Or you could just go to Coinbase pro and log in with the same credentials and pay a tiny fraction of the usual fees. No setup or form to fill out. You can transact small amounts as well.
He might have been referring to the fees of coinbase pro, which also are pretty high fees (but orders of magnitude smaller than the coinbase retail app). Pretty high for crypto, insane for people coming from fx or other traditional markets.
Still egregious (and no derivs) compared to large Asian exchanges. No real trading firm wants to trade on CB right now.
> Coinbase's trading fees are outrageous compared to what we're used to in the world of normal equity/option/future/fx trading.
I'm guessing their fees draw heavy inspiration from price skimming [0] (which is used heavily by AWS), as it allows them to maximize revenue while consumer demand is high in cryptocurrencies.
Re:Coinbase S-1
by Workaholic_87 on Thursday February 25, 2021 @11:41PM
(#26271423)
With wall street and other large players steadily moving into crypto, I don't suspect Coinbase will be able to continue to charge their high trading fees....and thus their margins will drop dramatically. Would be careful of jumping on this guy, and presuming it's success will fall in line as the latest on the tech IPO bandwangon
most prop firms are not trading on CB. It's spot only (yuck) and yes, the fees are awful. I'm pretty bearish on CB and incredibly bullish on FTX. SBF could very well be the richest man on earth in 5 years.
Coinbase's trading fees are *outrageous** compared to what we're used to in the world of normal equity/option/future/fx trading. Literally 100x+ what we're used to paying. You have to do absolutely enormous volume before they'll give you anywhere near a sane rate.
I'm not surprised they're printing money.