Coinbase has unveiled its new premium service allowing, among other things, to trade cryptocurrencies for free on its platform: Coinbase One. Here is an overview of this new service
Coinbase One: the new premium service of the platform
After an enigmatic countdown, Coinbase has unveiled a new product: Coinbase One. Coinbase One is a premium service, offering free trading among other things:
– Coinbase ️ (@coinbase) May 18, 2023
The subscription price is $29.99 per month, and the platform offers a 30-day trial period.
However, there is a slight subtlety to these low fees, which is mentioned in the terms and conditions of use:
“A limit of one month’s subscription is not included in the price.
“A limit to the total amount of fees eligible for exemption may apply, please check details in the “Subscription Management” section of your account settings for the latest information on fees and limits. “
After checking, we were able to find a limit of $10,000 in volumes. While such an amount is sufficient for many retail investors buying cryptocurrencies on a one-off basis, such a volume is quickly reached when it comes to actual trading:
Figure 1 – Trading fee limit on Coinbase One
Other benefits of the service
In addition to trading fees, a Coinbase One subscription also entitles you to a 90-day trial of Messari Pro, which gives you access to advanced market analysis, for example.
In addition, the service offers better compound returns on 4 different assets, namely ATOM, XTZ, ADA and SOL:
Figure 2 – Improved compound returns with Coinbase Pro
It should be noted, however, that these benefits remain limited for the time being, given the price of the subscription. For example, an individual receiving interest on $1,000 of ATOM would see an additional benefit of just $8.2 per year. By comparison, staking directly on-chain on ATOM specifically can yield 20% a year.
Nevertheless, US investors will benefit from a pre-filled form when it comes to declaring their taxes.
Other offerings are also due to be rolled out shortly with various partners, and dedicated customer support is also included.
While centralised platforms may find it worthwhile to offer premium services, users need to see a clear benefit in terms of the price they will be required to pay. As far as Coinbase One is concerned, we’ll have to wait and see if the company’s next quarterly results show that the offering is catching on.
