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.
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).
Meanwhile, the Bittrex exchange has reduced trading fees in an attempt to chip away at Coinbase’s gargantuan market share.
ICYMI - we lowered our fees. 😉 https://t.co/QTh6xzd4I4— Bittrex (@BittrexExchange) October 3, 2019
As reported by U.Today, Binance.US has eliminated its trading fees for all verified users until November to lure in new customers.