Goodbye, Coinbase, Goodbye!
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. 🙄
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. 😆
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 100€. Otherwise, the fees will eat up all of my profits. 🤔
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.
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binance is a way to get € to crypto and its based in malta but they dont do steem and combined with blocktrades i felt like it cost me an arm and a leg... does bitstamp and kraken do steem?
Sorry, Kraken doesn't have Steem. But Binance does:
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..ya,you’re right..every service and everybody should be paid fairly, no doubt...but I would like to pronounce ‚FAIRLY’!..and what I’m wondering too, is that all and everything is about ‚social, ‚communication‘, ‚community‘ (!!) and so on, but at the same time, you sometimes need to almost do your master to understand the whole concept while it’s about ‚fast easy fair‘, they saY..there’s hope..the market and hopefully we , in my case real small, users and members will react..and I’m sure, karma exists..you get what you give...btw, guess there are more exchanges..best wishes..
!invest_vote
..resteemed..enjoy..
Yeah, I don't mind paying a few taxes. They do have to make money, too. I know... but 0.5% is way too much for little fish like us.
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..yep, you’re right..thank you..
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..cheers..
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..thx a lot!..
@enjoykarma denkt du hast ein Vote durch @investinthefutur verdient! ----> Wer ist investinthefutur ?
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Wow. Yeah that's quite the hike in price.
Transaction fees are a pain but the man gotta get rich.
PayPal sucks and banned me and blamed me. I had to fight them to get to use it.
Shrug. Idiots...
Posted via neoxian.city | The City of Neoxian
Wow! I never heard of anyone being banned by PayPal. What was that about!?
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The entire system locked me out. And at the exact second I was ready to use it. Yep. Had to fight with PayPal to get myself unbanned and then things got sorted out and I was able to use it.
But have learned PayPal sucks. Wow. What a skim. For real.
Posted via neoxian.city | The City of Neoxian
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Interesting post, thanks for the info, sharing for others to learn more about this too. 👍
Thanks! I'm glad you liked it.
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Great Content, Great News,
Up-voted & Re-Steemed to our growing online readership.
Everything has its beginning and its end.
Amen
Everything has its beginning and its end.
Amen
https://steemleo.com/ - New client? Why is it interesting?
It's a Steem Site for posts related to Investment. 😉
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When you accept venture capital funding you eventually have to pay them somehow, sucker in as many users and suck them dry to pay back your investors.
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I got only as far as them having my email, since then I've never really fully registered to any exchange in fear of getting Goxed.
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Aahahha! I registered in all of them... and then I stuck with just a few. 🤪
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Woo, I didnt know abt coinbase, starting transaction fee and taxes 😲
I used it till a year back and now have left very little on them. Will scoop it off soon. Thanks for posting about them 😊
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Not only they added taxes, they added the most expensive taxes of the market!!! 😲
Well, I've abandoned it now. I'm going to Kraken instead!
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Hmm, I have just dowloaded coinbase wallet on my phone, not registering yet. Maybe I should not proceed further. Thanks☺️
Yeah, register at Kraken. It's the only big Exchange with fair prices now.
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