News Gemini Raises Trading Fees for no Apparent Reason

Gemini Raises Trading Fees for no Apparent Reason

-

- Advertisment -

It appears more controversy is on the horizon in the cryptocurrency sphere. Gemini, a popular institutional exchange, has decided to raise its trading fees. That is not to the liking of most users, for rather obvious reasons.  The reasoning behind this decision is rather unclear, but it creates some bad blood.

Gemini is a prominent cryptocurrency trading platform. Albeit not designed to appease regular consumers, the company is still pretty appealing to bigger investors.  Even so, this trading platform has to revise its strategy sooner or later. As such, the platform now uses 1% trading fees for specific users. Anyone who trades a volume of less than 50 ETH per month will face this new structure.

A Strange Decision by Gemini

A lot of people are not happy with this decision. Higher trading fees are never a good way to attract more users. There is a fair amount of outrage across social media platforms regarding this change. Especially because there was no previous announcement of such an impending change.

Speculation runs wild in this regard. Some bad actors claim this is compensation for the falling Bitcoin price. Others think it is a sign of how Gemini isn’t generating enough revenue from trading fees to keep the ball rolling. Which story is true in the end, will always remain a mystery. These high fees offset the lower transaction fees Ethereum users are benefiting from at this time.

There is a positive side to this development as well. An increase in fees forces users to look for alternative solutions. As such, other companies may lower their costs accordingly, which is great news for all users. A very peculiar decision, but one that can strengthen the ecosystem as a whole. At least until decentralized exchanges take center stage.

Header image courtesy of Shutterstock

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Gemini Raises Trading Fees for no Apparent Reason

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Gemini Raises Trading Fees for no Apparent ReasonGemini Raises Trading Fees for no Apparent Reason

You might also likeRELATED
Recommended to you