Coinbase is removing trading fees on its Advanced Trade product for all UK customers for one month.
The promotion is a limited-time offer that commenced on September 8 and lasts until October 7. Typically Advanced Trade fees are capped at less than or equal to 0.4% for maker trading orders and less than or equal to 0.6% for taker trading orders. However, maker and taker fees for UK customers will be reduced to zero for the duration of the promotional period.
"The reason we are running this campaign is because we have made a number of improvements to the advanced trading experience over the past year, and we want UK traders to experience those updates for themselves and share their feedback with us," Coinbase Senior Director of Product Management Scott Shapiro told The Block.
UK customers given access to USD markets
Shapiro added that traders outside the U.S. had been requesting the ability to trade in Coinbase's highly liquid USD markets without having to engage in a multi-step process. Prior to the changes, customers outside the U.S. would need US dollars to access USD Markets, and as a result were unable to trade on the USD order books that Coinbase offers.
"Now, we've unified our USD and USDC -0.01% order books so you can trade on these liquid USD markets using USDC, so you can get the same price execution without holding USD to trade on USD markets. Plus, traders who hold USDC can earn up to 5% rewards," Shapiro added.
The zero-fee trading offer is available through Advanced Trade, which gives experienced traders enhanced tools like interactive charts powered by TradingView and advanced limit and stop orders. "We spent over a year building Advanced in the singular Coinbase app. And we’ve landed on a better, unified, and more powerful replacement compared to our legacy Coinbase Pro app, which we are in the process of sunsetting," Shapiro said.
In June 2022, Coinbase announced that it would be replacing Coinbase Pro with Advanced Trade. The decision was taken to offer experienced traders a comprehensive range of advanced crypto investment services on a single, unified platform. Coinbase Pro will be sunsetted in the coming months. The vast majority of customers have already been migrated to Advanced Trade.
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