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:
Coinbase Pro – the cryptocurrency exchange’s platform for professional and institutional traders – is set to increase its fees from early next week.
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.
Currently, all accounts trading under $100,000 are charged 0.25 percent (takers) and 0.15 percent (makers).
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.
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.
Coinbase Pro App Now Available on Android With 50 Trading Pairs
Coinbase Pro released a new Android application Tuesday, granting professional investors using the exchange access to high-speed trades and other activities.
Product manager Linda Xie wrote in a blog post that Coinbase Pro customers in more than 100 countries could use 50 different trading pairs with its new Android app, released some three months after the company first launched an iOS app targeting its professional traders.
Both apps offer deposit and withdrawal services, and «the mobile trading experience provided by the app offers the functionality of our desktop platform,» she wrote.
Other features, according to Xi, include real-time candles, order books, depth charts and identical fees to its existing desktop platform.
Coinbase Now Supports Stellar and Chainlink Cryptocurrencies in New York
Cryptocurrency exchange Coinbase has announced that New York residents now have access to two cryptocurrencies launched for other jurisdictions months ago.
In two tweets late on Wednesday, the exchange said customers based in New York state can now hold, buy, sell, send and receive both Stellar lumens (XLM) and Chainlink’s LINK token. The cryptos will now be available on Coinbase.com and the exchange’s iOS and Android apps in the state.
XLM had previously been launched in most jurisdictions on Coinbase back in March, while LINK followed in June. The high regulatory hurdles set in New York were likely behind the delays in adding support.
LINK is an ethereum-based token used to power Chainlink’s decentralized network. An API bridging service, Chainlink connects smart contract platforms – like decentralized finance products – to oracles containing real market data and event information.
In a CoinDesk video interview on Thursday, the project’s CEO said that offering secure smart contracts pegged to real-world events is the next “leap forward” in boosting corporate adoption of blockchain technology.
Stellar, meanwhile, is designed as a crypto-based payment system using its XLM token. The project has notably partnered with IBM on its World Wire payments network, announced this time last year.
