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Saturday, November 28, 2020

Coinbase enables instant withdrawals in the EU and US

  • The US crypto exchange, Coinbase, recently announced that users can now make instant withdrawals.
  • This includes users from the US, EU, and the UK, but not Canadians and other supported countries.
  • Many have also complained that fees are too high, especially since they are different for EU and US users.

The leading US crypto exchange, Coinbase, recently published a new blog post that revealed the exchange’s new feature. The feature includes instant withdrawals from the company’s platform, and it is available in almost 40 different countries, including the US, UK, and numerous European countries.

Coinbase’s instant withdrawals come at a price

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According to Coinbase’s announcement, users can now instantly withdraw cash from their Coinbase account via their Mastercard or Visa debit cards. They will no longer have to wait for several days in order for the funds to arrive.

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While this would typically be considered great news for crypto traders, many have felt that transaction fees are too high. In the US, the minimum transaction fee for small transfers is $0.55, while bigger ones include 1.5% of the total amount.

Across the ocean, the minimum transaction fee is even higher, sitting at  €0.52 (£0.45 for the UK), or 2% of the amount for larger transfers.

Not all users are equal in the eyes of Coinbase

Users have also noted that other exchanges are offering the same service for a much lower amount, and many have also found it unfair that users from the US and users from Europe have to pay different fees.

Meanwhile, users from Canada have complained that they are not included in the deal, and that they still have to rely on PayPal.

Despite the complaints, Coinbase has yet to address the high fees, and so far, there have been no hints that the exchange might lower them in foreseeable future. With that in mind, it is possible that users will simply continue using bank transfers for a fee of €0.15, which will take longer, but it will allow them to save up a considerable amount over numerous transactions.

Of course, this only includes users whose banks support SEPA transfers.

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