Coinbase, the popular US-based cryptocurrency exchange known for their ease of use, onboarding of new users, and mission to spread mass adoption of cryptocurrencies, have worked very hard to achieve their aim.
However, despite striving for crypto adoption, the exchange continues to discourage the onboarding of new users and obstruct mass adoption through their rising fees.
For instance, published in a Coinbase blog post and as previously reported by IIB, the exchange updated its fee structure, imposing higher maker fees of 0.15% for the majority of traders (those with less than $100,000 in monthly trading volume).
Coinbase Fees Are Too High?
Coinbase’s maker fees on the Coinbase Pro platform used to be 0%, so a hike to 0.15% is quite substantial for active traders on the platform.
As for the fees on the standard Coinbase platform, they are high compared with most other crypto exchanges. Fees are 1.49% for every buy and sell order made, with the addition of other applicable fees that vary from country to country as well.
Apart from trading fees, Coinbase charges a hefty amount just for funding your Coinbase account, with credit/debit card fees being the highest with a fee of 4%.
Coinbase Wants Crypto Adoption
Coinbase is striving to spread the adoption of cryptocurrencies and create an open financial system for the world. While their fees may be higher than most other popular crypto exchanges like Binance, they have done a lot for the cryptocurrency space and continue to offer new services and onboard users.
For instance, the exchange recently launched Visa-powered crypto debit cards for UK-based customers on April 11, and they plan to roll out cards for other European nations in the coming months.
Another pro-crypto development from Coinbase is the launching of its crypto staking service for Tezos (XTZ) and MakerDAO (MKR), which allows Coinbase custody customers to receive passive income from holding and staking their crypto.
Also, Coinbase launched the Coinbase Learn program, in which users can earn various cryptocurrencies for learning about them. The most recent Coinbase Learn crypto is Stellar (XLM), where Coinbase users can earn $50 just for learning about the crypto.
All in all, while Coinbase charges relatively high fees for their services, the exchange has launched a wide array of products and services geared towards cryptocurrency adoption and onboarding new users.
Do you think Coinbase fees are too high? Which cryptocurrency company has done the most to spur crypto adoption and educate users? Let us know what you think in the comment section below.