This rebate program is only being offered to customers in the Untied States, and allows these traders to purchase bitcoins on Coinbase via an ACH transfer to fund their Coinsetter account.
Coinsetter will then reimburse the trader for fees incurred on Coinbase’s service, which has traditionally been 1 percent.
The company writes (via their blog):
We’re excited about this program because it allows users to completely bypass interacting with international banks on deposits and withdrawals. Best of all, the ACH-linked deposits you make on Coinsetter through Coinbase are now entirely free through this offer.
Of course, in order for the program to work, the investor needs to have a Coinbase account linked to their bank account. From there, they can purchase a desired amount of bitcoins.
Following the purchase, the bitcoins will have to be transferred to Coinsetter via a provided deposit address.
The trader can then email Coinsetter at “email@example.com” with the Coinbase receipt, and folks at the exchange say they’ll credit the rebate to the account in 1-2 days.
The company notes that the rebate is used against Coinsetter trading fees (up to 100 BTC), and the deposit from Coinbase to Coinsetter must be made three days following the purchase of bitcoin.
A very clever tactic on the part of Coinsetter, who is aiming to serve as a go-to platform for institutional investors.