Coinbase Pro Is Increasing Its Fees – And Users Aren't Happy
Coinbase's pro trader platform is set to hike some maker/taker fees from early next week, and smaller traders will be hit hardest.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BPJJ4SSEOFHVDK2YYEWT54UNK4.jpg)
(Montri Thipsorn/Shutterstock)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Coinbase Pro – the cryptocurrency exchange's platform for professional and institutional traders – is set to increase its fees from early next week.
On Oct. 7 at 22:00 UTC, Coinbase will usher in higher rates for new tiers of accounts transacting under $10,000, and between $10,000 and $50,000, according to a company blog post on Thursday. The new rates are as follows:
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YVHBZIJOIRAKTK7SC7MMB3WBII.jpg)
Currently, all accounts trading under $100,000 are charged 0.25 percent (takers) and 0.15 percent (makers).
Volume will continue to be calculated based on accounts' trailing 30 day volume, Coinbase says.
While Coinbase attempted to explain the increase as "slight" and as a response "to client needs," a tweet by popular macro crypto analyst Alex Krüger points out that a hefty 150-percent increase in fees is coming for low-volume accounts trading under $10,000.
The changes, however, will favor high-volume customers, with accounts transacting over $50,000 or more either seeing a small reduction in fees or no change at all.
According to comments on Coinbase's blog announcement, the planned fee hike has angered many retail traders, who argue the move is a mistake that could drive clients away in a down period for the crypto markets.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/UGHRDG3FDBHG5MN6JGF5KRZSXE.png)
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WWPRSG6GRRG3TOSOBZOB27Y7GE.png)
Market commentator and trader Joe McCann tweeted that the very reason Coinbase is raising fees is likely to keep profits rolling in at a time when trading volumes are low.
Disclosure: The author holds no cryptocurrency at the time of writing
Traders and coins image via Shutterstock
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.