In line with a recent official ‘web-blog‘ post published, leading U.S. based cryptocurrency exchange ‘Coinbase’ has revealed a new market structure for its pro trading platform named ‘Coinbase Pro’.
As per the announcement, the new amendments aims to extend liquidity, enhance worth discovery and guarantee smoother price movements. The changes embrace a new fee structure, reportedly designed to extend liquidity, ‘updated‘ order maximums, new order increment sizes, the turning off of stop market orders and listed market order protection points.
According to the post, Coinbase Prime along with Coinbase Pro – the firm’s institutional commerce platform-can cease their support for stop market orders. The announcement additionally explains that all stop orders should be submitted as limit orders, embracing a limit price.
While on the another hand, the market protection points that is introduced both to Coinbase Prime and Coinbase Pro users will amount to around 10 % for all market orders. The statement explains that market orders that move the value over by 10 % will be stopped from execution and return a partial fill.
Additionally, the post warns the exchange’s user base that the platform is offline on 22nd March from 6:00 p.m – 6:30 p.m. PDT.
The changes were met with some skepticism and negativity from the crypto-currency community on social media. Economic expert and trader ‘Alex Krüger’ complained on ‘Twitter‘ regarding “Coinbase Pro fees hike for smaller purchasers by around 33% whereas lowering fees for larger purchasers.” Similar user additionally commented that “in a rational world, most [Coinbase] users would now be moving to Binance.”
While in another ‘Twitter‘ thread, Krüger questioned Coinbase’s call to disable stop market orders, claiming that stop-limit orders generally fail to execute due to slippage, suggesting employing distant limits on limit orders as a workaround. Still, Krüger however ‘admitted‘ that those changes ought to increase liquidity and commerce activity.
Another trader on ‘Twitter‘ prompt that the new fee structure is targeting new users entering into the crypto-currency area, concluding further he added:
“Pretty random day to hike all the fees up, Coinbase anticipating a new battle of bull run perhaps?”
As ‘reported‘ earlier, Coinbase Pro revealed support for altcoin Stellar Lumens [XLM].