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Coinbase Enrages Crypto Community by Implementing Ridiculously High Fees for Smaller Traders

  • Alex Dovbnya
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    Coinbase Pro throws smaller traders under the bus by significantly higher fees for those who trade less than $10,000 worth of crypto

Coinbase Enrages Crypto Community by Implementing Ridiculously High Fees for Smaller Traders
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The users of Coinbase Pro who trade less than $10,000 worth of crypto will now have to shell out 0.5 percent in fees (that applies both for market makers and market takers). Prior to that, the leading exchange only charged 0.15 percept, which marks a huge update in its fee structure.

It is worth noting the exchange reduced its fees for its high-volume customers at the expense of smaller traders.

This latest update will slightly increase fees for lower-volume customers and reduce fees for high-volume customers — any customer transacting above $50,000 a month will either see a reduction in their trading fees or no change at all.

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Of course, the crypto community is not pleased with this initiative with many Coinbase Pro users threatening to switch to competing exchanges (Kraken and Gemini are now cheaper).

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Image by Reddit

Meanwhile, the Bittrex exchange has reduced trading fees in an attempt to chip away at Coinbase’s gargantuan market share.

As reported by U.Today, Binance.US has eliminated its trading fees for all verified users until November to lure in new customers.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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