Bitcoin Forum

So my friend mentioned that he uses a platform called Gdax to buy bitcoins. So, I went to their website and was looking into their fees. This is what I read and I'm making sure I am understanding this correctly.

Note: Taker trades are charged tier one fees at the time of trade but a rebate for the previous 24 hours of trading fees will be credited to your account each day at 12:00am UTC.

HOW ARE FEES PROCESSED?
A 0.25% taker fee for all BTC books and 0.30% taker fee for all ETH and LTC books is collected on each trade during the day. At the end of the day (UTC 00:00), a rebate is calculated and issued. The amount of the rebate issued is calculated on the percentage of total exchange volume, per product, that a trader has participated in over the past 30 days.

For example, If 100 BTC was traded on Coinbase’s BTC/USD order book in the last thirty days and you accounted for 1.1 bitcoin, you account for more than 1% of the total volume and receive a rebate of 0.01% that day and pay an effective taker fee of 0.24%.

The rebate is issued in the quote currency.


Does this mean in the end of the day the fees is 0 cause they issue a rebate? Additionally, how can I use the BTC I purchase on this platform to made trades for other alt-coins on coinbase? I am new to this so if I am misunderstanding this please clarify.

Thanks

Hey I can answer at least some of your post. If you bought on Coinbase, it'll be better if you use their other website GDAX like you're looking into, because you can make limit trades which have NO FEEs to utilize. To transfer your coins from Coinbase go to GDAX, log in, then click deposit on the left hand side and then you will see 'Coinbase Account'. From Coinbase account the transfer from Coinbase to GDAX and vise versa is 100% FREE so that's great. Transfer your BTC and then you can hover over the Top Left of the website where it says BTC/USD and you can exchange BTC/LTC, BTC/ETH, and of course BTC for fiat. GDAX is a way better alternative from Coinbase in my opinion because of the free limit trades. :)

It doesn't matter if they are giving you a rebate you must ask yourself why they are giving you a rebate. It isn't out the kindness of their heart it is because Coinbase and GDAX literally have the highest fees other than Bitcoin ATMs. That being known you should run like the wind and get to a better exchange that respects you and not looks at you like a piece of meat or paper or currency depending how you view it.

ladadadiweliketoparty what exchange do you use? Since you are a member I assume you have been doing this a while.

https://bitcointalk.org/index.php?topic=2667100.msg27203578#msg27203578

This exchange is much better

all you need to know that their taker trading fee is 0.25% or 0.3% (depending on pair).

You will NEVER see a rebate, so it doesn't matter for you.
But if you still would like to know:
It simply means, that if you trade a very big volume within 30 days, your fee will be lower. So eg instead of 0.25 you get 0.24 or even lower.
Most exchanges have a list which tells you "if you trade over 100 BTC in 30 days, the fee will reduce by x". But gdax say instead "if your 30 day trading volume is 5% of the total exchange volume, the fee will be reduced by x".  But since the total volume is that incredible high, you must trade hundreds or even thousands of BTC to lower your fee. And that is why you will never get rebate :D

Is there anybody here who received the fee rebate?

I should get the rebate since two months but never got anything...

I opened a ticket four weeks ago and still got no answer from coinbase support

Are you sure?  take again a look at the fee page and your current volume.
I really doubt that you have over 200 million USD/30days trades in one single pair ?!

And by definition, only a handful of people is able to get rebate, regardless of how many billion they are trading, cause it is based on total exchange volume.

I am sure, if you look at the fee page the values are shown and you can check how many percent you have. I trade in € pairs, which are a little lower than the $ pairs (still you need to trade millions).

You are right that only a few people can get the rebate. Every pair is limited by max 100 users because of their 100% based system.

GDAX (Global Digital Asset Exchange) is known as a low-cost digital forex trading platform, and it is significantly lower than Coinbase. For investors placing buy / sell orders in the oderbook will charge 0% and when customers buy / sell fast (ie buy / sell directly on the market) must pay from 0.25% and the number This will gradually decrease if the transaction volume in the month is larger. This is a large transaction platform, low fees, hope to bring many benefits when you choose GDAX to trade bitcoin.