Coinbase recently announced a new feature allowing users to directly place coin-to-coin trades rather than going through an intermediary fiat step. The new feature will be called the ‘Convert’. The exchange claims the new feature is way cheaper than selling and buying a different digital asset, which is the process most investors go through.
Coinbase normally charges a 0.50 percent fee on purchases and sales, or a flat fee ranging between $0.99 to $2.99, whichever is greater. For digital currency conversions(a direct exchange) Coinbase charges a 1.00 percent fee.
The company mentioned in their blog that:
“By focusing on ease of use, and designing for simplicity, we’ve tried to make crypto more accessible to everyone. This latest feature that allows customers to convert from one crypto directly into another is a natural progression of this journey.”
The company listed the following coins available for direct trades:
“Customers can convert between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). Converting is available on Coinbase.com and in the iOS and Android apps. Conversions complete instantly and at a lower cost than if done via two separate transactions.”
Allen Osgood, Project manager at Coinbase said that:
“These withdrawals are not only fast; they’re free and incur no fees. Now, moving your cryptocurrency to cash is easier and more affordable than ever.”
Clearly, this integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.
Link to the original news article can be found here.