Today, the US bitcoin exchange Coinbase announced that it will introduce a new charging mechanism, which will increase the cost of some traders with smaller trading volume.
Coinbase raised the handling fee by 233%
In a blog post, Coinbase officially confirmed that starting next Monday, all users of Coinbase Pro will use the new charging standard.
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Coinbase Pro is Coinbase's dedicated platform for advanced traders for those who want to trade on a larger scale in cryptocurrencies.
Coinbase publicly acknowledges that this new charging program is beneficial to traders with large trading volumes and is not conducive to smaller traders.
Currently, an account with a monthly transaction amount of less than or equal to $100,000 is subject to a 0.25% toll (pay order)  fee and a 0.15% maker (pay order)  fee.
Starting Monday, rates will vary based on overall volume. If it is less than $100,000 per month, it will double the cost of the taper to 0.5%, and the maker fee will be 0.5% – an increase of 233%.
According to Coinbase, this adjustment is "in response to customer needs." The article mentions:
“This update will slightly increase the cost of customers with smaller transaction volumes and reduce the cost of customers with larger transaction volumes. For any customer with a monthly transaction volume of more than US$50,000, the transaction costs will either decrease or remain unchanged.”
Coitbase, like Bitstamp, is now the most expensive bitcoin exchange for retail investors.
The cryptocurrency community does not buy
The opposition to this news on social media continues to heat up, and even some traders have begun to act.
According to "Whale Alert", some users have transferred 1,850 bitcoins out of Coinbase accounts today.
Some Coinbase Pro customers point out that while Coinbase is increasing rates, securities brokers are cutting costs. Reddit user herejoNNy130 wrote:
“At the same time, securities brokers are free. If they don’t make any changes, I will go to Kraken.”
Users believe this is a mistake and may drive customers away during the downturn in the encryption market. Market commentator and trader Joe McCann said on Twitter that Coinbase's reason for raising fees is likely to be to secure revenue sources when trading is low.
1. Pending order Maker refers to the order that the first quotation party hangs out, that is, first set up an order to hang out, limit its price and quantity, and wait for other users to deal with it. ↵
2. Eating a single Taker means taking the initiative and the pending order, that is, according to the price of the order already on the exchange, a certain number of orders are issued, and the order hanged by the market is immediately executed. ↵