Mega Exchange has launched a Coinbase Visa card enabling British users to pay for goods with cryptocurrency.
At present, the card, linked with the Coinbase Card app for iOS and Android, is only available to UK account holders, although there are plans to add support for other European countries in the future. The card will allow worldwide purchases where crypto payments are available online or in store.
The firm has clearly gone to great lengths to satisfy its UK user base. Last year, Coinbase listened to its UK users and made changes to its platform making it easier for UK users to deposit and withdraw British pounds. Prior to that, users were required to transfer their cryptocurrency into sterling, then pay into a euro account on the Coinbase platform and only then transfer the funds in euros to a UK account, incurring SEPA transfer fees and losing money on the exchange as the euros then got changed back into pounds sterling.
The Coinbase card is another mover designed to keep its UK based clients happy in a growing competitive market where major exchanges are pushing for new clientele. The card is authorized by Paysafe Financial Services Limited and by powered by customers’ Coinbase account crypto balances.
Self-proclaimed market analyst Alex Krüger recently attracted the attention of the crypto community after making a comparison between cryptocurrency exchanges and traditional stock markets when he pointed out that “Trading on Coinbase is 48x more expensive, while trading on Bitmex is 6x more expensive”.
He argued that brokers like Fidelity charge a flat rate of USD 4.95 flat per trade, putting the sum maker and taker fee at 0.02% for a USD 50,000 trade, and at 0.33% for a USD 2,900 trade, which can further be reduced should a trader consider brokers who charge per share rather than per trade.
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