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Coinbase One Review: Benefits, Features, and Value for Traders

Coinbase One is Coinbase’s premium subscription service, offering access to a lot of features for $30 per month. Active cryptocurrency traders stay powered by Zero Trading Fees on Simple Trades, Higher Staking Rewards on Supported Cryptocurrencies, and 24/7 Priority Customer support. Subscribers get up to $1 million in account protection in cases of breaches or losses.

But the service isn’t free of advanced trading charges, nor does it wipe out spread fees — all integrated in the platform’s underlying pricing model. The spread fees referred to here are the difference between what you paid for buying, and selling, cryptocurrencies, so you pay indirect costs when trading. Users that make only Simple Trades can save a lot with this subscription, especially if they are very frequent traders.

Zero Trading Fees

One of the main reasons to like Coinbase One is that Simple Trades carry no trading fees. Depending on the transaction amount and method of payment, Coinbase charges a normal trading fee. These fees, while minimal at first, can add up for a high frequency trader, which may be why many subscribe to Quid for free. However, this is only available on the Coinbase Pro interface, not on the Advanced Trade interface, and users should note that Simple Trades only include this benefit, and advanced trades on Coinbase Pro or the Advanced Trade interface exclude this benefit.

Enhanced Staking Rewards

Subscribers pay more for staking on some cryptocurrencies compared to non subscribers. Users earn passive income by staking various types of cryptocurrencies in support of the proof of stake (PoS) mechanism. More generally, Coinbase One is enticing for long term holders, who will receive more rewarding staking by way of boosted staking rewards.

Priority Customer Support on 24/7 basis

Customer support has been a major weakness in the cryptocurrency platforms space, but Coinbase provides 24/7 priority support for Coinbase One subscribers. Issues between transaction delays and account access problems can be resolved by the users with the support representatives at any time of the day. However, for traders who have lots of funds or time sensitive transactions, being able to receive support within a period of time can be extremely valuable. It’s very useful for people who struggled with delays in response from other exchanges.

Protect up to $1 Million on your account

Coinbase One helps Coinbase maintain that highest level of security and in turn increases user confidence with up to $1 million account protection for eligible accounts. This insurance self covers some loss due to unauthorized access providing users another layer of security. Coinbase, of course, is already widely known for its strong security features (two factor authentication, or 2FA, for starters, and cold storage for almost all assets), so the addition of account protection for users who fear that they may have been breached is a reassuring extra.

For Whom Should Coinbase One Benefit the Most?

Coinbase One is designed first and foremost for the frequent trader who dabbles in multiple transactions each month. The subscription can allow users with high trading volumes to get huge savings as they will no longer be paying trading fees on Simple Trades. For instance, if one trades $10,000 per month and one has a 1.5 percent fee, then one beats the $30 subscription cost by a factor of 5. But users that are after priority support from the customer service team as well as better staking rewards may also like its service.

Of course, Coinbase One may not be ideal for the casual trader or even the one who does less then a few transactions monthly. The $30 monthly fee may be more than these users are getting for. That said, traders using the more advanced trading features might not benefit for as much as they don’t count for the waived fee for these trades either.

How to Subscribe and Cancel

Signing up for Coinbase One is easy. From there, users can choose their subscription and activate the service through their Coinbase account in the subscriptions section by selecting Coinbase One. Subscribers pay monthly, and can cancel anytime without penalty. Finally, it’s important to mention that the user maintaining the subscription will still have the subscription active until the end of the billling cycle, even if they cancel in the middle of the month.

From time to time, Coinbase will even offer the opportunity to get a free trial run on Coinbase One service if you’re not sure if that’s the move for you. It provides an opportunity for potential subscribers to check out the features and decide whether the value-comminity meets the trading behaviour of the subscriber.

Coinbase One Vs Competitors

When comparing Coinbase One with other offerings from competing platforms, it is important to look at it that way. Binance, for example, has one of the lowest fee structures of all the major players, without requiring a subscription. Despite this, Binance doesn’t provide Coinbase One’s enhanced staking rewards and good customer support. In the meantime, Kraken and Gemini have competitive features, but don’t offer a subscription service like Coinbase One.

Is Coinbase One Worth It?

Coinbase One’s value is based on the cryptocurrency trader’s specific needs and his or her trading habits. If you’re high frequency trader or hold large shares with staking tokens, you’ll find the subscription the savings and benefits to be substantial. At $30 a month, and even if Simple Trades have zero trading fees and boosted staking rewards are on offer, that might be worth it alone. This is also complemented with the 24/7 priority support and account protection features that will come in handy to users who prioritize quality security and dedicated customer support.

The service, however, is probably less useful for casual traders or users who only attempt sophisticated trading. Here they might find that the monthly subscription fee of cryptocurrency puts it way outside of their reach and would be able to better support them on the standard Coinbase platform or on other exchanges.

Conclusion

A good and all in one subscription service for frequent traders and cryptocurrency investors focused on exclusive advantages. This plan could potentially attract the right user base with 24/7 priority support, $1 million in account protection and zero trading fees on Simple Trades, higher staking rewards. But that’s not a complete solution: it doesn’t exclude advanced trading fees or the existence of spread fees. The question of whether Coinbase One is worth the price depends on how high you trade volume is, what you prefer, and whether or not you need premium support. The subscription offers a viable method for optimizing the cryptocurrency trading experience for those that fit the target audience.

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Disclaimer: The content provided reflects the authors personal opinions and is influenced by current market conditions. Conduct thorough research before making any cryptocurrency investments. The author and the publication are not liable for any financial losses you may incur.