Coinbase to Phase Out Trader-Friendly ‘Pro’ Exchange

Coinbase announced today that it plans to end its advanced services focused on traders. Coinbase Pro Service by the end of the year.

Stand-alone Pro service that exists independently Coinbase.comOffered low rates to traders who interacted directly Coinbase Exchange Order book.Will be replaced by Advanced tradeProvides equivalent functionality, but is the main Coinbase app and services that exist within the site.

Coinbase.com is much more user-friendly and accessible to retail users than Coinbase Pro, Charges a flat transaction fee and a percentage fee in addition to all transactions, Or spread. As a result, many power users executed transactions on the more technical Coinbase Pro and then returned funds to their Coinbase.com account at no charge.

and Today’s blog postHowever, Coinbase cited duplicate features and “friction” as reasons to abolish the latter when exchanging balances between Coinbase.com and Coinbase Pro.

Coinbase Pro users visited Twitter this afternoon to lament the discontinuation of the service, and many cited low prices.

However, the company is committed to respecting Coinbase Pro’s pricing structure in the new Advanced Trade section of Coinbase.com. Advanced Trade is already open to desktop users, and Coinbase plans to roll out mobile versions of its features within the Coinbase app in the coming weeks.

This news comes when crypto exchanges are competing to retain users and mitigate the damage of the current brutal bear market.Just today, Coinbase’s rival Binance US Eliminate all transaction fees for Bitcoin transactions made with stablecoin backed by US dollars..

Immediately after the announcement of its rivals, Coinbase’s share price fell almost 10% today to $ 51.80. Since January, stocks on America’s most popular crypto exchange have lost nearly 80% of their value.