Coinbase One platform with no transaction fees offers free crypto trading, US$1 million in exchange account protection
Adding to the numerous other costs of crypto trading, crypto exchanges like Coinbase set their own transaction fees which in its case can reach up to a half percentage point of the amounts traded in each buy or sell transaction. America's most popular crypto exchange will soon be offering a new Coinbase One subscription tier for frequent traders that eschews the transaction fees to the general public. Besides serving a basically free crypto trading experience there, Coinbase One will also provide up to US$1 million in account insurance, as well as 24/7 phone support to subscribers.
Coinbase keeps mum on the monthly pricing of its new fee-free subscription tier, but the move comes hot on the heels of its revenue diversification efforts announced at the last quarterly results press conference discussion. Currently, the lion's share of the Coinbase revenue comes from transaction fees, but the crypto exchange CFO mentioned at the previous earnings call they are "taking steps to diversify this revenue and also grow our non-transaction revenue streams."
To sign up for Coinbase One, a "limited audience" will be notified they have gained access to the beta and their account will then be "charged a recurring monthly payment." Their billing date will appear in the Subscription Management menu of the Settings section in the account profile from where the service can be cancelled or renewed at will as well. Previous exchange transaction fees won't be reimbursed when you subscribe to Coinbase One, and the crypto exchange doesn't allow subscription sharing, too.