out the Coinbase Pro feature. Coinbase Pro will be discontinued by the exchange by the end of this year, according to the blog post published by Coinbase.
Coinbase to phase out Pro feature
The Coinbase Pro service is an independent entity from Coinbase. The company has said that the Pro service will be replaced by Advanced Trader. The latter is a service that provides a wide range of features supported by the Coinbase app and website.
The Coinbase.com platform is renowned for promoting user-friendliness. The platform is also preferred by retail retailers traders to the Pro service because of its user-friendliness. Coinbase.com charges a flat transaction fee with each trade, and it also has a percentage commission fee.
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The Pro service was mainly used by power users who wanted to execute advanced and technical trades. After executing a trade on Coinbase Pro, a user can later transfer funds to the Coinbase.com account without any charges.
Coinbase noted that the reason behind phasing out the Pro feature was duplicated features and friction caused when balances are transferred between Coinbase.com and Coinbase Pro.
“To resolve this friction and offer customers the best of both worlds, we have rebuilt the full Coinbase Pro advanced trading experience within the Coinbase mobile app and Coinbase.com. As we continue to add more features to Advanced Trade on Coinbase, we will sunset Coinbase Pro later this year,” the exchange said.
Moving on to Advanced Trade
The Advanced Trade feature was launched earlier this year. According to Coinbase, this feature has already been fitted with the abilities of Coinbase Pro. Moreover, it offers a seamless trading experience that will allow users to make fast and easy trades. The company has also said it was committed to honoring the fee structure promoted by Coinbase Pro.
The Advanced Trade feature is already supported for desktop users, and Coinbase plans to have a mobile version of this feature made available within the Coinbase app in the coming weeks.
“Advanced Trade offers more in-depth technical analysis, advanced real-time order books, and charting powered by TradingView to help customers research and analyze crypto markets before making investment decisions,” Coinbase said.
This development comes as several exchanges, including Coinbase, announced plans to lay off staff due to the ongoing market crash. Coinbase stocks also fell by double-digits yesterday after rival Binance US announced it would offer zero-fee Bitcoin trading.
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