Coinbase is one of the world's biggest crypto exchanges, but it's also notorious for its high fees. However, there's a new subscription service called Coinbase One that lets you trade for free and get extra benefits for $30/month. Keep reading to learn everything you need to know, including if it's worth it and how much you have to trade to make up for the cost.
What Is Coinbase One?
Coinbase One is a paid subscription program priced at $30/month that allows traders to enjoy trading with $0 fees and benefits such as phone support, pre-filled tax forms, and $1M in account insurance.
The service is priced at $30/month and eligible users can get a free trial for a month. Coinbase One was launched by Coinbase in 2022 and is still in beta - currently limited to US-based users.
Coinbase’s strategy is to diversify from earning solely via transaction fees. A subscription-based model allows them to experiment with non-transactional revenue streams and expand their service offerings.
Where Is Coinbase One Available?
Coinbase One is only available for US-based users who actively trade on the platform. There is a 30 day free-trial and eligible users are notified via email when they sign up for Coinbase desktop or the Coinbase App. The service is still in beta and international support for the service is not yet available, but will likely be unveiled in the future for all Coinbase-supported countries.
Key Features & Benefits
How Does The $1M Insurance Work?
Each case will undergo a detailed review and the insurance does not cover everything. For example, if a user gives their password/2FA codes to a scammer on a phishing site, even without knowing they were dealing with a scammer, they may not be eligible for the reimbursement.
Coinbase claims it retains the right to cease offering this feature for future users. It is often difficult to determine who is at fault in scams and whether the customer is making a legitimate claim or they are in on the scam.
Insurance Eligibility Criteria
How Much Should You Trade to Make it Worthwhile?
If you use Coinbase Advanced Trade, which has a 0.60% taker fee, you have to trade at least $5,000/month to hit $30 in fees. If you use the standard Buy/Sell/Convert on Coinbase, the fees range from a flat $0.99-$2.99 or a 3.84% fee. You'll need to make 10-30 trades per month or make just one $800 trade to hit $30 in fees.
Coinbase has flat fees, percentage fees, and maker/taker fees making it very confusing - and it's different for Coinbase, Coinbase Advanced Trade, and Coinbase Pro. Here is a deeper look at the fees:
Standard Coinbase Trading Fees
These fees apply when you use the standard Buy/Sell/Convert trading on Coinbase:
Coinbase Advanced Trading Fees
Coinbase users can also use the Advanced Trade which has similar fees to Coinbase Pro that start at 0.60%. At a 0.60% fee, a $5,000 transaction deducts $30 which is identical to the subscription cost. If you trade at least $5,000 per month, you will benefit from a Coinbase One subscription.
What Does Reddit Say About Coinbase One?
We headed to Reddit to see what users were saying about the newly-unveiled Coinbase One features and their experience with the service. Here are what some users commented:
The responses were generally positive and concluded that Coinbase One is akin to Robinhood Gold for the crypto industry; and that traders who do decent-sized trading volume and need better support will benefit from the service.
Is Coinbase One Worth It?
Coinbase One is worth it if you're paying more than $30/month in trading fees. Anyone trading above $5,000/month with Advanced Trade or has above 10-30 standard trades per month will save money with Coinbase One. Fees aside, investors can also benefit from the $1 million insurance and 24/7 phone support.
On the downside, Coinbase has some of the highest fees in the industry. It's probably better to avoid paying $30/month all together and use a better, cheaper altcoin exchange like Binance.US, KuCoin, or others.
Is Coinbase One The Same As Coinbase Pro?
Coinbase One and Coinbase Pro are two different products. Coinbase One is a subscription membership inside the main Coinbase app. Coinbase Pro, on the other hand, has a separate website and mobile app for advanced trading only. Users who pay for Coinbase One do not get fee exceptions when trading on Coinbase Pro.
Who Can Get A Free Trial?
The free trial is only available for Coinbase users based in the US who fall under the eligibility criteria and have not participated in any free trials offered by Coinbase over the last 12 months.
How Much Does Is Cost?
Coinbase One costs $30/month after the 30-day trial period expires. Users have the option to pay on a monthly or annual basis. The monthly fee is subject to change and may increase or decrease in cost once the product is out of the beta testing stages.
How Do You Cancel Your Subscription?
- Login to Coinbase
- Head to the "Coinbase One" page
- Select "Manage Subscription”
- Press on "Cancel Subscription"
How Do You Pay For Coinbase One?
Users have the option between ACH Wire Transfers and a Debit Card. The card is required to access the 30-day free trial, after which a user is automatically charged unless they opt-out.
- ACH Bank Wire: An ACH wire transfer is only available in the United States and may incur a sending fee up to $3. ACH wire transfers are processed on the same day.
- Debit Card. A debit card transfer is subject to fees based on the issuer, but payments are processed instantly.
Is Coinbase One Customer Support Good?
Coinbase One customer support has received excellent reviews, with many traders saying they were able to get help from native English-speaking representatives over the phone. The company’s regular support system might be slow for most users, and if a user needs immediate attention, they will definitely benefit from the boost in customer service quality.