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

Libra Coin News
Fri, 10/04/2019 - 06:39
Alex Dovbnya
Coinbase Pro throws smaller traders under the bus by significantly higher fees for those who trade less than $10,000 worth of crypto
Cover image via www.123rf.com

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).

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.

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.