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Home Cryptocurrency news

Steep Fee Hike as Crypto Clamoring for a Coinbase Killer

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
coinbase pro crypto killer
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Yesterday, San Francisco-based crypto exchange, Coinbase, announced that they would be increasing their fees for the lowest volume tier of traders on their Coinbase Pro platform, effectively helping the rich get richer, and the poor stay that way.

Not only did the increase only impact the lowest wealth users on the platform upset the cryptocurrency community at large, but it’s got many clamoring for a Coinbase killer to emerge, and unseat the market leader from its throne.

Coinbase Pro Raises Fees, Sparking Crypto Community Outrage

Coinbase, it’s a name that became synonymous with cryptocurrencies like Bitcoin, Ethereum, and Ripple at the height of the crypto hype bubble. The company’s flagship retail smartphone app skyrocketed to the top of Apple’s App Store charts and cemented the brand as a crypto industry leader.

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Related Reading | Coinbase Crypto Milestone: Amasses 30M Users, 5M in Last 10 Months 

But times have changed, and Coinbase has found itself amidst stiff competition elsewhere in the marketplace. It’s trading volumes have suffered – as has others in the space due to the lack of interest in the market as a whole – and to keep revenue performance strong, the company has opted to raise the fees on its Coinbase Pro platform, under the guise of increasing “depth and liquidity” on the platform.

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 (Crrrrypt0) (@crypt0snews) October 4, 2019

Fees were raised by as much as 50% on the lowest tier of trading volume, essentially only hurting those with the least amount of capital to trade. The crypto community was quick to point out that significantly hiking fees in such a manner, would have the inverse effect, as users flee the platform to more affordable options.

Market Leader Finds Itself Vulnerable To Competitors

All businesses need to adjust cost structures from time to time, whether is income or expenditures, things often need changing depending on the natural ebb and flow of any industry.

However, Coinbase’s fee hike comes at a time when it exceptionally vulnerable, and should instead be capitalizing on Binance losing market share through a regulator-forced blockage of US users from its flagship platform. Binance has since opened a US-based platform for only US-investors, posting an enormous threat to Coinbase’s comfy spot at the top of the crypto market throne in the United States.

Coinbase will charge higher fees for lower volume traders on Monday.

Ethos where were you to punish these guys?

Giving away control, vision and leadership to another company.

Hopefully one day there will be an actual Coinbase killer.

— Suppoman ?₿? (@MichaelSuppo) October 4, 2019

Following the news circulating that Coinbase Pro would be raising fees, the community began calling for a “Coinbase Killer” to emerge. Binance, being arguably the most successful exchange globally, could give Coinbase a serious run for its crypto dominance in the coming months if Coinbase continues to upset its user base.

Related Reading | Can Coinbase Capitalize On Binance Becoming Less Attractive To US Crypto Investors? 

Binance was quick to respond to what they likely viewed as an opportunity, offering a month of zero trading fees for users who register for the new US-based crypto platform Binance US.

Who made the fees lower? And who benefits? ??? https://t.co/c05uGhIPF7

— CZ Binance ??? (@cz_binance) October 4, 2019

But where Coinbase is failing with fees, they may still have an edge over Binance – beating them at their own game. Binance US only offers a small amount of the altcoins that the flagship site does, while Coinbase continues to scale its offering and is now eyeing some exciting, new and exotic altcoins to woo Binance users unhappy with the US experience.

Coinbase may have shot themselves in the foot, and squanderer what would otherwise be the perfect opportunity to gain an edge over Binance.

Tags: BinanceBinance UScoinbasecryptounited states
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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