Coinbase has announced that it will increase fees on its Coinbase Pro platform as well as resuming support for UK deposits and withdrawals.
Coinbase Pro, the cryptocurrency exchange’s platform for professional and institutional traders, will adopt a new fee structure that will see an increase in fees on all transactions under $10,000 USD and between $10,000 USD and $50,000 USD. The new structure will see maker fees rise by 233% for the lowest tier of transactions, from 0.15% to 0.50%, while taker fees will go from 0.25% to 0.50%, an increase of 100%. The maker and taker model is a way to differentiate fees between trade orders that provide liquidity (maker orders) and take away liquidity (taker orders).
The new fee structure has caused outrage in the crypto community, with many users saying the only solution is to simply abandon Coinbase in favor of a rival platform, such as Kraken. One Reddit user stated, “Meanwhile stock brokerages are all going fee-free.. I emailed support blasting them. If they don’t change, I’m going to Kraken,” while another said, “Conbase is the correct spelling.” Coinbase has said that the aim of the new fees is to increase the depth and liquidity of the market; however, some users have said the platform is continuing to favor big traders.
Meanwhile, Coinbase has also announced that it has resumed support for the British pound sterling (GBP) following months of backup. Back in July, the exchange was dropped by British bank Barclay’s, a partnership that was once hailed as the most prestigious in crypto, after the bank lost its appetite for cryptocurrency. However, Coinbase UK was immediately picked up by ClearBank, a considerably smaller “challenger bank” in the UK.
Coinbase UK was unable to immediately recommence operations with ClearBank as it had to meet several requirements first, including the delisting of Zcash (ZEC). The exchange has also revealed that UK users will now be able to trade five new coins, including Ripple’s XRP.
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