Updated: New Coinbase Fees Structure for Users

Updated: New Coinbase Fees Structure for Users

Coinbase quite recently updated their fee structure, making minor changes that now benefit both the user and the company. Here’s WikiCrypto’s full review of Coinbase.

What is Coinbase?

Coinbase is the world’s most popular digital currency exchange. Over $6 Billion worth of digital currencies have been exchanged on the platform. That includes Bitcoin, Ethereum and Litecoin. The exchange provides many advantages such as low fees, secure storage and faster transactions.

Coinbase provides several secure ways of depositing and withdrawing from your online wallet. Depending on your region, you will be able to use credit cards, bank transfers and PayPal in order to deposit money.

What are Coinbase fees?

There are no Coinbase fees when you use their online wallet for any transactions. However, you might be charged a network fee when transferring currency from an address to another. This depends on the time that the transaction is carried out, and on how congested the network is as of that moment.

Unfortunately, it is only shown when carrying out a transaction. It’s usually somewhere around $3 in Coinbase fees for a small everyday transaction.

The most important one out of the Coinbase fees is the GDAX conversion fee. GDAX is Coinbase’s exchange platform, it’s used when you want to send someone Ethereum but you only have Bitcoins. The platforms convert it automatically and complete the transaction.

The GDAX platform allows you to carry out that transaction at a specific rate. This rate is determined by Coinbase and it could take up to a spread of 50 basis points as a fee.

This fee depends on where you come from, which two currencies you’d like to exchange and the individual demand of the currencies.

Coinbase also takes a percentage fee, which is displayed here for the US customers:

For all other countries, click here for the direct link to the updated new Coinbase fees structure.

Coinbase Fees in the US

  • Coinbase buy fees in the US:
Payment Method for Purchase Effective Rate of Conversion Fee
U.S. Bank Account 1.49%, with a $0.15 minimum
Coinbase USD Wallet 1.49%
Credit/Debit Card 3.99%

 

  • Coinbase sell fees in the US:
Payout Method for Sale Effective Rate of Conversion Fee
U.S. Bank Account 1.49%, with a $0.15 minimum
Coinbase USD Wallet 1.49%
PayPal 3.99%

 

  • Coinbase deposit fees in the US:
USD Deposit Method Deposit Fees
ACH Transfer Free
Wire Transfer $10 ($25 outgoing)

 

Coinbase Fees for Canada

  • Coinbase buy fees in Canada:
Purchase Method Buying Fees
Credit Card 3.99%
Debit Card 3.99%

 

The New Coinbase Fees Structure Benefits You!

The New Coinbase Fee Structure is tailored for the user; it makes sure that cryptocurrencies are cheaper to use than fiat currencies. Coinbase has been the benchmark of good quality online exchanges, providing great security standards and several different coins, but is now facing many issues.

Coinbase has been having issues with the website, users claim it bugs when coins are at their highest or lowest, restraining people from trading at such moments. As of 2017, Coinbase is looking to eliminate these issues on their platform.

You can be pretty sure that Coinbase is making efforts to regain the market control it had in the past.

 

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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