Users coinbase can pay a monthly subscription fee, rather than the per-transaction fee for trading.
The most important takeaways
- Coinbase is currently developing a subscription-based model that lets customers pay for trading with no charges.
- The service also offers more customer support as well as greater protection in case one’s account is compromised.
- This will permit Coinbase the ability to rival other platforms for trading with no fees, like Robinhood.
The most popular crypto exchange Coinbase is testing a cost-free subscription-based service, as per different reports.
Coinbase One Is On Its Way
The service will be named Coinbase One, and it will initially be available to a select number of exchange customers.
The primary characteristic for the program is zero-fee trading, which means that customers do not have to pay a transaction fee each time they purchase or sell crypto. But, it seems that there is a fee for subscriptions. Spread fees–price differences between buying and selling will also be in place.
In addition to free trades, Coinbase will offer prioritized telephone support throughout the day, including on weekends and holidays.
The service also offers additional account security which could make each user qualified for a $1 million refund if their account was compromised. Most exchanges compensate users if the exchange itself, not the personal account that is hacked.
These two features could be a reaction to recent controversy that has occurred where Coinbase has been accused of poor customer service after incidents that targeted the platform.
The Official Announcement is Still In Process
Coinbase has not yet officially made public the announcement of its new service, nor stated when it will be available for public use. However, The Block initially reported the news based on information they had gathered.
If the company is able to introduce the service in a larger way it will be in good hands. The other platforms for trading, such as Robinhood and eToro have distinguished themselves by offering no-cost policies.
While these services may not be necessarily cheaper in the end due to their different costs and different withdrawal restrictions They could also make it necessary for Coinbase and other cryptocurrency exchanges to provide alternatives.
In the last week, Coinbase was also announced that it had purchased the AI customer support firm Agara. Today, the company announced it will increase lending limits to $1 million for certain customers.