US cryptocurrency exchange Coinbase has announced that its Coinbase Pro platform would be shut down at the end of the year. However, the company stated that the process of discontinuance will be slow and gradual.
Coinbase’s decision to discontinue Coinbase Pro is explained here.
To begin with, Coinbase explained why Coinbase Pro was created before outlining the reasons for its discontinuation. As stated in a post, the Coinbase Pro team formed four years ago in response to market demand. Traders can use powerful technical analysis tools provided by Coinbase Pro. Because consumers don’t have to move between the Coinbase mobile app or web browser to place trades, they save time.
However, over time, the Coinbase team began to add fresh capabilities to its web and mobile applications. In addition to the Coinbase Pro platform, some of these were also available. As a result, Coinbase Pro included some capabilities that were already available on the Coinbase web app.
Coinbase Pro and Coinbase online or mobile app customers encountered issues shifting their balances between the two platforms. That’s why Coinbase redesigned its other two products so that they could include all of the capabilities that were available in Coinbase Pro.
Coinbase Pro will be phased out as soon as these capabilities become available on the Coinbase web and mobile app. It is expected that these elements will be completed by the end of the year 2022, as planned.
Platform for advanced trading
Coinbase’s Advanced Trade was launched earlier this year. Unlike Coinbase Pro, this is a platform with updated Coinbase Pro capabilities. With the new features, traders may do a more thorough analysis of the market before making a deal.
The platform also loads quickly. The order flows, technical analysis, real-time order books, and charts were among the elements updated in the Advanced Trade. Real-time charting is provided by TradingView in the Advanced Trade.
Therefore, consumers of Coinbase Pro have everything at their disposal to conduct informed trade analysis and execute their trades. The new order flows make it possible for users to immediately execute their limit orders.
It’s possible to earn incentives for staking your cryptocurrency in yield programs. Added security is provided by Coinbase’s advanced trading platform.
More Information on the Coinbase Pro Replacement
According to the Coinbase statement, further functionality will be introduced to the Advanced Trade platform. It’s already being worked on by the Coinbase development team. However, before Coinbase Pro is phased out, the company aims to build and add new features.
For the time being, the Coinbase Pro platform is the only place where consumers can access Coinbase Pro’s full set of capabilities before Coinbase integrates them into its other products. The progress of Advanced Trade will become clearer to Coinbase users over time.
Coinbase Pro users will be able to access their assets on the Coinbase online or mobile app platform, the exchange has announced. In spite of this, Coinbase claims that the Advanced Trade can be used right away by its consumers.