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RE: This is the start of the "Race to the Bottom"!
Most people with 20K in the market aren't using Coinbase. GDAX is also run by the makers of Coinbase and has much better capabilities, including bid/ask as well as better rates on trades.
I think Coinbase is great for newbie investors who want to throw less than 1000 dollars into the market and see what happens. I feel like most serious investors with a bigger stake are already trading on other exchanges.
More competition for services to appeal to newbie investors, and more people entering the market is definitely good for the crypto space, and I look forward to seeing what Robinhood brings to the table.
I actually know of quite a few people with more than $20k in crypto that are using coinbase... just off the top of my head.
And that $20k was just used an example. That same point applies whether it was in reference to $20k, $10k, or $1k.
I find that bizarre. Why would you knowingly lose $800 on transaction fees when there's an easily accessible (linked) platform available where you can avoid it? Is the convenience of Coinbase really worth that fee?
A guarantee on your stored USD, easy fiat transfer for US customers, a platform that is not completely dependent on Tether not imploding, there are many reasons people use Coinbase. It's not perfect, but at least you have less of a chance of getting Bitfinexed.
That doesn't really answer it. Coinbase and GDAX are both owned by Coinbase, so they offer more or less the same guarantees and same security.
GDAX is significantly cheaper in terms of fees and much better in terms of features. The only place where it loses to Coinbase is in user friendliness. Why would anyone with the slightest technical knowledge pay an extra 1.25%-3.75% in fees in order to use Coinbase over GDAX?
There's your answer right there!
Good info. I will look into this as I invest more so I can understand how profits can be made with more advanced platforms.