Source: AdobeStock / prima91
Coinbase Pro users are ostensibly not content with the service’s discontinuation, expressing concerns that the new platform might not offer similar fee advantages.
Major crypto exchange Coinbase announced that it plans to sunset Coinbase Pro, its advanced, trader-focused service that exists independently and offers lower fees to traders who interact directly with the Coinbase Exchange order book.
The Pro service will be replaced by Advanced Trade, a new service within the main Coinbase app that aims to offer similar benefits to users.
The exchange claimed they are phasing out the Pro service to remove duplicated features and “friction” when transferring funds between Coinbase.com and Coinbase Pro, bringing all trading into one “unified” account.
“Advanced Trade is equipped with all the capabilities of Coinbase Pro, but upgraded with the most seamless Coinbase experience to make informed trades, faster and easier,” Coinbase claimed, adding that it also offers “more in-depth technical analysis, advanced real-time order books, and charting.”
Since its launch in 2018, Coinbase Pro has become the place for traders who wish to sidestep Coinbase.com’s high fees, which include flat transaction fees on top of every trade, as well as percentage commission fees, or spreads.
For this reason, some Pro users have already expressed concerns about the new platform’s fee structure.
“I will never use Coinbase again, if the Coinbase Pro discounted rates aren’t included in this new “unified” trading interface… not gonna get ripped off paying retail trading fees,” one Twitter user said.
“Only reason to use them. If they stop with the more tolerable lower fees available on pro, then they are basically saying they don’t want high volume traders using their platform,” another user said.
However, Coinbase has said that the Advanced Trade service will offer “the same volume-based fees as Coinbase Pro.” The service is already available for desktop users, and the exchange aims to roll out a mobile version of the feature in the near future.
Meanwhile, Coinbase’s latest move comes as the rival crypto exchange Binance.US announced that it is eliminating all trading fees on bitcoin (BTC) trades made with US dollar-backed stablecoins.
“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need,” Brian Shroder, CEO of Binance.US, said in a blog post.