What’s the point of using CoinBase when the fees are super high! I could just move the funds to CoinBase pro and the fees are super low? Can anyone explain this to me?

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[–]_Citizen_Erased_ 9 points 2 years ago

Coinbase exists as a fiat on-ramp. Coinbase pro is an exchange.

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[–]storm_trooper1196 1 point 2 years ago

I thought Coinbase is the exchange and coinbase pro is like some p2p kind of thing.

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[–]_Citizen_Erased_ 1 point 2 years ago

It’s not really P2P, it’s a business that collects fees for their services.

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[–]storm_trooper1196 1 point 1 year ago

Well I don't really use any of Coinbase's stuff but that's good to know, thanks!

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[–]clare863 7 points 2 years ago

I don't know, I'm using coinbase pro with zero fees, maybe someone else can explain, I initially signed up with coinbase and made the first few trades there before I knew about gdax, but have never used coinbase since.

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[–]LookInToMyEyees [S] 0 points 2 years ago

Seriously I’m so confused... I lost money moving 500 to BTC on CoinBase... did the same for under 10 bucks with pro.. Could it be because newbies will be confused by CoinBase pro? Vs regular? lOl

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[–]clare863 1 point 2 years ago

I don't know but buying using limit orders incur zero fees and you can transfer out for no fee as well and fiat deposits are free I think, hope it continues this way as I'm losing enough as it is given the state of crypto this last 12 months, I'm hoping for a miracle.

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[–]LookInToMyEyees [S] 1 point 2 years ago

Thanks Clare. Don’t lose hope. I don’t see Crypto going anywhere but up... I’m sure many companies and countries will continue to embrace it.

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[–]clare863 1 point 2 years ago

I suppose it very much depends on whether I made a wise decision on the coins I've invested in which include Eth, LTC, neo, gvt, waves, telcoin and ethlend, some if not all have taken quite a nosedive from my purchase price, bought most at ath, but I haven't sold, have held my nerve, have traded recently and managed to slightly increase the numbers, hopefully, I will at least recover my initial investment if the bull manages to surpass the bear.

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[–]joshuawakefield 5 points 2 years ago

You’re definitely holding some junk

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[–]Lalit-K 6 points 2 years ago

I use Coinbase to buy usdc for no fee... transfer it to Coinbase pro for trading.

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[–]jarettp 4 points 2 years ago

Never considered doing this. Thanks.

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[–]Ethtopia 2 points 2 years ago

In doing this method, is there still a hold on funds to move from cb to cbp? In other words, can you purchase usdc on cb, then move usdc to cbp and begin trading all in one day?

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[–][deleted] 5 points 2 years ago

Coinbase exists to lower the barrier of entry for new investors. For months I bought using coinbase and accepted a $2.99 fee on $500. As I grew confident in trading, terminology, wallets, networks and such I eventually started using coinbase pro with limit orders. At some point they'll likely adopt a fee structure but for now they're so flush with cash it probably doesn't matter. Plus, as others have stated, coinbase pro is the exchange supporting coinbase the front end interface. I for one see benefits to both and am thankful for the services.

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[–]joekercom 5 points 2 years ago

On Coinbase you're transacting with Coinbase the company. You're either buying from Coinbase directly or selling to them, thus the fees. What's the point? There is no point, except to make money for Coinbase. Most noobs won't know the difference and maybe it's a little more user friendly.

On Coinbase Pro you're buying and selling with other users of the platform, why Coinbase Pro doesn't charge fees for limit orders is beyond me, just about every other exchange does - perhaps Coinbase fees fund the operation of their exchange on Coinbase pro. Who knows.

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[–]LookInToMyEyees [S] 2 points 2 years ago

Oooo this makes sense. Super cool to know. Thanks.

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[–]whalecheetah 2 points 2 years ago

I have no idea why coinbase exists? Everyone just uses the exchange side. I think during the market boom it was popular because people could just punch the button on their phone. Pro requires you to think ahead and upload money first

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[–]NelsonCrypto2017 2 points 2 years ago

They serve 2 different purposes. Because Coinbase Pro is an exchange you can place buy/sell/limit orders & in they cover all of the fees moving to other exchanges.

Coinbase is a simply buying the currency from Coinbase at its current "Coinbase rate". It has the benefit of allowing ‘instant buys’ (but at the rate now even if you haven’t moved money over - for example with a credit card) - it’s a quick solution for those just getting into Crypto - for this though, you pay a fee

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[–]LookInToMyEyees [S] 1 point 2 years ago

Thank you. Yup makes super sense.

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[–]star-polaris 1 point 2 years ago

I used CoinBase for about 1 hour until I discovered how to use CoinBase Pro (GDAX) to buy with no fees (that's zero folks). Switching was a no-brainer. The only reason I can see using CoinBase is because it allows you to set up a debit card as a funding account and CoinBase Pro does not. Sure the debit card fees are high but the funds arrive in your account much, much faster. I would only do this in a pinch though. Otherwise its CoinBase Pro and my Exodus software wallet all the way!

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[–]coffepotty 1 point 1 year ago

I'm sick of the fees and looking to change 4.5% Everytime I want Bitcoin makes me sad. I know this is a month old but is it easy to upload money to CB pro?

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[–]Lalit-K 1 point 2 years ago

In my case it was instant.

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[–]Unkfunk 1 point 1 year ago

Does coinbase pro have a app for Android phones

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