Coinbase One - Zero trade fees?

[DaveF]

I posted it somewhere here, too lazy to search for it, but I really think Coinbase is looking to get out of the retail market.
They seem to be going after larger players and doing the back end for other places / brokerages.
Less support / less issues for the most part.

May not be the worst strategy for them. They have ALWAYS had crap customer service for the little people so just instead of getting rid of them, they either make their life so miserable they leave on their own or bill them out the ass so they are a profit center.

I have seen this in other parts of the financial world so it's not unprecedented.

-Dave

[eddie13]

I recovered an account with them once that I lost the 2FA for, had no balance, it wasn’t too hard to do..


You may be right, but I also believe that they are after the dumb money getting into crypto and charge them handsomely..
Pretty obvious with the shitcoins they list and with their stupid earnings paying a couple dollars to read about shitcoins that they shill..

I wouldn’t put my name on that shit if I was them..

[PrimeNumber7]

AND it’s only good to “Trade up to $10k monthly with zero trade fees”..
$10k volume per month is like nothing if your actually trading..


So basically this is pretty much a trash offer bordering on a scam..

This is likely only a good deal if for whatever reason you cannot use Coinbase Pro, and regularly pay more than the monthly cost in fees. I suspect that on net, this hypothetical customer will receive a net benefit. However with that being said, I think it is unusual for someone to be paying that much in fees because of the large spread, and the near zero fees on CB pro. Someone "trading" 10k/month on coinbase proper is already paying an arm and a leg via the spread.

I posted it somewhere here, too lazy to search for it, but I really think Coinbase is looking to get out of the retail market.
They seem to be going after larger players and doing the back end for other places / brokerages.
Less support / less issues for the most part.

May not be the worst strategy for them. They have ALWAYS had crap customer service for the little people so just instead of getting rid of them, they either make their life so miserable they leave on their own or bill them out the ass so they are a profit center.

I have seen this in other parts of the financial world so it's not unprecedented.

-Dave

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

[DaveF]

I recovered an account with them once that I lost the 2FA for, had no balance, it wasn’t too hard to do..
...

I never had any issues with their customer service either, but there seem to be a lot of people that do.
Don't know if the long term users get treated better or we have just been in BTC for so long we understand it better and don't need the hand holding that new people do.

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

I see it more along with keep it running but shrink retail customers and then sell them off to someone else. Yesterday you were a Coinase customer tomorrow you are a Gemini customer.
Kind of like what HSBC did. Make everyone miserable with fees till a lot leave, then sell off the rest to Citizens bank.

Or there could be something we all are missing. Are there a lot of people that DO fall into that trading amount and it's going to work out well for them. I don't see it, but as mentioned many times here, people on this board are not your standard BTC user / customer.

-Dave

[eddie13]

The amount of people IRL I have told about how to use CB Pro to drastically reduce their trade fees and spread fees about boggles my mind..
I can’t think of one person that knew..
Many also use robinhood and I tried explain to them better ways also..

The only times I have really ever ran across anyone else supposedly quite experienced in crypto I found out through others saying “Oh Xxx guy had blah blah blah coins and really knows what he is talking about etc etc” and then those experienced bragging people kindof wouldn’t want to talk to me about crypto at all..

I never brag about having a lot of crypto and just say I have a bit and have been around a long time and seen quite a lot including so many coins pump dump come and go never to be heard of again..

The only thing I ever really show anyone happens to be some of my CB TX history..
Just scroll all the way to the bottom and show them the old dates..
The good old days when CB was Bitcoin only..

Coinbase should have stayed Bitcoin only and I would have much more respect for them..

[mk4]

The amount of people IRL I have told about how to use CB Pro to drastically reduce their trade fees and spread fees about boggles my mind..
I can’t think of one person that knew..

This just shows how important UI/UX is. If we're talking about the non-technical masses, they almost literally need their hand to be held to be able to navigate platforms correctly/efficiently.

^The same exact reason why people prefer holding funds on Binance/Coinbase rather than Electrum/BlueWallet/HWWs.

[PrimeNumber7]

The only way I see this happening is if CB were to sell their servicing division for their retail accounts. Perhaps they would strike a deal such that they would provide back office support for whoever buys their servicing division. It is also difficult to manage credit risk, and I am sure that CB has invested a lot into their credit risk management, and risk management regarding processing withdrawals.

I see it more along with keep it running but shrink retail customers and then sell them off to someone else. Yesterday you were a Coinase customer tomorrow you are a Gemini customer.
Kind of like what HSBC did. Make everyone miserable with fees till a lot leave, then sell off the rest to Citizens bank.

Or there could be something we all are missing. Are there a lot of people that DO fall into that trading amount and it's going to work out well for them. I don't see it, but as mentioned many times here, people on this board are not your standard BTC user / customer.

-Dave

CB will undoubtidly try to milk their retail customers for as much as they can. I think that crypto customers are going to be more time intensive than the average retail brokerage customer is. This means that CB's existing infrastructure is better suited to handle their customer base than eTrade, and that eTrade would have difficulty integrating CB's business into their own.