{"id":400521,"date":"2019-10-04T19:00:30","date_gmt":"2019-10-04T19:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=400521"},"modified":"2019-10-04T17:58:04","modified_gmt":"2019-10-04T17:58:04","slug":"steep-fee-hike-as-crypto-clamoring-for-a-coinbase-killer","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/steep-fee-hike-as-crypto-clamoring-for-a-coinbase-killer\/","title":{"rendered":"Steep Fee Hike as Crypto Clamoring for a Coinbase Killer"},"content":{"rendered":"<p>Yesterday, San Francisco-based crypto exchange, <a href=\"\/tag\/coinbase\" rel=\"nofollow\">Coinbase<\/a>, 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.<\/p>\n<p>Not only did the increase only impact the lowest wealth users on the platform upset the cryptocurrency community at large, but it\u2019s got many clamoring for a Coinbase killer to emerge, and unseat the market leader from its throne.<\/p>\n<h2>Coinbase Pro Raises Fees, Sparking Crypto Community Outrage<\/h2>\n<p><a href=\"\/tag\/coinbase\" rel=\"nofollow\">Coinbase<\/a>, it\u2019s a name that became synonymous with cryptocurrencies like <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, Ethereum, and Ripple at the height of the crypto hype bubble. The company\u2019s flagship retail smartphone app skyrocketed to the top of Apple\u2019s App Store charts and cemented the brand as a crypto industry leader.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/23\/coinbase-crypto-bitcoin-users-adoption\/\">Coinbase Crypto Milestone: Amasses 30M Users, 5M in Last 10 Months\u00a0<\/a><\/strong><\/em><\/p>\n<p>But times have changed, and Coinbase has found itself amidst stiff competition elsewhere in the marketplace. It\u2019s trading volumes have suffered \u2013 as has others in the space due to the lack of interest in the market as a whole \u2013 and to keep revenue performance strong, the company has opted to raise the fees on its Coinbase Pro platform, under the guise of increasing \u201cdepth and liquidity\u201d on the platform.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Coinbase showed us today that they never really cared about the little guy&#8230; very telling, &amp; probably the beginning of a suicidal direction.<\/p>\n<p>Reputation takes years to build, but can be lost in an instant. Honestly, this was some very disappointing news.<\/p>\n<p>&mdash; Omar Bham (Crypt0) (@crypt0snews) <a href=\"https:\/\/twitter.com\/crypt0snews\/status\/41936898?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<h2>Market Leader Finds Itself Vulnerable To Competitors<\/h2>\n<p>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.<\/p>\n<p>However, <a href=\"https:\/\/blog.coinbase.com\/updates-to-coinbase-pro-fee-structure-b3d9ee586108\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Coinbase\u2019s fee hike<\/a> comes at a time when it exceptionally vulnerable, and <a href=\"https:\/\/wncen.com\/2019\/09\/19\/can-coinbase-capitalize-on-binance-becoming-less-attractive-to-us-crypto-investors\/\">should instead be capitalizing on Binance losing market share<\/a> 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\u2019s comfy spot at the top of the crypto market throne in the United States.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Coinbase will charge higher fees for lower volume traders on Monday.<\/p>\n<p>Ethos where were you to punish these guys?<\/p>\n<p>Giving away control, vision and leadership to another company.<\/p>\n<p>Hopefully one day there will be an actual Coinbase killer.<\/p>\n<p>&mdash; Suppoman (@MichaelSuppo) <a href=\"https:\/\/twitter.com\/MichaelSuppo\/status\/79347457?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Following the news circulating that Coinbase Pro would be raising fees, the community began calling for a \u201cCoinbase Killer\u201d 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.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/19\/can-coinbase-capitalize-on-binance-becoming-less-attractive-to-us-crypto-investors\/\">Can Coinbase Capitalize On Binance Becoming Less Attractive To US Crypto Investors?\u00a0<\/a><\/strong><\/em><\/p>\n<p>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.<\/p>\n<p>https:\/\/twitter.com\/cz_binance\/status\/73426433<\/p>\n<p>But where Coinbase is failing with fees, they may still have an edge over Binance \u2013 beating them at their own game. Binance US only offers a small amount of the altcoins that the flagship site does, while <a href=\"https:\/\/wncen.com\/2019\/09\/19\/can-coinbase-capitalize-on-binance-becoming-less-attractive-to-us-crypto-investors\/\">Coinbase continues to scale its offering<\/a> and is now eyeing some exciting, new and exotic altcoins to woo Binance users unhappy with the US experience.<\/p>\n<p>Coinbase may have shot themselves in the foot, and squanderer what would otherwise be the perfect opportunity to gain an edge over Binance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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\u2019s a name that became synonymous with cryptocurrencies like Bitcoin, Ethereum, and Ripple at the height of the crypto hype bubble. The company\u2019s flagship retail smartphone app skyrocketed to the top of Apple\u2019s App Store charts and cemented the brand as a crypto industry leader. Related Reading | Coinbase Crypto Milestone: Amasses 30M Users, 5M in Last 10 Months\u00a0 But times have changed, and Coinbase has found itself amidst stiff competition elsewhere in the marketplace. It\u2019s trading volumes have suffered \u2013 as has others in the space due to the lack of interest in the market as a whole \u2013 and to keep revenue performance strong, the company has opted to raise the fees on its Coinbase Pro platform, under the guise of increasing \u201cdepth and liquidity\u201d on the platform. Coinbase showed us today that they never really cared about the little guy&#8230; very telling, &amp; 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. &mdash; Omar Bham (Crypt0) (@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\u2019s 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\u2019s 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. &mdash; Suppoman (@MichaelSuppo) October 4, 2019 Following the news circulating that Coinbase Pro would be raising fees, the community began calling for a \u201cCoinbase Killer\u201d 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?\u00a0 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. https:\/\/twitter.com\/cz_binance\/status\/73426433 But where Coinbase is failing with fees, they may still have an edge over Binance \u2013 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.<\/p>\n","protected":false},"author":517,"featured_media":400522,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[10768,44042,1393,6664,4287],"class_list":["post-400521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-binance","tag-binance-us","tag-coinbase","tag-crypto","tag-united-states"],"acf":[],"yoast_head":"\n<title>Steep Fee Hike as Crypto Clamoring for a Coinbase Killer<\/title>\n<meta name=\"description\" content=\"Yesterday, San Francisco-based crypto exchange, Coinbase, announced that they would be increasing their fees for the lowest volume tier of traders on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/steep-fee-hike-as-crypto-clamoring-for-a-coinbase-killer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steep Fee Hike as Crypto Clamoring for a Coinbase Killer\" \/>\n<meta property=\"og:description\" content=\"Yesterday, San Francisco-based crypto exchange, Coinbase, announced that they would be increasing their fees for the lowest volume tier of traders on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/steep-fee-hike-as-crypto-clamoring-for-a-coinbase-killer\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-04T19:00:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-04T17:58:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/coinbase-pro-crypto-killer-shutterstock_1196231662.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"7264\" \/>\n\t<meta property=\"og:image:height\" content=\"4454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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