- The cryptocurrency exchange revised its trading fees structure to the detriment of lo-volume traders.
- The community is outraged with the decision.
The US-based cryptocurrency exchange Coinbase announced a new trading fees structure for Coinbase Pro users that will come into effect on Monday, October 7.
The company explained the decision by customer needs and the desire to improve the cryptocurrency liquidity.
“Coinbase Pro will implement a new fee structure designed to increase the depth and liquidity of our markets,” the exchange wrote in hit announcement.
However, the increase will affect mostly low-volume customers, while traders with high trading volumes will hardly notice any changes, or even see a decrease of trading commissions.
“This latest update will slightly increase fees for lower-volume customers and reduce fees for high-volume customers “” any customer transacting above $50,000 a month will either see a reduction in their trading fees, or no change at all.”.
Thus, in accordance with a new schedule, traders with aggregate monthly volume below $10,000 will have to pay 0.50% fee, which is 233% higher from thee current fee for makers and 100% higher for takers.
The cryptocurrency community took it to Twitter to express their resentment with the decision. Notably, the company refrained from publishing an announcement in the social network.
“Coinbase showed us today that they never really cared about the little guy… very telling, & probably the beginning of a suicidal direction. Reputation takes years to build, but can be lost in an instant. Honestly, this was some very disappointing news,” Omar Bham (@crypt0snews) wrote.
Notably, the decision is made amid the overall decrease in trading activity on the cryptocurrency markets. According to CoinMarketCap’s data, an average daily trading volume fell more than by half from 2019 peak ($42 billion at the time of writing from $114 billion in June 2019).
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