Coinbase Pro Launches Mobile App and New Fee Structure Sparks Controversy

Coinbase Pro Goes Mobile

In a significant move, major American cryptocurrency exchange, Coinbase, has unleashed its mobile app tailored for the Coinbase Pro trading platform, as announced on October 10. This new app doesn’t just let you dabble in cryptocurrency while lounging on your couch; it facilitates access to a whopping 50 trading pairs across more than 100 countries. Like a good pair of socks, it complements the desktop version with features such as real-time candles, depth charts, and order books. And yes, for those curious, users will pay the same fees as if they were executing trades on their PCs. Efficiency is key!

iOS Exclusive—For Now

Currently, the app is only available for iOS users, much to the chagrin of Android enthusiasts who are left fuming with envy. But fear not, Android users! An app is reportedly on its way, so continue holding onto your crypto and your excitement.

A Pricey New Fee Structure

Coinbase is ready to ruffle some feathers with its newly introduced fee structure that took flight on October 7. For trades under $10,000, maker fees will rocket up 233% from 0.15% to 0.50%. And if you think that’s steep, consider this: taker fees are jumping 100% from 0.25% to 0.5%. The company claims this adjustment aims to enhance “the depth and liquidity of […] markets,” but not everyone is buying that narrative.

Community Reaction: A Collective Groan

Though the intentions may be noble, the reality is that this fee increase has hit a nerve in the crypto community. Many Coinbase Pro customers have taken to social media, pointing out the glaring contrast between their costs and the decreasing rates of traditional stock brokerages. Talk about adding insult to injury!

Diverse Assets and Future Prospects

Coinbase Pro hasn’t stopped at just fees; the platform has broadened its horizons with a slew of new digital asset offerings. Just recently, they announced support for the Telegram token known as Gram (GRM). But that’s not all! Other assets including Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, and Spacemesh are being considered for addition. More choices, more chaos!

Moreover, Coinbase Custody, its digital assets custodian solution for institutional investors, recently announced it would support the Telegram Open Network’s native token, Gram (GRM), upon its launch. So, brace yourself for the ongoing evolution in the crypto space!