Strike launches BTC trading service, Coinbase thrown in the trash for high fees

Strike launched BTC trading services that allow users to buy the coin without any additional fees, while at the same time criticizing Coinbase for charging users high fees as we can see on the news.

To ensure financial freedom for everyone, the fintech company Strike has announced that customers can now buy BTC on the platform at no extra charge. Announcing the development today, Strike noted that it had introduced a “Bitcoin Tab” feature that would make buying bitcoins cheaper, easier and safer. With the new service, users who want to buy BTC on the platform will not incur any additional fees other than market spreads, a feature that most trading platforms like Coinbase cannot achieve.

The fintech company added that Bitcoin’s tab service will lay the groundwork for more services in the future as it also prepares to help users increase their inventories while being paid and rewarded with tokens. BTC among others. There are also plans to introduce a new option for a “Bitcoin payment service” that will allow users to convert wages to BTC with no additional fees. Strike has introduced a BTC trading service by applying the Bitcoin Lightning Network and reducing BTC transaction costs on the platform. The company advises that it will not be charging any additional fees as users will have to pay 0.3% implementation costs and the company is working to reduce fees to less than 0.01% as volume increases.

While the service has not yet started, Strike has created a waiting list that will allow traders to access these features early. Coinbase is the largest and most trusted exchange in the US and continues to grow despite being the most expensive exchange. In the first quarter of 2021, a total of $ 771 million of Coinbase’s $ 1.8 billion in revenue was surpassed by massive BTC fees imposed by users of the exchange, Strike announced. The statement also suggests that 84% of Coinbase’s total revenue in the first quarter of this year was due to the high transaction fees paid by users.

Coinbase has received a lot of criticism for these fees and sometimes pays users up to 3% of the transaction amount. Coinbase CFO Alesia Haas says the exchange isn’t really interested in offering competitive fees.

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