Coinbase is testing no-fee trading subscription with priority support and theft insurance

Coinbase One, the free subscription for traders

Coinbase, one of the largest cryptocurrency exchange platforms in the world, has just opened the beta program for Coinbase One, a subscription dedicated to traders. The information has just appeared on the official exchange website.

Contacted by our colleagues at The Block on November 3, 2021, Coinbase confirmed the opening of the Coinbase One program to a limited handful of users in the United States. The platform is currently contacting the customers chosen to participate in the test by email.

The Coinbase One subscription offers three benefits. First, it allows traders “to buy, sell and convert digital currencies on the Coinbase platform at no cost for each transaction,” a Coinbase spokesperson said in a statement.

Second, the subscription includes “dedicated 24/7 phone support.” This priority support allows you to quickly get in touch with a member of Coinbase customer service in the event of a problem on the platform.

Finally, Coinbase One comes with an additional insurance policy designed to protect the account against “unauthorized access”. This security measure protects traders against hackers or phishing attacks.

“If the funds in your Coinbase account are stolen by someone you don’t know due to an account takeover, you may be eligible for a refund of up to $ 1 million in losses,” says the spokesperson for Coinbase.

To take advantage of these benefits, Coinbase subscribers will need to pay a monthly fee, to be paid through a bank account or the available balance on the exchange.

The benefits offered by Coinbase One are subject to change in the coming months based on “feedback we receive from our users,” the US company says. Some of the features announced may vary between now and the final rollout of the subscription.

👉 Also read: In the United States, Coinbase becomes the first application of the App Store and Google Play

The start of a new trend?

We imagine that Coinbase One could initiate a new trend for cryptocurrency exchanges. The benefits included in the subscription, such as the absence of trading fees or the insurance policy, should easily appeal to professional traders.

Note that it is not uncommon for platforms to be the target of hackers. At the start of the year, hackers managed to empty the accounts of 6,000 Coinbase users thanks to a phishing attack. In this context, professional traders who hold large sums of cryptoassets on the exchange could be reassured by the guarantee offered by Coinbase.

With this subscription for traders, Coinbase continues to diversify its activities and reach professionals. With this in mind, in 2015 the exchange launched Coinbase Pro, its trading-focused platform. And, along the same lines, Coinbase plans to offer cryptocurrency futures contracts, including leverage.

👉 On the same subject – Coinbase abandons its lending plans due to SEC reservations

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About the author: Florian Bayard

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