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RE: Likely Additions to Coinbase in 2018 (Ripple, Monero, and DASH)
They can add as many coins as they like to their exchange, however if they don't do something to cut back on their fees they will slowly start to lose their customer base to competitors like robinhood and the likes who will slowly expand their networks and take coinbases market share. In addition to that once segwit wallets and the lightning network becomes the norm as opposed to the old legacy wallets we should hopefully see a very dramatic decrease in fees associated will all transactions, and i look forward to this day and then lets see the crypto space explode.
What Fees? Using an ACH bank transfer (USA) or bank wire(UK) is free, buying coins is free when following this guide and transferring only costs the normal fee for that coin when done from GDAX.
Maybe people should look at the fee page on coinbase and save themselves some money.
@cryptoissweet I agree with you in principal, and yes I am aware of those ways around the fees, but that may be in an ideal world but unfortunately for me at least i don't live in one.
As far as bank transfers are concerned, if someone wants to buy any currency why should they have to wait until the funds are deposited from their bank accounts, which in some cases could take 48 hrs or more.
reddit is full of fun stories of people setting up the SEPA transfer from UK bank accounts with the £1 transfer only to be charged for the privilege £10 from the respective bank, and even then in the small print despite it saying N/A for fees in the big print on coinbase it does say
Agree
Have you used Gemini? https://gemini.com/ Don't know how it is for UK users, but for US it's free to deposit into the exchange. Gemini only lets you buy up to $500 USD per day and only supports ETH and BTC...but you avoid the bank fees You only pay a small trading fee when you swap USD/ETH/BTC but no cost to withdraw from the exchange.
Also keep your eyes peeled for the MTL wallet this spring. Not sure if it'll charge fees but it will let you convert fiat into MTL tokens...at least it gets you on the blockchain (with no fees, if I understand correctly) https://www.metalpay.com/
Seems like coinbase persist in this now they are saying banks are going to charge cash advanced fees against card purchases!!! I just got this email from them
For my first choice of wallets now Green address which is segwit compatible.. if more people start adopting it and using the much faster lightning network then this should bring down transaction fees dramatically.
As i mentioned before @vdux I slip through the gaps I have been an expat for the last 16 years and it’s difficult for me to comply with some of the KYC requirements ( i still have the old paper driving license) so cant submit it and they dont accept my ID documents from my country of reaidence. So im stuck in the middle. But for others I am sure for others it would be beneficial what you’re suggesting.
Sorry :-(
Its fine, I can tolerate coinbase for the moment, but fortunately i have been able to develop some mining capacity that funds some of the things I want to do outside of btc so i don't have to deal with it too much.
Agree