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As one of the leading cryptocurrency platforms, Coinbase has introduced a premium subscription service called Coinbase One, offering its members exclusive benefits. But what is Coinbase One, and is it worth the $30 per month?
In this Coinbase One review, we delve into the features, costs, and benefits of Coinbase One, helping you decide if it’s the right choice for you.
Coinbase One Review
What is Coinbase One?
Coinbase One is a premium subscription service from Coinbase, a globally recognized cryptocurrency exchange platform. For a monthly fee of $30, subscribers gain access to an array of exclusive benefits that enhance their cryptocurrency trading experience.
One of the standout features of Coinbase One is the elimination of trading fees. Subscribers can buy, sell, and convert cryptocurrencies on the platform without the usual transaction fees, a feature that can lead to substantial savings for active traders.
In addition to financial benefits, Coinbase One also strongly emphasises support and security. Subscribers have access to round-the-clock phone support, ensuring they can receive assistance whenever needed. Furthermore, Coinbase One provides an added layer of security by offering account insurance up to $1 million, providing a safety net in the event of a security breach.
What Does Coinbase One Offer?
Coinbase One is a comprehensive subscription service offered by Coinbase, aimed at providing a superior and more efficient trading experience for its paid members. Here’s an enhanced description of its key features and benefits:
- Zero Trading Fees: Coinbase One eliminates all transaction fees associated with buying, selling, and converting cryptocurrencies. This feature could save active traders a substantial amount of money each month. However, it’s important to note that spread fees, which differ between the buy and sell price, still apply as per Coinbase’s policies.
- Enhanced Staking Rewards: For those residing in regions where staking is supported, Coinbase One offers an additional advantage. The commission fees associated with staking are reduced by approximately 10%, allowing members to earn more from their staked assets.
- 24/7 Phone Support: Coinbase One members have exclusive access to a dedicated phone line, providing round-the-clock assistance for all account-related issues. This is a significant upgrade from the standard support offered to regular Coinbase users, who typically have to submit an email ticket and wait for a response.
- Account Insurance (Up To $1 Million): Coinbase One provides insurance coverage of up to $1 million for the portfolio value of its members. If a user’s account is compromised and funds are lost without their knowledge, they may be eligible for reimbursement up to the insured amount.
- Automated Tax Forms: For US clients, Coinbase One simplifies the often complex process of reporting capital gains taxes to the IRS. The service automatically fills Form 8949, which details all Coinbase trade activity, thereby saving members the hassle of manually gathering and recording this information.
In addition to these features, Coinbase One also offers exclusive prizes and limited-time partner deals, adding more value to the subscription. However, it’s worth noting that the availability of Coinbase One and some of its benefits are region-specific.
Is Coinbase One Worth the Money?
Determining the cost-effectiveness of Coinbase One depends on your trading volume and the type of trading you engage in on Coinbase. Coinbase has a complex fee structure that includes flat fees, percentage fees, and maker/taker fees, which vary depending on whether you use standard Coinbase trading or Coinbase Advanced Trade.
For standard Coinbase trading:
| Transaction Amount | Fee | Number of Trades to Break Even |
|---|---|---|
| $10 or less | $0.99 | 30 |
| $10 – $26 | $1.49 | 20 |
| $27 – $54 | $1.99 | 15 |
| $54 – $78 | $2.99 | 10 |
| $79 – $7,500 | 3.84% | Trade more than $800 |
For Coinbase Advanced trading:
If you’re trading at least $5,000 per month, a single transaction will result in a $30 fee, equivalent to the cost of a Coinbase One subscription. Therefore, if your monthly trading volume on Coinbase Advanced is $5,000 or more, a Coinbase One subscription would be cost-effective.
How to Join Coinbase One?
- To subscribe to Coinbase One, start by accessing your account settings.
- Click on your avatar located at the top right corner of the screen.
- Choose the Settings option.
- Proceed to the Coinbase One section by selecting Coinbase One from your account settings. During the sign-up process, you’ll be prompted to enter your payment details for the monthly subscription.
If you possess a promo code, simply input it when choosing your payment method to apply it to your subscription.
Verdict: Is Coinbase One Worth It?
The value of a Coinbase One subscription largely depends on an individual’s trading habits and volume. For active traders who frequently buy, sell, or convert cryptocurrencies on Coinbase, the zero trading fees offered by Coinbase One can lead to significant savings, potentially exceeding the $30 monthly subscription cost.
However, for those who trade less frequently or deal with smaller transaction volumes, the monthly subscription cost may not be offset by the savings on trading fees. Similarly, the benefits of 24/7 phone support and pre-filled tax forms may not be as impactful for users who trade less frequently or have simpler tax situations.
Furthermore, it’s important to note that the availability of Coinbase One and some of its benefits are region-specific, which may limit its value for some users.
Coinbase One can be a worthwhile investment for active traders and those who value the additional support and security features. However, potential subscribers should carefully consider their trading habits and needs before deciding whether the service is cost-effective.
FAQs
How much does Coinbase One Cost?
Coinbase One is priced at $30 per month. This fee provides access to all the premium features and benefits of the service.
How do I pay for Coinbase One?
The payment for Coinbase One is typically made through your linked payment method on your Coinbase account. This could be a linked bank account, debit card, or funds in your Coinbase USD wallet.
Is Coinbase One available in the UK?
Yes, Coinbase One is available to users in the United Kingdom.
What’s the difference between Coinbase and Coinbase One?
Coinbase is a cryptocurrency exchange platform where users can buy, sell, and manage their cryptocurrency portfolio. Coinbase One, on the other hand, is a premium subscription service offered by Coinbase. For a monthly fee, Coinbase One subscribers get access to exclusive features like zero trading fees, 24/7 phone support, pre-filled tax forms, and $1 million in account insurance.
How do you cancel Coinbase One?
You can cancel your Coinbase One subscription anytime through your account settings on the Coinbase platform.
– Log into your Coinbase account.
– Click on your profile icon and choose the Settings option.
– Navigate to the Coinbase One section.
– Click on Manage Subscription, followed by Cancel Subscription.
– Finalize your cancellation by confirming your decision.
After cancellation, you’ll still have access to the benefits until the end of your billing cycle.
Where is Coinbase One available?
Coinbase One is accessible to users in select regions, including the United States, United Kingdom, Germany, and Ireland. While currently limited to these regions, there is a strong possibility that Coinbase will expand the availability of Coinbase One to encompass all the 100+ countries where Coinbase services are supported. This expansion would make the premium features of Coinbase One accessible to a broader global user base.
