Cryptocurrency exchange Coinbase has launched a zero-fee subscription service named Coinbase One in the US, the UK, Ireland, and Germany.
Coinbase initially introduced this service in the US as part of a beta programme but has now launched it officially and expanded its availability to other parts of the world. Coinbase One costs USD 29.99 a month, and the company plans to bring it to more countries in the coming months as part of an international expansion strategy.
Frequent traders can benefit from this service by executing more trades on hundreds of assets without worrying about trading fees on every transaction. For longer-term investors, the system was designed to help them get the most out of the crypto economy.
Since this is a subscription service, Coinbase emphasised that users can’t share the subscription. Additionally, for security reasons, they need to ensure that they’re the only ones that can access their Coinbase accounts. Users can pay for Coinbase One through their linked bank accounts, linked debit cards or with USDC or USDT as long as they have a balance of at least USD 100 and are based in the US.
The subscription can also be paused for one month via the Manage Subscription section. During the pause, users will not be billed for Coinbase One and will still have access to account protection and priority support. However, they won't have access to zero trading fees, prefilled tax form 8949, or partner deals.
Other developments from Coinbase
In April 2023, Coinbase has filed a lawsuit against the Securities and Exchange Commission over a lack of response to a petition from 2022. Coinbase’s actions aim to compel the SEC to provide a response to an original petition, which inquired whether the SEC would propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods.
Even though the SEC never responded to the petition, Coinbase’s chief legal officer Paul Grewal asserted that the SEC has already made up its mind to deny it based on its enforcement activity in the crypto industry. Grewal also emphasised that more than 1,700 entities and individuals have submitted comments to Coinbase’s petition thus asking for regulatory clarity in the crypto sector.
In the same month, Coinbase CEO Brian Armstrong revealed the possibility of implementing the Bitcoin Lightning Network via a Twitter post as he replied to a user that questioned the company’s lack of public comments on the scaling solution. The Coinbase CEO revealed that his tweets auto-delete after a few months, which caused the lack of history.
FAQs
It provides a range of enhanced features and benefits to users who pay a monthly fee of $29.99. The key features of Coinbase One include: Zero trading fees: Subscribers enjoy zero fees on simple trades, though they are still subject to the usual spread fees associated with trading cryptocurrencies.
What is the zero fee limit on Coinbase one? ›
Coinbase One is a subscription product that gives members access to: Zero trading fees: There are no trading fees on your first $10,000 of trades each month (a spread still applies)
How to avoid Coinbase fees? ›
To avoid paying high Coinbase fees, you can consider using Coinbase Advanced. The fees tend to decrease in Coinbase Advanced when the trading volume increases, but it's a more complicated structure that might be hard to access for a newcomer to crypto trading.
How to cash out on Coinbase without fees? ›
Coinbase Commerce offers a few different options for withdrawing funds without incurring high fees. One option is to use the Coinbase Commerce app to transfer funds to your Coinbase account, which can then be withdrawn to your bank account or sent to an external wallet.
Why is Coinbase charging me a monthly fee? ›
To ensure a smooth experience for our customers and reasonable transaction processing times, Coinbase Exchange will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction.
How much does it cost to withdraw from Coinbase? ›
USDC withdrawals are FREE across all supported networks. Coinbase will cover network fees on behalf of our customers. To withdraw USDC from your account to your wallet: Navigate to Portfolio in the left navigation bar of the screen and select Withdraw.
Does Coinbase report to IRS? ›
Coinbase reports to the IRS by issuing Forms 1099-MISC for US traders who earned over $600 in crypto rewards or staking during the tax year. Taxpayers must report all crypto income, even if they do not receive a 1099 form. If you receive a 1099-MISC from Coinbase, the IRS should also have received it.
How to get the lowest fees on Coinbase? ›
VIP and high volume traders who use other crypto exchanges can now get upgraded to lower fee tiers by providing proof of their trading volume, allowing them to trade with lower fees on Coinbase Advanced from the start.
Do you have to pay fees on Coinbase? ›
Coinbase fees
When you buy, sell, or convert cryptocurrencies on Coinbase, fees are charged.
Can I cash out all my money on Coinbase? ›
Sell crypto and cash out your balance. When cashing out your crypto, depending on the payment methods available to you, you can either transfer, "cash out" your funds to your bank, or leave your cash balance for future crypto purchases. Coinbase does not have limits on selling crypto to your cash balance.
USD SWIFT International Wires
Fiat deposits via SWIFT are unlimited. Withdrawals of fiat currency are limited. Coinbase Exchange account holders have a default withdrawal limit of $10,000,000 per day.
Why can't I withdraw from Coinbase to my bank account? ›
Funds on hold
When you use a linked bank account (ACH) to buy crypto or add cash to your account balance, the funds are placed on hold and won't be immediately available to send or cash out. Think of this like depositing a check to your bank account and having to wait for it to clear before you can remove the funds.
How do I cancel my Coinbase subscription? ›
To cancel your subscription on Coinbase.com:
- Sign in to your Coinbase account.
- Select. and select Settings.
- Select the Coinbase One tab.
- Select Manage Subscription > Cancel Subscription.
- Confirm your subscription cancellation.
Gas fees are transaction costs on the Ethereum blockchain, paid in Ether (ETH) or its fraction, gwei. These fees serve as a form of remuneration for validators who maintain and secure the network. Gas fees fluctuate based on supply, demand, and network capacity, and may increase during periods of network congestion.
What is the difference between Coinbase and Coinbase Pro fees? ›
Coinbase Pro unique features
Lower fees: Coinbase Pro employs a scaled fee model based on 30-day trading volumes that charges between 0.00% and 0.60% for makers and takers compared to standard Coinbase's higher simple card purchase fees. Margin trading: Coinbase Pro enables crypto trading with borrowed funds (margin).
