Are Coinbase Fees too High?


Abstract: the fees of Coinbase is so high because it is a retail exchange, mainly recruiting new and immature investors. Experienced cryptocurrency traders use alternatives such as eToro, which provides zero fee trading of cryptocurrencies,  ETFs, etc.


The Reason Why Coinbase Fees are too High

As a traditional and mainly retail cryptocurrency exchange in the United States, Coinbase is one of the most expensive ways to enter the digital asset market.
Coinbase charges 1% for each transaction, but can charge up to 4% when purchasing cryptocurrency with a debit or credit card. Therefore, it is important to know how to trade in Coinbase so that you can save as much as possible on transaction costs.


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Are Coinbase Fees too High?

Compared with other major cryptocurrency exchanges in the United States, the price of Coinbase is surprisingly high. Their platform charges more than 100 basis points (1%) more than other exchanges such as eToro, and eToro charges zero for buying and selling digital assets. This is because they are a large and popular retail brand, accepting new investors who have not conducted sufficient competition research.

The conversion fee of Coinbase Wallet DEX is also relatively expensive. The cost of each exchange is 0.5%. Other popular Decentralized Exchanges, such as SushiSwap or Uniswap, only charge 0.1-0.2%. It’s hard to find information about their pricing on the Coinbase website. They seem to bury it in the terms and conditions.


Fees of Coinbase Pro

Coinbase also provides an advanced trading platform called Coinbase pro. This is an order exchange that allows users to trade more than 50 different cryptocurrency pairs in dollars. The cost of Coinbase Pro is much cheaper than that of the retail Coinbase app, and the cost of each transaction starts from 0.5%.


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Fees of Coinbase and Coinbase Pro

The following table is a comparison of Coinbase fees versus Coinbase Pro to provide a quick summary of the two platforms.

  Image Image
Trading Fees 1% per transaction (buy or sell) 0.5% per transaction (buy or sell)
ACH Deposit Free Free
USD Wire Deposit $10 $10
Credit Card or Debit Card Deposit 3.99% Not Available
PayPal Deposit 2.5% Not available
ACH Withdrawal Free Free
USD Wire Withdrawal $25 USD $25 USD
Other Hidden Fees None None
Website Visit Coinbase Visit Coinbase Pro


Method to Avoid Coinbase Fees

Although many users think Coinbase is expensive, if you know how to use it correctly, it is actually a very cheap exchange. As mentioned above, when you deposit funds through bank transfer, the cost of each transaction of Coinbase is only 0.5%.

In order to avoid the cost of Coinbase, it is recommended that you do not use a credit card or debit card, but transfer money through a bank. Banks such as Wells Fargo and chase bank can allow customers to deposit dollars into Coinbase for low-cost transactions.


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Coinbase Overview

Coinbase is a digital asset trading platform that allows its users to buy, sell and store cryptocurrencies. Founded in 2012 by Brian Armstrong and Fred ehrsam, the company is headquartered in San Francisco, California. Coinbase allows its users to buy and sell bitcoin, Ethereum, Litecoin and more than 500 other cryptocurrencies. The company also offers Coinbase wallets that allow users to store their cryptocurrencies and interact with the defi application.

Coinbase is praised for its user-friendly interface and ease of use. The company has also been criticized for its high fees and lack of customer support. In general, Coinbase is a popular digital asset trading platform, providing its users with a simple way to buy, sell and store cryptocurrencies.

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