Coinbase, America’s leading crypto exchange by trading volume, will make some adjustments. The platform wants to create a new trading fee structure, it will take into account changes in global volumes and prices of crypto exchanges. With this new structure, the crypto exchange wants to incentivize traders with high trading volume to reduce their monthly transactions. This announcement comes days after several delays in deposits and withdrawals from its networks.
Coinbase designs new transaction fee structure
In a few hours, the crypto exchange Coinbase will establish a new structure. In his announcement made on Monday, the exchange announces the upgrade to new exchange fee schedules. The implementation will take place this September 20 at 5 p.m. sharp.
In reality, it is the updated tier and pricing structure of Coinbase Exchange, Pro and Advanced Trade exchange fee rates. Indeed, at the beginning of September, the company which is the subject of a investigation currently, had seen delays in deposits and withdrawals from its networks. It therefore decided to carry out its investigations to make changes to the current scales.
The adjustment of the levels and the modification of the structure will not apply to all categories of lessees and manufacturers. They will only concern merchants who carry out transactions with a volume above the $100,000 and $1 million range.
What will really change?
The September 20, 2022 update aligns with recent changes in global crypto trading volumes, as well as the price of each asset. To qualify for the new scales, the volume of monthly transactions will automatically have to be revised downwards.
The new structure that Coinbase will put in place will take into account “changes in global crypto trading volumes and asset prices, reducing the monthly trading volume required to qualify for the middle and upper tiers of our fee schedule,” specifies the exchange in its publication.
The main changes therefore concern transactions in the range of 15 to 250 million dollars. The taker’s fee will be 16 basis points, and the maker’s fee will be 6 basis points. That is, a respective difference of -2 basis points and +1 basis point. The $400 million tier fee will also change. Taker fees will be 5 basis points to -3 basis points. On the other hand, the manufacturer’s fee will always be at 0 basis points.
Coinbase regularly makes similar upgrades to meet customer expectations. The platform has become accustomed to sharing updates before implementing them. With this update, the calculation of trading volume levels will be based on the trades of the last 30 days.
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