Kayode Iwamoyo

Coi nbasePr oRev i ew Coi nbasePr oi sanadv ancedcr y pt ocur r encyt r adi ngpl at f or m ownedandoper at edby Coi nbase,I nc.I twasl aunched i nt hey ear2015 asGDAX,apr of essi onalt r adi ng pl at f or mf ori ndi v i dualact i v et r ader sandl at err ebr andedi nJul y2018.Coi nbasePr o enabl eshi ghv ol umecr y pt ocur r encyt r adi ngsol ut i onst ot r ader si nt heUSandot her count r i es. Gener al Ov er v i ew Oper at i ngf r om SanFr anci sco, t hepl at f or m of f er spr of essi onalt r adi ngt ool sandwal l et ser v i ces,del i v er edt hr oughacompl et el yr ev ampedi nt er f acef oraseaml esst r adi ng exper i ence.Coi nbase Pr o onl y suppor t st r adi ng Bi t coi n,Bi t coi n Cash,Et her eum, Et her eum Cl assi c, Li t ecoi n, Ri ppl eandZCashandal i mi t ednumberoft okens. Af t erCoi nbasePr o' sl aunchi near l y2015,i ti nt r oducedmanyexci t i ngf eat ur es,among whi char er el i abl esecur i t ymeasur es,hi ght r adi ngv ol umes,l owf ees,deepl i qui di t yand easeofuse.Thatbei ngsai d, Coi nbasePr ohasi t sf ocusont hemor eexper i enced, hi ghv ol umet r ader st hanbegi nner s.I tper mi t sagoodamountofadv ancedt r ades,r angi ng f r om st opandl i mi tor der s, t of i l l orki l l andgood' t i l cancel edor der s. UserExper i ence ▪ Cust omerSuppor t Coi nbasePr ouser senj oyexcel l entcust omersuppor t , wi t hadedi cat edt eam ofsuppor t st af fonhandt or esol v et housandsofi ssueswi t hi nmi nut es.Phonesuppor ti sal so av ai l abl ef ormor eur gentcases( f ori nst ance, cust omer scanl ockt hei raccount sont he phone, i ft heyf eel t hei rsecur i t ymayhav ebeencompr omi sed)dur i ngweekday s. ▪ Regi st r at i onPr ocess The r egi st r at i on pr ocess i s qui t e st r ai ght f or war d; si mpl y go t o ht t ps: / / pr o. coi nbase. com/andsel ectSi gnUp.Pr ov i dey ourdet ai l sandv er i f yy ouremai l addr essandphonenumber .Fi nal l y ,y ou' l lbeaskedt oupl oadagov er nment i ssuedI D f orv er i f i cat i onbef or ey oucanl i nkabankaccount( y oucoul dski pt hi sst epi fy ouwant t o) . I fy oual r eadyhav eaCoi nbaseaccount ,si mpl yusey ourr egi st er edemai laddr essf or y ourCoi nbasePr oaccount .Besi dest hef actt hati t ' sagai nstpol i cyt ooper at emor e t hanoneaccounteachf orCoi nbaseandCoi nbasePr o, i tmakesf oraseaml esst r adi ng exper i ence,asbot haccount sar eaut omat i cal l yl i nkedandy oucant r ansf erf unds bet weenaccount s. ▪ AccountVer i f i cat i on Af t err egi st r at i on, y ou’ l lbeaskedt ov er i f yy ouraccount .Tobesuccessf ul l yv er i f i ed, y ou needt oupl oadr el ev antof f i ci aldocument s.User sf r om t heUni t edSt at eswoul dbe askedt opr ov i deadr i v er ' sl i censeorst at eI D.Youmustcompl et eaddr essv er i f i cat i on andal sopr ov i det hel astf ourdi gi t sofy ourSoci al Secur i t ynumber . User sf r om t heUK ar er equi r edt oupl oadagov er nment i ssuedI D document( e. g. , dr i v er ' sl i cense,orpasspor t )andal soanswersomev er i f i cat i onquest i onswhi l euser s f r om ev er yot hercount r yar er equi r edt opr ov i det woi dent i t ydocument s. ▪ Suppor t edCount r i es Coi nbasePr oal l owsuser sf r om t hef ol l owi ngcount r i es:Aust r al i a,Canada,Si ngapor e, UK,Eur ope,andt heUS( wi t ht heexcept i onoft hoser esi denti nHawai i ,Mi nnesot a,and Wy omi ng,si ncet heydonoty ethav eanoper at i ngl i censet her e) .Onceauserf r om any oft heal l owedcount r i esi sr egi st er edandhashadt hei ri dent i t yv er i f i ed,t heycanst ar t t r adi ngi mmedi at el y . Tr adi ng Anot herout st andi ngf eat ur eaboutCoi nbasePr oi st hati thascompar at i v el yl owt r adi ng f eesand att he same t i me,char geszer of eesf orcr y pt ocur r encywi t hdr awal sor deposi t s.Thi sf eat ur ei npar t i cul arsi ngl esi toutasaf av or edpr ocr y pt ocur r encyt r adi ng pl at f or m.Howev er ,i t doesnotper mi tmar gi nt r adi ng,andonl yal i mi t ednumberof cr y pt ocur r enci esar esuppor t ed. ▪ Fees Byadopt i ngady nami cf eest r uct ur e,Coi nbasePr omakesi tpossi bl ef ory out ot r ade wi t hnear zer of ees,oncey ouknowy ourwayar ound.You' r eal l owedt opl aceanor der as a mar ketor der ,a l i mi tor der ,ora st op or der .Coi nbase Pr o char ges no f ee what soev erwheny oupl aceanor deront hebookswhenbuy i ngorsel l i ng,andt hi s appl i est oal l suppor t edcr y pt ocur r enci es. ▪ APIManagement Coi nbasePr ohasaWebSocketf eedt hatmakesget t i ngr eal t i memar ketdat aqui t e easy ,andt hepl at f or m' si ndust r y l eadi ngAPIi spar tofCoi nbasePr o.Al so,t het r adi ng APIenabl esi t suser st odev el oppr ogr ammat i ct r adi ngbot swi t hahi ghl ev elofsecur i t y . Coi nbasePr ohasadedi cat edpaget ot heAPIaswel lasr el at eddocument at i ont hatar e easi l yaccessi bl ef r om t hebot t om ofanypageont hewebsi t eory ougot ot hemai n nav i gat i onmenuatt het opoft hewebpage. ▪ Suppor t edCr y pt ocur r enci es For t he f i at mar ket s( USD,GBP,EUR) ,Coi nbase Pr o suppor t st he f ol l owi ng cr y pt ocur r enci es:Bi t coi n,Et her eum,Li t ecoi n,Bi t coi nCash,Et her eum Cl assi c,St el l ar Lumens, Ri ppl e, EOS, ZCash, Basi cAt t ent i onToken, REPand0x. Ont hest abl ecoi nmar ket s,cr y pt ocur r enci esl i keBTC,ETH,ZEC,BAT,DAI ,GNT,MANA, LOOM, CVC, DNTcanbet r adedagai nstt hedol l ar peggedst abl ecoi nUSDC Al lCoi nbasePr ouser scanv i ewt heor derbookandcheckev er yi nf or mat i onr el at edt o anyt r adi ngpai r , butt heycanonl yt r adet hepai r sper mi t t edi naccor dancewi t ht hel ocal r egul at or si nt hei rgeogr aphi calar ea.Theav ai l abi l i t yofdi f f er entt r adi ngpai r si sent i r el y dependenton t hel ocalr egul at i onswi t hi nt hecount r y .Fori nst ance,i n Si ngapor e, Canada,andAust r al i a,onl yt heETH/ BTC,BCH/ BTC,andLTC/ BTC t r adi ngpai r sar e av ai l abl e. Secur i t y ▪ Col dSt or age Asat r adi ng pl at f or m,Coi nbasePr oi sconsi der ed asaf ehav en.Oneofi t sbest pr act i cesi nt er msofsecur i t ysecur i t ymeasur esi st hat98per centofi t scust omer s' di gi t alasset sar el ockedi ncol dst or age, t her ebypr ev ent i ngl ossoff undst hr ought hef t , hacki ngoranymeans.Ther esti spr i v at el yi nsur ed. Wi t hr egar dst odat asecur i t y ,Coi nbasePr ohassev er almeasur esi npl acet oensur e pr ot ect i on.Fori nst ance,st or edBi t coi ns ar edi st r i but edgeogr aphi cal l yar oundt he wor l di nsaf edeposi tboxesandv aul t s.Rat hert hanst or i ngsensi t i v edat aonser v er s, t hepl at f or m hasal l suchdat aawayf r om t hei nt er net , sot her e’ snor i skofhacki ng. Foraddi t i onalsecur i t y ,t hesamedat ai sspl i twi t hr edundancyandsecur edusi ngAES256encr y pt i onbef or et heyar ecopi edont oFI PS140USBdr i v esandpaperbackups. Justl i ket hef unds'secur i t ymeasur es,t hoseFI PS140USBdr i v esandpaperbackups ar eal sodi st r i but edgeogr aphi cal l yar oundt hewor l di nt ov aul t sandsaf edeposi tboxes. ▪ 2f act orAut hent i cat i on I naddi t i ont ot hedat asecur i t y ,al luseraccount sar er equi r edt oenabl et wost ep v er i f i cat i on,whi chi sat hi ngmostexchangepl at f or mssi mpl yencour agei nst eadof mandat i ng.Thi sv er i f i cat i ondemandst hatuser sgetacodef r om t hei rphonesf or si gni ng i n and per f or mi ng ot hersensi t i v e act i ons i n addi t i on t oi nput t i ng t hei r passwor ds. ▪ FDI CI nsur ance Di gi t alcur r encyi snotal egalt ender ,nei t heri si tgov er nment backed,andassuch,i t cannotbecov er edbypr ot ect i onsf r om t heFeder al Deposi tI nsur anceCor por at i onort he Secur i t i esI nv est orPr ot ect i onCor por at i on.I nst ead,asment i onedear l i er ,t hedi gi t al asset snotl ockedi ncol dst or age( l esst hant woper cent )ar epr i v at el yi nsur ed.The i nsur ancepol i cycov er scy ber secur i t y ,empl oy eet hef t ,andphy si calsecur i t y ,butnot i ndi v i dual accountsecur i t ybr eaches. Howev er ,Coi nbasePr o user shav eFDI Cbacked i nsur ancecov er agef ort hei rUSD bal ances, upt o$250, 000USD. ▪ Encr y pt i onsandPasswor ds Coi nbasePr oal soi mpl ement sbestpr act i cesf ort hepay menti ndust r ybyr unni ngal l si t et r af f i cov erHTTPS.Al lwal l et sandpr i v at ekey sar eAES256encr y pt edaswel l bef or ebei ngst or ed.Ev enasanor gani zat i on,whenhi r i ng,Coi nbaseput si nmor e pr ecaut i onsasr egar dst heempl oy ees.Theyhav et opassbackgr oundchecks, andt hei r har ddr i v eshav et obeencr y pt ed, scr eenl ockenabl edandusest r ongpasswor ds. ▪ Li mi t sandLi qui di t y Coi nbasePr osuppor t sanunl i mi t eddeposi tofBi t coi n,Li t ecoi n,Et her eum andBi t coi n Casht oy ourwal l etaswel l asUSDdeposi t st hr oughwi r et r ansf er .Theuser sar eof f er ed ahi ghl ev elofl i qui di t y ,ast heuser scanwi t hdr aw upt o$10, 000perdayf r om an i ndi v i dual accountwhi l ef r om ani nst i t ut i onal accountupt o$50, 000perday . Howev er ,onr equestandappr ov al ,t heyper mi thi gherwi t hdr awall i mi t s.Butt hei rf i at cur r encydeposi t sandwi t hdr awal sar el i mi t edt osomedegr ee,user sar eal l owedt o deposi tandwi t hdr awal l t hecr y pt ocur r enci est r adedonCoi nbasePr o.Al l t heyr equi r ei s anext er nalwal l etf oreachdi gi t alcur r encybei ngt r aded.Youcangetmor ei nf or mat i on r egar di ngl i mi t sandl i qui di t yont hei rof f i ci al t r adi ngr ul espage. Pr os ▪ Wi t hahi ghl yi nt ui t i v et r adi ngi nt er f ace, i tpr ov i deamor eseaml esst r adi ng exper i encet hanmostexchanges ▪ Gr eatchoi cef orpr of essi onal t r ader s ▪ Backedbyar eput abl ecompanyandf ul l yr egul at edi nt heUS ▪ Secur epl at f or m wi t hpr i v at eandFDI Cbackedi nsur ancepr ot ect i on ▪ Hi ghamountofl i qui di t y ▪ Ver yl owdeposi tandwi t hdr awal f ees, andcompar at i v el yl owt r adi ngf ees Cons ▪ Li mi t edsel ect i onofcr y pt ocur r enci es( especi al l yt okens)av ai l abl ef ort r adi ng ▪ Nomobi l eappav ai l abl ey etbutmobi l ef r i endl ypl at f or m ▪ Cust omersuppor tmi ghtbesl ow, especi al l ywhent heyhav eal otoft i cket st o r espondt o Coi nbaseRat i ng―4. 5 Begi nnerFr i endl i ness― 4st ar s Secur i t y―5st ar s Cust omerSuppor t―5st ar s Fees―4st ar s Av ai l abl eCr y pt ocur r enci es―4st ar s UX&EaseofUse―5st ar s Summar y Coi nbasePr oi soneoft hebestcr y pt ocur r encyt r adi ngpl at f or msf orpr of essi onal t r ader s,consi der i ngal lt hegr oundbr eaki ngf eat ur esi thas.I t ’ sahi ghl ysecur epl at f or m wi t hal otofv er i f i cat i onpr ocedur esi npl acet osaf eguar duseraccount s.Thet r adi ng i nt er f acei si nt ui t i v ewi t hmor edet ai l edt r adi ngchar t spower edbyar eal t i medat af eed f oraseaml essexper i ence.Wi t hhi ghv ol umeandl i qui di t y ,i ti sanexcel l entopt i onf or hi ghv ol umet r ader sbecauseofi t sr eal l yl ow t r ansact i onf ees.Whet hery ou’ r et r adi ng ont hewebsi t e,apporusi ngt heAPI ,Coi nbasePr oal l owsy out ot r adesecur el yand seaml essl y .