Altcoin News: Coinbase Increased Commissions by 233%
October 4, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The American cryptocurrency exchange Coinbase has announced the next review of the procedure for calculating commissions on the professional trading platform Coinbase Pro.
On October 7, the size of commissions for users whose transaction volume does not exceed $10,000 per month will be increased by 233% — from 0.15% to 0.50% on the side of the maker. Commissions for takers from this group will grow by 100%. In March, Coinbase has already raised commissions for users with transaction volumes below $100,000.
At the same time, for large traders, the size of commissions will be reduced. For example, for those who make deals of more than $1 billion, the commission will drop from 0.05% to 0.04%.
According to the company, the new structure is designed to increase the depth and liquidity of the market.
“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. The update also introduces three new tiers below $100,000 a month.”
Analyst Alex Krueger notes:
“While discount brokers in traditional markets are moving towards zero trading fees, crypto exchanges increase fees. Coinbase in particular just hiked its fees for its lowest volume tier by 150%, for a 233% increase since March.”
On Thursday also became known that Coinbase has restored the ability to deposit/withdraw funds in pounds for customers from the UK using bank accounts. In addition, the British division of the exchange implemented full support for Basic Attention Token (BAT), 0x (ZRX), Augur (REP), Stellar (XLM) and XRP.
Author: Marko Vidrih
