Coinbase is increasingly unfriendly to retail investors? After the transaction rate adjustment, it ushered in a 233% rise

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

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.

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) [1] fee and a 0.15% maker (pay order) [2] 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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

We sorted out 40 "running road" cryptocurrency exchanges, all of which share these common routines

Article | Interchain Pulse · Liangshan Huarong On February 23, the ZG exchange was exposed as suspected to be ru...

Market

Wu's Weekly Picks CoinEX attacked, FTX's coin selling rules, Binance US layoffs, and Top 10 news (September 9-15)

Author | Wu's Top 10 Blockchain News This Week. US August Unadjusted CPI Annual Rate 3.7% Core...

Blockchain

After carrying a huge debt and shutting down TradeBlock, the former crypto empire DCG is now struggling for survival with one arm.

As the liquidity crisis in encryption erupted, the market declined, and the previous blind expansion and investment h...

Blockchain

The kimchi premium breaks $1,000! South Korea’s "disfigured alcohol addiction" has another episode?

The quiet year's kimchi premium once again swayed, and it was a bit like the scene before the bull market in 201...

Blockchain

Data decreased slightly, rumors triggered a single-day net outflow of Binance

From the data of the past week (02.17-02.23), compared with the previous week (02.10-02.16), all the data have slight...

News

SBF in the eyes of Western mainstream media Watch the BBC documentary 'The Fall of the Crypto King' in 5 minutes.

FTX, a former giant in the cryptocurrency world, collided with an iceberg in November last year. This impact triggere...