An exchange on the scale of Coinbase should charge minimal fees. Unfortunately, that is far from the case, and it seems to grow worse.
Especially where the staking of assets is concerned, things do not look too promising.
Don’t use Coinbase to Stake Assets
Recently, Coinbase confirmed how its users will be able to stake Tezos online.
To do so, they will use CB as an actual validated baker.
Rather than keeping the fees to an absolute minimum, Coinbase will charge a fee of 25%.
That is a ludicrous amount, for all intents and purposes.
It is in line with the company’s habit of charging high commissions for virtually everything one can do on the platform.
Why this fee structure is so high, remains a bit unclear.
Tezos staking commissions across exchanges all seem to hover above the 15% mark, which is completely unacceptable.
This is another reason why no one should keep their funds in a centralized exchange.
Staking XTZ can be done through other means as well, and for a much lower fee to boot.
Using a staking pool, for example, can yield higher rewards compared to using Coinbase.
All cryptocurrency users need to do their own research regarding coin staking.
Paying ludicrous fees for a “benefit” is not what this industry is all about.
The post No one Should Stake Tezos on Coinbase and pay a 25% Fee for Doing so appeared first on NullTX.