Cryptocurrency has quickly become one of the most talked-about investment avenues in recent years. As the market continues to evolve, so do the platforms where individuals can buy, sell, and trade digital assets. One of the most popular and trusted cryptocurrency exchanges in the world is Coinbase, known for its ease of use and user-friendly interface. For more experienced traders, however, Coinbase Pro provides a robust platform with advanced features, offering a wide array of cryptocurrencies for trading. This article will guide you through the cryptocurrencies available on Coinbase Pro, explaining the platform’s offerings and how users can make the most of them.
What is Coinbase Pro?
Coinbase Pro, formerly known as GDAX, is a cryptocurrency exchange aimed at more experienced traders. Unlike Coinbase, which is known for its simplicity and beginner-friendly interface, Coinbase Pro provides advanced trading tools, charts, and lower fees. It is designed to cater to the needs of traders who require greater control over their cryptocurrency trades.
The platform offers a wide range of digital assets and supports trading across various pairs (such as BTC/USD or ETH/BTC). Whether you’re an active trader or someone looking to make larger investments, Coinbase Pro provides the necessary tools for efficient trading. In addition, Coinbase Pro offers features like limit orders, stop orders, and margin trading, making it an appealing option for more experienced traders.
How Coinbase Pro Works
To begin trading on Coinbase Pro, users must first sign up for an account. The process involves linking your identity, verifying your details, and ensuring compliance with regulatory requirements. After account setup, users can deposit funds into their Coinbase Pro account. The platform supports deposits in both cryptocurrency and fiat currency, with options for wire transfers, PayPal (for U.S. customers), and more.
Once funds are deposited, users can start trading. The main advantage of Coinbase Pro over Coinbase is the ability to trade various cryptocurrency pairs, access advanced order types, and enjoy lower fees.
What Cryptocurrencies Are Available on Coinbase Pro?
Coinbase Pro supports a vast array of cryptocurrencies, ranging from well-known coins to lesser-known altcoins. As of now, more than 50 cryptocurrencies are available for trading on the platform, and this number is consistently growing as the market expands. Here’s a breakdown of some of the most popular cryptocurrencies on Coinbase Pro:
1. Bitcoin (BTC)
Bitcoin (BTC) is the first and most well-known cryptocurrency, created by an anonymous individual or group known as Satoshi Nakamoto in 2009. As the flagship cryptocurrency, Bitcoin is often considered a store of value and has become synonymous with digital currency.
On Coinbase Pro, Bitcoin can be traded against a variety of fiat currencies, such as USD, EUR, and GBP, as well as against other cryptocurrencies like Ethereum (ETH) and Litecoin (LTC). Bitcoin’s dominance in the crypto market makes it one of the most traded assets on the platform.
2. Ethereum (ETH)
Ethereum (ETH) is the second-largest cryptocurrency by market capitalization, introduced in 2015 by Vitalik Buterin. Unlike Bitcoin, which is primarily used as a digital store of value, Ethereum enables smart contracts and decentralized applications (DApps).
Ethereum’s blockchain is widely used for DeFi (decentralized finance) protocols, NFTs (non-fungible tokens), and a variety of other blockchain-based applications. Ethereum pairs are available for trading on Coinbase Pro, and the platform supports Ethereum’s transition to Ethereum 2.0, which aims to improve scalability and reduce energy consumption.
3. Litecoin (LTC)
Litecoin (LTC), often referred to as the “silver to Bitcoin’s gold,” was created in 2011 by Charlie Lee as a lighter version of Bitcoin. It is based on the Bitcoin protocol but offers faster transaction times and lower fees. Litecoin is commonly used for peer-to-peer transactions and is one of the oldest cryptocurrencies still in active circulation.
Coinbase Pro allows users to trade Litecoin against various other cryptocurrencies, as well as fiat currencies like USD and EUR.
4. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) emerged in 2017 as a result of a hard fork from Bitcoin. The goal of Bitcoin Cash is to increase transaction speed and lower fees by expanding the block size limit. Bitcoin Cash is widely used for peer-to-peer transactions and has become one of the most popular altcoins.
On Coinbase Pro, Bitcoin Cash is available for trading against other digital currencies and fiat currencies. It’s a popular choice for users looking to make quick, low-cost transactions.
5. Cardano (ADA)
Cardano (ADA) is a blockchain platform that focuses on scalability, security, and sustainability. It was developed by Charles Hoskinson, one of the co-founders of Ethereum. Cardano aims to provide a more energy-efficient alternative to other cryptocurrencies while enabling smart contracts and DApps.
ADA, the native cryptocurrency of the Cardano blockchain, can be traded on Coinbase Pro against a variety of other cryptocurrencies and fiat currencies.
6. Solana (SOL)
Solana (SOL) is a high-performance blockchain known for its incredibly fast transaction speeds and low fees. It was designed to support decentralized applications and crypto projects, particularly in the world of DeFi and NFTs. Solana’s unique consensus mechanism, Proof of History (PoH), allows for fast and secure transactions.
Solana is available on Coinbase Pro and has quickly become one of the top assets traded on the platform due to its impressive performance and strong community support.
7. Polkadot (DOT)
Polkadot (DOT) is a multi-chain blockchain protocol created by Dr. Gavin Wood, co-founder of Ethereum. Polkadot aims to facilitate interoperability between various blockchains, enabling them to work together seamlessly.
Polkadot’s innovative technology makes it one of the most exciting projects in the blockchain space, and DOT is available for trading on Coinbase Pro against a variety of pairs.
8. Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network that enables smart contracts to interact with real-world data. It plays a critical role in the development of decentralized finance (DeFi) by providing reliable data feeds to smart contracts.
Chainlink’s token, LINK, is supported on Coinbase Pro and can be traded against a range of other cryptocurrencies and fiat currencies.
9. Stellar (XLM)
Stellar (XLM) is a blockchain-based platform designed for fast and low-cost cross-border payments. Stellar aims to connect financial institutions, payment systems, and people in a decentralized way, with the goal of reducing the cost and time associated with international money transfers.
The native cryptocurrency of the Stellar network, Lumens (XLM), can be traded on Coinbase Pro against a variety of other assets.
10. Dogecoin (DOGE)
Dogecoin (DOGE) began as a joke but has since gained a significant following, thanks in part to high-profile endorsements such as Elon Musk. Initially, Dogecoin was created as a lighthearted cryptocurrency, but its low transaction fees and supportive community have made it one of the most popular digital assets.
Dogecoin is available for trading on Coinbase Pro, and despite its humorous beginnings, it has become a prominent player in the cryptocurrency space.
Other Cryptocurrencies on Coinbase Pro
In addition to the above-listed cryptocurrencies, Coinbase Pro supports many other digital assets. Some of the other prominent coins available for trading on the platform include:
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Avalanche (AVAX)
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VeChain (VET)
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Uniswap (UNI)
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Shiba Inu (SHIB)
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Cosmos (ATOM)
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Aave (AAVE)
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Tezos (XTZ)
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Algorand (ALGO)
The platform regularly adds new cryptocurrencies as the market continues to evolve, providing users with more opportunities to diversify their portfolios.
How to Trade Cryptos on Coinbase Pro
Trading on Coinbase Pro is a straightforward process, especially once you are familiar with the platform. Here’s a step-by-step guide to trading cryptocurrencies:
Sign Up and Verify Your Account: To begin, sign up for a Coinbase Pro account and complete the identity verification process.
Deposit Funds: Deposit fiat currency or cryptocurrency into your Coinbase Pro account. The platform supports a variety of deposit methods, including wire transfers and PayPal (for U.S. users).
Choose a Trading Pair: On Coinbase Pro, cryptocurrencies are traded in pairs, such as BTC/USD, ETH/BTC, or LTC/USDT. Choose a trading pair that aligns with your investment strategy.
Select Your Order Type: Coinbase Pro offers several order types, including market orders, limit orders, and stop orders. Market orders are executed instantly at the best available price, while limit orders allow you to set the price at which you want to buy or sell.
Execute Your Trade: Once you’ve set your order, execute the trade. Coinbase Pro will provide you with real-time market data and charts to assist in making informed decisions.
Monitor Your Portfolio: After your trade is complete, you can track the performance of your assets directly from the Coinbase Pro dashboard. You can also set price alerts to monitor significant price movements.
Conclusion
Coinbase Pro is a powerful platform for cryptocurrency traders, offering a wide variety of assets and advanced trading tools. Whether you’re looking to trade Bitcoin, Ethereum, or explore the numerous altcoins available, Coinbase Pro provides everything you need to make informed investment decisions.
With its focus on lower fees and more complex trading features, Coinbase Pro is ideal for users who have some experience with cryptocurrency and want to take their trading to the next level. However, for beginners, it’s always wise to first explore Coinbase, the simpler and more user-friendly platform, before diving into Coinbase Pro.
As the cryptocurrency market continues to evolve, Coinbase Pro will likely continue to add new assets to its platform, ensuring that users have access to the latest and most promising cryptocurrencies.
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