Coinbase One - Zero trade fees? | Bitcointalksearch.org

PrimeNumber7

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Quote from: DaveF on August 22, 2022, 03:11:03 PM

Quote from: PrimeNumber7 on August 21, 2022, 05:41:08 PM

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

I see it more along with keep it running but shrink retail customers and then sell them off to someone else. Yesterday you were a Coinase customer tomorrow you are a Gemini customer.
Kind of like what HSBC did. Make everyone miserable with fees till a lot leave, then sell off the rest to Citizens bank.

Or there could be something we all are missing. Are there a lot of people that DO fall into that trading amount and it's going to work out well for them. I don't see it, but as mentioned many times here, people on this board are not your standard BTC user / customer.

-Dave

CB will undoubtidly try to milk their retail customers for as much as they can. I think that crypto customers are going to be more time intensive than the average retail brokerage customer is. This means that CB's existing infrastructure is better suited to handle their customer base than eTrade, and that eTrade would have difficulty integrating CB's business into their own.

mk4

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Quote from: eddie13 on August 23, 2022, 10:48:44 AM

The amount of people IRL I have told about how to use CB Pro to drastically reduce their trade fees and spread fees about boggles my mind..
I can’t think of one person that knew..

This just shows how important UI/UX is. If we're talking about the non-technical masses, they almost literally need their hand to be held to be able to navigate platforms correctly/efficiently.

^The same exact reason why people prefer holding funds on Binance/Coinbase rather than Electrum/BlueWallet/HWWs.

eddie13

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The amount of people IRL I have told about how to use CB Pro to drastically reduce their trade fees and spread fees about boggles my mind..
I can’t think of one person that knew..
Many also use robinhood and I tried explain to them better ways also..

The only times I have really ever ran across anyone else supposedly quite experienced in crypto I found out through others saying “Oh Xxx guy had blah blah blah coins and really knows what he is talking about etc etc” and then those experienced bragging people kindof wouldn’t want to talk to me about crypto at all..

I never brag about having a lot of crypto and just say I have a bit and have been around a long time and seen quite a lot including so many coins pump dump come and go never to be heard of again..

The only thing I ever really show anyone happens to be some of my CB TX history..
Just scroll all the way to the bottom and show them the old dates..
The good old days when CB was Bitcoin only..

Coinbase should have stayed Bitcoin only and I would have much more respect for them..

DaveF

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Quote from: eddie13 on August 17, 2022, 04:34:15 PM

I recovered an account with them once that I lost the 2FA for, had no balance, it wasn’t too hard to do..
...

I never had any issues with their customer service either, but there seem to be a lot of people that do.
Don't know if the long term users get treated better or we have just been in BTC for so long we understand it better and don't need the hand holding that new people do.

Quote from: PrimeNumber7 on August 21, 2022, 05:41:08 PM

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

I see it more along with keep it running but shrink retail customers and then sell them off to someone else. Yesterday you were a Coinase customer tomorrow you are a Gemini customer.
Kind of like what HSBC did. Make everyone miserable with fees till a lot leave, then sell off the rest to Citizens bank.

Or there could be something we all are missing. Are there a lot of people that DO fall into that trading amount and it's going to work out well for them. I don't see it, but as mentioned many times here, people on this board are not your standard BTC user / customer.

-Dave

PrimeNumber7

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Quote from: eddie13 on August 17, 2022, 11:59:59 AM

AND it’s only good to “Trade up to $10k monthly with zero trade fees”..
$10k volume per month is like nothing if your actually trading..

So basically this is pretty much a trash offer bordering on a scam..

This is likely only a good deal if for whatever reason you cannot use Coinbase Pro, and regularly pay more than the monthly cost in fees. I suspect that on net, this hypothetical customer will receive a net benefit. However with that being said, I think it is unusual for someone to be paying that much in fees because of the large spread, and the near zero fees on CB pro. Someone "trading" 10k/month on coinbase proper is already paying an arm and a leg via the spread.

Quote from: DaveF on August 17, 2022, 04:08:28 PM

I posted it somewhere here, too lazy to search for it, but I really think Coinbase is looking to get out of the retail market.
They seem to be going after larger players and doing the back end for other places / brokerages.
Less support / less issues for the most part.

May not be the worst strategy for them. They have ALWAYS had crap customer service for the little people so just instead of getting rid of them, they either make their life so miserable they leave on their own or bill them out the ass so they are a profit center.

I have seen this in other parts of the financial world so it's not unprecedented.

-Dave

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

eddie13

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I recovered an account with them once that I lost the 2FA for, had no balance, it wasn’t too hard to do..

You may be right, but I also believe that they are after the dumb money getting into crypto and charge them handsomely..
Pretty obvious with the shitcoins they list and with their stupid earnings paying a couple dollars to read about shitcoins that they shill..

I wouldn’t put my name on that shit if I was them..

DaveF

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I posted it somewhere here, too lazy to search for it, but I really think Coinbase is looking to get out of the retail market.
They seem to be going after larger players and doing the back end for other places / brokerages.
Less support / less issues for the most part.

May not be the worst strategy for them. They have ALWAYS had crap customer service for the little people so just instead of getting rid of them, they either make their life so miserable they leave on their own or bill them out the ass so they are a profit center.

I have seen this in other parts of the financial world so it's not unprecedented.

-Dave

eddie13

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So advanced trading HAS come to regular Coinbase (not pro).

Looking at this Coinbase One zero trade fees deal..
It does NOT apply to advanced trade on Coinbase! So you would still have to use their shitty buy/sell feature that is like market orders with an unknown spread, so you still lose the spread..

AND it’s only good to “Trade up to $10k monthly with zero trade fees”..
$10k volume per month is like nothing if your actually trading..

So basically this is pretty much a trash offer bordering on a scam..

eddie13

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Yeah..
CB goin the way of yobit..
Scammy fee deals and shilling scammy shitcoins..

I really didn’t like when CB started adding altcoins, and now has tons of shitcoins..

Pmalek

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If it wasn't worth it for Coinbase, they wouldn't even offer something like that. No trading fees as long as you pay $30 to pay no fees.
I am pretty sure those limits are set considering the average trading amount of each account. That's why they are different for everyone. If you are thinking you will pay those $30 and save hundreds in trading fees per month by trading even more than you normally would, you will probably notice that you have reached your limit and you are back paying standard trading fees again.

mk4

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Quote from: eddie13 on July 22, 2022, 01:57:32 PM

And their is a limit?
Hmmm

Yeah it’s probably just a scheme for them to take in more fees, by giving you a small limit for it, and to hook people on the recurring charge that as said they will forget about..

Apparently, there is a limit. Weirdly enough the limit is not stated on the Coinbase One beta page.

"There's a fee-free trading volume limit. When you trade over this limit, you're responsible for paying regular trading fees. The limit can be found in your account settings."

https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account

eddie13

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And their is a limit?
Hmmm

Yeah it’s probably just a scheme for them to take in more fees, by giving you a small limit for it, and to hook people on the recurring charge that as said they will forget about..

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Quote from: eddie13 on July 19, 2022, 03:35:24 PM

But regular Coinbase is market trades only and they still get your spread I think..
They probably have a spread bit of their own to make that profit.. You think?

Yes:

Quote from: eddie13 on July 19, 2022, 03:35:24 PM

If they had this for CB Pro I’d probably be all over it..

As above, not going to happen right now, at least not with this beta.

Quote from: eddie13 on July 19, 2022, 03:35:24 PM

I LOVE zero fee trading because I can make tons of tiny % gains quite easily (usually)..
Wash trading, fake volume, whatever you want to say about zero fee exchanges, it is what works the best for my trading style..

It's not unlimited trades:

Quote

There's a fee-free trading volume limit. When you trade over this limit, you're responsible for paying regular trading fees. The limit can be found in your account settings.

So probably you will get the same deal as in an all you can eat menu for 30$ but they will stop serving you anything other than water when you go over 50$.
Oh, and it's a recurring charge, if you forget about it you might end up getting charged month after month for nothing.

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Quote from: suchmoon on July 21, 2022, 12:06:37 PM

The problem with switching to another exchange is having to go through ~~anal probing~~ KYC again, I wouldn't do that to save $100 or $30 in fees.

Even people that are not day traders and that are not trading derivatives will prefer your options if they do not most of the time have coins on exchanges, they have the coins on their noncustodial wallet and they do not trade often.

Quote from: mk4 on July 21, 2022, 11:03:48 PM

With days where I actively trade, $30 can easily cover just a single day of trading fees; and I'm not even anywhere close to being a whale.

That is not a lie, but it depends on individuals. Like me, I will prefer a $30 monthly charges if using up to $5000 to trade actively daily, but that is future trading though. Exchanges are really making what we think is a small percentage to make money in just a single day, with very low amount single trade on Binance while trading derivatives, $5000 worth of trading amount will deduct almost $2 for makers and $4 for takers if not more. Some traders can open and close two or more positions daily. But that for trading derivatives which requires lower trading fee percentage if compared to spot trading except that future traders can leverage more which will also have more trading fee in amount.

But this will depends on individuals.

mk4

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Quote from: dkbit98 on July 21, 2022, 09:20:56 AM

I think it's not worth it to spend $30 per month or $360 per year for this, and this looks like a desperate move from Coinbase to regain some of their volume they lost in last couple of months.

Most likely not if you're a peaceful DCA type of guy with not much buying power, but it's definitely worth it if you're an active trader. Exchanges in general are making a killing from exchange fees alone.

With days where I actively trade, $30 can easily cover just a single day of trading fees; and I'm not even anywhere close to being a whale.

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Quote from: dkbit98 on July 21, 2022, 09:20:56 AM

I think it's not worth it to spend $30 per month or $360 per year for this, and this looks like a desperate move from Coinbase to regain some of their volume they lost in last couple of months.

Depends. I spend $50-100 in fees on CB Pro so I might give this new thing a try.

Quote from: dkbit98 on July 21, 2022, 09:20:56 AM

Most of that volume in Bitcoin was transferred to Binance exchange, according to chain analytics stats I saw few weeks ago, but I am not a fan of both exchanges.
I think that FTX exchange was also offering free maker fees (for staking 25 FTT tokens) and plus you have zero fees for withdrawing Bitcoin and most other coins from their exchange, that is a very good deal.

The problem with switching to another exchange is having to go through ~~anal probing~~ KYC again, I wouldn't do that to save $100 or $30 in fees.

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Quote from: eddie13 on July 19, 2022, 03:35:24 PM

It seems to be for the regular Coinbase account (not pro), and gives you zero fees for $30 a month.

I think it's not worth it to spend $30 per month or $360 per year for this, and this looks like a desperate move from Coinbase to regain some of their volume they lost in last couple of months.
Most of that volume in Bitcoin was transferred to Binance exchange, according to chain analytics stats I saw few weeks ago, but I am not a fan of both exchanges.
I think that FTX exchange was also offering free maker fees (for staking 25 FTT tokens) and plus you have zero fees for withdrawing Bitcoin and most other coins from their exchange, that is a very good deal.

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Quote from: mk4 on July 19, 2022, 10:18:05 PM

Quote from: NeuroticFish on July 19, 2022, 03:41:23 PM

Binance has now some 0 fees with no monthly fee either (for their 5 years anniversary), but I don't know how long will it last.
I don't like it exactly for the opportunities this gives to those who want to manipulate the market (wash trading, fake volumes, you know the drill).

This is only for BTC/USD trading pairs as far as I know, so you're still going to be paying for fees if you're trading other pairs.

Also for BUSD market makers.

For trading pairs, just for spot trading pairs, future and option trading pairs are not included.

mk4

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Quote from: eddie13 on July 19, 2022, 03:35:24 PM

If they had this for CB Pro I’d probably be all over it.. I LOVE zero fee trading because I can make tons of tiny % gains quite easily (usually)..

Wait, isn't Coinbase getting rid of Pro by merging it to the main Coinbase?

Quote from: NeuroticFish on July 19, 2022, 03:41:23 PM

Binance has now some 0 fees with no monthly fee either (for their 5 years anniversary), but I don't know how long will it last.
I don't like it exactly for the opportunities this gives to those who want to manipulate the market (wash trading, fake volumes, you know the drill).

This is only for BTC/USD trading pairs as far as I know, so you're still going to be paying for fees if you're trading other pairs.

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But if we're paying $30 per month, then it's not actually a zero trading fee, no? This also means it's not for people who don't trade much, they could be paying $30 for a few dollar worth of trade fees. As you can guess, they earn from their spread as well which I'm guessing would still be present.

Topic: Coinbase One - Zero trade fees? (Read 384 times)