Coinbase Pro’s Sharp Spike in Fees Upset it’s users

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

One of the leading exchanges in the cryptocurrency community or market, Coinbase or properly named Coinbase Pro announced that the exchange is executing a higher the fee structure for the smaller trader. Certainly, the traders in the community are not pleased with the news. The high fee will eligible for the small trader and the traders who trade beneath the $10,000 value virtual currency on the platform. They explained that it is for “increase the depth and liquidity of our markets.”

The traders struck with surprise that the news is not for relaxing them with the decreased fee value for the numerous clients of the platform. The platform will implement these charges from the next week on 07th October at 22:00 UTC. The rumours these increase will be implemented on a range of $10,000 to $50,000 also. On Thursday, the exchange shared the news rates in its blog post.

The new update by exchange will surge the fees for trading for the small-volume traders and also will decrease the fees for the traders who trade with the cryptocurrencies than others on the platform. The traders who do trade above $50,000 will be able to see the decrease or maybe nothing at all. The traders of monthly volume value $0 to $10,000 have to pay the fees of 0.5% or 50 basis points. The volume will be calculated on the basis of 30-day trading as per the Coinbase.

On the other hand, the traders who trader more than $50 million of monthly volume value will pay no fees for “maker” and some fees for “taker”. For retail traders or investors, this update will make the Coinbase Pro as the highest pricing exchange which collaborated with Bitstamp. It is a big margin of the Bitcoin community.

The famous crypto analyst and expert, Alex Krüger said that this update will bring around increase of around 150% in the fees for small-trade, while the exchange Coinbase Pro is trying to describe it as the ‘slight increase’. Many retail traders in the community are definitely hating he decision and expressing it too on social media platforms.

Joe McCann, trader and the commentator said in his tweet the main reason behind the high fees that the exchange wants to gain benefit even when the volume of trading is even low. Many of the users also show their anger against the decision on Reddit too.

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