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Goodbye, Coinbase, Goodbye!

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Trincowski
@trincowski
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At the beginning of 2019, I was already getting a bit disappointed with Coinbase.

Lately they have been experience many problems, with people complaining about frozen accounts with no explanation, extensive delays in transactions, servers down, scheduled maintenances at times when trading volatility is too high (usually the best times for selling or buying) and some other issues.

Last Summer, when they added transactions fees, they annoyed most of their customers, since that was the biggest reason most of us had stuck with Coinbase for so long.

But the last straw for me was when, shortly after, they increased those taxes to 0.5%, which means Coinbase went from being the cheapest way to trade crypto to the most expensive one. ๐Ÿ™„

Image Source: Liberty Hangout

I don't know why they are driving all the little guys away... but today, my last piece of Crypto left their system. For the first time since I opened my account in July or August of 2017, my account looks like this:

That's right. My balances are empty. No, I wasn't hacked nor stolen. I took everything out myself. ๐Ÿ˜†

Just look at Coinbase fee system now:

This is way too high, so I checked the main competitors. First I checked, BitStamp... and I realised they charge exactly the same. Oh, well, I won't be using BitStamp, too.

But Kraken still has lower fees. So this will become my Exchange from now on:

I don't understand why 2 of the 3 leading Exchanges for European customers have decided to raise the taxes so much. This means a little guy like me can only make a profit on BTC if it moves over than 100โ‚ฌ. Otherwise, the fees will eat up all of my profits. ๐Ÿค”

Greedy businesses won't ever succeed. If Kraken follows their lead, I have no doubt that a new Exchange will appear and take their spot. But for now, I'll stick to Kraken... it still has taxes, but at least they are not absurd.

Posted via Steemleo