Coinbase increases the trading fees for the retail traders as the professional cryptocurrency exchange named Coinbase Pro announced that they will implement the new fee structure in order to increase the depth and liquidity of the markets. Let’s find out more about the upcoming cryptocurrency news below.
This was not a move that aimed to decrease the fees for the vast majority of the Coinbase’s clientele. The entire crypto community reacted to the decision and they are not pleased with all. The new structure that will be imposed by the crypto exchange on Monday will ‘’slightly’’ increase the trading fees for the low-volume customers and will reduce fees for the customers that trade cryptocurrencies a lot. The Coinbase clients that have more than $50,000 worth of volume will see almost no change at all.
The users that have $0 to $10,000 in monthly volume will pay up to 0.5 percent on trades while the accounts that have more than $50 million worth of monthly volume will have to pay zero maker fees and marginal taker fees. The trading that Coinbase increases will make up a larger portion of the Bitcoin market. While a 0.5 percent fee may not make a change on a certain account, it could make a huge difference in the course of one or two traders which will be added in time. The so-called whales are now over the moon after the say the latest fee model by Coinbase. The crypto traders across Twitter also took it to the streets and expressed their disapproval over the update.
The crypto analyst Alex Kruger noted that the latest update for the fees for retail customers has increased by a total of 233 percent since March. The researcher joked that the individuals at Coinbase have to be ‘’great businessmen’’ expressing his confusion. Another prominent cryptocurrency analyst Joe McCann also noted that the recent move from Coinbase is very strange as he wrote for the previous blockchain news that ‘’the rent-seeking middleman’ business model that so many in crypto despise will come full circle to exchanges that are doing just that — collecting your rent for facilitating trade.”
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