Leading US crypto exchange, Coinbase, has revealed plans to discontinue its Coinbase Pro platform by December. However, the firm explained that the discontinuation would be a gradual process.
Reasons For Coinbase’s Discontinuation Of Coinbase Pro
Before revealing reasons for discontinuing Coinbase Pro, Coinbase explained the reasons for its creation. According to the post, the Coinbase team launched Coinbase Pro four years based on market needs. Through Coinbase Pro, traders have advanced tools to analyze the market technically. Also, they can place traders instantly without switching to the Coinbase mobile app or web browser.
But over time, the Coinbase team started adding newer features to its web and mobile app. Some of which were also available on the Coinbase Pro platform. That means there were features available on Coinbase Pro that were also available on the Coinbase web app.
More importantly, their customers had problems moving their balances between Coinbase Pro and Coinbase web or mobile app. This problem is why the Coinbase team decided to build all the features available in Coinbase Pro into its other two products.
Once these features are available on Coinbase web and mobile app, Coinbase will discontinue Coinbase Pro. The team plans to complete the development of these features before the end of 2022.
The Advanced Trade Platform
Earlier in the year, Coinbase introduced Advanced Trade. It is a platform with Coinbase Pro features, but these features have been upgraded. The upgraded features make it easy for traders to analyze the market in-depth before placing their trade.
Also, the platform loads pretty fast. Some features upgraded in the Advanced Trade were the order flows, technical analysis, real-time order books, and charts. The charts in the Advanced Trade are powered by TradingView, a leading real-time chart platform.
Thus, Coinbase Pro customers have all they need to make informed trade analyses and place their trades. The upgraded order flows enable users to execute their buy or sell limit orders instantly.
Furthermore, users can stake their crypto funds in yield programs and be eligible for staking rewards. The Advanced Trade is also equipped with Coinbase’s formidable security infrastructure.
More Details About This Coinbase Pro Alternative
Part of the Coinbase announcement stated that more features would be added to this Advanced Trade platform. The Coinbase development team is already developing mobile app support for it. However, the team plans to build and add more features before phasing out Coinbase Pro.
Coinbase wants its users to keep using the Coinbase Pro platform before it completes the building of Coinbase Pro features into other Coinbase Products. Coinbase users will know about the progress of the Advanced Trade with time.
The exchange also revealed that users with funds in their Coinbase Pro accounts would have them automatically transferred to the Coinbase web or mobile app platform. Nevertheless, Coinbase stated that the Advanced Trade is available for customers’ immediate use.
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