U.S. crypto exchange Coinbase is updating its fee structure to adapt to what the company describes as “changes in global crypto trading volumes and asset prices”. The platform is lowering the monthly trading volume prerequisite to qualify for the mid and upper ties of its fee schedule, increasing trading costs for some traders, but also cutting them for numerous large-volume users.
In reaction to the ongoing market downturn, starting today, Coinbase will impose the new fee schedule on the users of its Exchange, Pro, and Advanced Trade services, the platform said in a statement. By providing more preferential trading terms to large traders, the exchange could lure major institutional investors with deep pockets.
Based on the released data, the exchange’s taker and maker fees for traders with a volume of between $0 and $15m will not be modified.
For the mid-tier of the platform’s customers, which comprises traders with volumes of between $15m and $75m, a taker fee of 16 basis points (bps) and a maker fee of 6 bps will apply. This will represent a change from -2 bps to +1 bps for both fees.
Changes in the fee structure will also apply to the exchange’s top volume users who report trading volumes of more than $400m. For such users, a 5 bps taker fee will apply, a change from 0 bps to -3bps. The maker fee will remain at 0bps. Coinbase will keep the maker fee for these customers at the level of 0 bps.
“The calculation for volume tiers will continue to be based on trailing 30 day volume,” according to the exchange.