Previously, the Coinbase wallet user, if he wanted to buy Bitcoin for Ethereum , first he needed to sell the broadcast for USD, and then buy Litecoin for the second transaction. In such an unstable market as cryptocurrencies, the loss of time spent on two transactions is critical, writes Cryplatelate .
“By focusing on ease of use, we tried to make cryptocurrency more accessible to all. The new feature allows customers to convert one cryptocurrency to another, ” – written in the blog Coinbase.
Currently, several coins are available for direct trading on Coinbase.
“Customers can convert Bitcoin (BTC) , Ethereum (ETH) , Ethereum Classic (ETC) , Litecoin (LTC) , 0x (ZRX), or Bitcoin Cash (BCH) to each other . Conversion is available on Coinbase.com and in applications for iOS and Android. The conversion takes place instantly and at a lower cost than with two separate transactions. ”
However, this does not mean that the commission actually became lower.
Coinbase typically charges a 0.50% commission on purchases and sales, or a fixed commission from $ 0.99 to $ 2.99 (whichever is greater). For converting digital currency (direct exchange), Coinbase charges a fee of 1.00%.
For transactions worth more than $ 600 it is more profitable to conduct two separate transactions. Consider this for an example of $ 1000.
The conversion of Litecoin for $ 1000 to Fiat with a commission of 0.50% implies a commission of $ 5. $ 995 is transferred to Ethereum with a commission of $ 4,975, we receive $ 990,025 on the air. The total commission is 0.9975%.
Litecoin at $ 1000, convertible directly into Ethereum for 1%, implies a commission of $ 10, the net value of the ether is $ 990. The difference is $ 0.025 or two and a half cents.
This difference may seem small, but if the client is operating on large volumes on Coinbase, in the end, the difference can be tangible.
Converting crypto-crypto to Coinbase will be available in 34 countries, due to which different feedback will be collected to improve service settings.
A new feature has continued a number of improvements, for example, recently Coinbase retail customers were able to withdraw funds through PayPal with zero commission.
Coinbase Pro adds new GNT, DAI, MKR and ZIL tokens
For users of the “expert” oriented trading platform Coinbase Pro from the USA (except New York State), the UK, EU countries, Canada, Singapore and Australia, from today, the possibility of conducting operations with tokens Golem (GNT) and Dai (DAI), and for residents of all countries mentioned, except the USA, also with Maker (MKR) and Zilliqa (ZIL) tokens.
Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot be filled. For a minimum of 12 hours. https://t.co/Ov3BtA1BWE
– Coinbase Pro (@CoinbasePro) December 18, 2018
The company notes that GNT was created on the basis of Ethereum, and the rest of the tokens – according to the standard Ethereum ERC-20 , which demonstrates the consistent expansion of the cryptobirds listing tokens of this type.
“We understand that there are popular assets that we have not yet added to the platform. Our decision to add support of tokens of the ERC-20 standard in the first place is connected with the relative simplicity of their integration into the existing infrastructure, in particular, from the point of view of security. Nevertheless … we are considering the possibility of adding many new assets in addition to the ERC-20 standard tokens, gradually expanding jurisdiction, ”the company said.
Recall that in early December , four ERC-20 standard tokens were added to the Coinbase Pro listing: Civic (CVC) , district0x (DNT), Loom Network (LOOM) and Decentraland (MANA).
Share your opinion on this issue in the comments below.
