I'm trying to wrap my head around the notion that being listed on "Coinbase" is actually a good thing.
The statistics dont lie. Coinbase is the platform of choice for the beginning , novice investor. It seems like a friendly, convenient , custodial site until you begin to examine your trades. The tremendous point spread , the base 4% charge before certain waivers at their discretion for U.S. customers at least. Those waivers bring their fee - aside from the wild point spread, to 1.49% , which may be the highest percentage I have yet to see. People eventually migrate , along with their currency , from coinbase to a friendlier site. While U.S. investors may be apprehensive about overseas banking and custody , vetting and research - of the sort that display the odious nature of Coinbase, should also help make one comfortable on another exchange.
There are of course, exchanges that REWARD your business. So WHAT is it with coinbase??
Well , several months ago they elected to change their fee's without telling anyone , a right they had not at the time reserved. Moreover , this was done during a very depressed market where people were finally realizing just what F.O.M.O. had cost them. The point spreads neared 100 points on bitcoin transactions, and that is before the 1.49% charge , which actually compounds the absurd point spread. Every site has a point spread, but they usually relate to market volume and other discernible factors leaving one with a better feeling than one has after paying , for example, 6370.00 to buy Bitcoin at 6189.00, to estimate , and the same type of spread goes both ways , always against the investor; and if you are a trader , looking to swing or scalp trade , they really are a trap , allegedly. I allegedly have 60 screenshots of before and after fee's, as well as a copy of this email FROM Coinbase, explaining the disparity:
"Hi there Christopher,
Thank you for writing in regarding the recent change in your fees. I would be happy to provide insight on what happened here.
We recently ended a test that offered lower transaction fees to a small percentage of customers. We have now converted all affected customers to the same fee structure as the rest of Coinbase’s customers. All fees related to your transaction will be disclosed before you confirm/execute the transaction.
Hope that helps. For more on our fee structure and spread, check out our Fee Disclosure FAQ
All the best,
Coinbase Support"
I only hope this employee was among those the company has let go.
The SEC at the time I received that email would neither confirm nor deny an investigation into Coinbase. I mean, an experiment.... performed not as a whole but upon a small , "Chosen" group?? This is a real exchange??
The statistics dont lie. Coinbase is the platform of choice for the beginning , novice investor. It seems like a friendly, convenient , custodial site until you begin to examine your trades. The tremendous point spread , the base 4% charge before certain waivers at their discretion for U.S. customers at least. Those waivers bring their fee - aside from the wild point spread, to 1.49% , which may be the highest percentage I have yet to see. People eventually migrate , along with their currency , from coinbase to a friendlier site. While U.S. investors may be apprehensive about overseas banking and custody , vetting and research - of the sort that display the odious nature of Coinbase, should also help make one comfortable on another exchange.
There are of course, exchanges that REWARD your business. So WHAT is it with coinbase??
Well , several months ago they elected to change their fee's without telling anyone , a right they had not at the time reserved. Moreover , this was done during a very depressed market where people were finally realizing just what F.O.M.O. had cost them. The point spreads neared 100 points on bitcoin transactions, and that is before the 1.49% charge , which actually compounds the absurd point spread. Every site has a point spread, but they usually relate to market volume and other discernible factors leaving one with a better feeling than one has after paying , for example, 6370.00 to buy Bitcoin at 6189.00, to estimate , and the same type of spread goes both ways , always against the investor; and if you are a trader , looking to swing or scalp trade , they really are a trap , allegedly. I allegedly have 60 screenshots of before and after fee's, as well as a copy of this email FROM Coinbase, explaining the disparity:
"Hi there Christopher,
Thank you for writing in regarding the recent change in your fees. I would be happy to provide insight on what happened here.
We recently ended a test that offered lower transaction fees to a small percentage of customers. We have now converted all affected customers to the same fee structure as the rest of Coinbase’s customers. All fees related to your transaction will be disclosed before you confirm/execute the transaction.
Hope that helps. For more on our fee structure and spread, check out our Fee Disclosure FAQ
All the best,
Coinbase Support"
I only hope this employee was among those the company has let go.
The SEC at the time I received that email would neither confirm nor deny an investigation into Coinbase. I mean, an experiment.... performed not as a whole but upon a small , "Chosen" group?? This is a real exchange??