Exchange News- The company said it would inform its users about when the service would be phased off.
- Coinbase Pro’s volume-based fees will apply to Advanced Trade.
After announcing intentions to reorganize its services and merge them into a single platform, Coinbase Pro, the crypto exchange’s professional trading platform, would no longer exist.
What’s happening?
Over the coming months, we plan to merge the features and fee schedule of Coinbase Pro into a new unified Coinbase account that offers our users the choice of an advanced trading experience or the simplicity of the Coinbase consumer app.— Coinbase (@coinbase) June 23, 2022
Consolidation of Trading Services
In order to consolidate all sophisticated trading services under a single Coinbase account, the United States-based crypto trading business formally stated on Wednesday that it would begin the closure of Coinbase Pro.
All of the features of Coinbase Pro will be moved to Coinbase Advanced Trade, a new trading component available via the exchange’s website alone. It was first introduced in March 2022, allowing users to do in-depth research and trade directly on the platform.
Coinbase Pro’s volume-based fees will apply to Advanced Trade, according to the release. Costs for Coinbase Pro range from 0% to 0.60%, depending on transaction volumes and taker or maker orders. As Advanced Trade continues to roll out new features, the migration of Coinbase Pro to Advanced Trade will take place over the following several months. On Coinbase’s website, the company said it would inform its users about when the service would be phased off.
The exchange stated:
“For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase. Meanwhile, customers are welcome to begin using Advanced Trade on the Coinbase mobile app and Coinbase.com.”
By enabling professional traders to use sophisticated trading tools and general Coinbase services in one location, using one balance, the move seeks to make trading easier on Coinbase. Previously, sophisticated traders have utilized Coinbase Pro for more in-depth trading and analysis. According to Coinbase, to use additional Coinbase services, users must first fund their main Coinbase account.
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Source: https://thenewscrypto.com/coinbase-announces-closure-of-coinbase-pro-in-order-to-merge-services/