Coinbase Pro changes things
Announced in a recent blog post, the changes are intended to help increase liquidity, improve the smoothness of price movements, and ensure price disclosure.
According to a blog post, this new change in structure will include a new commission structure, which is reportedly designed to increase liquidity, updated order highs, new order increments, turn off market orders stop orders, and add market protection points.
In addition, Coinbase Pro and Coinbase Prime will no longer accept market orders. As a result, all stop orders will now be presented as limit orders and will include a limit price.
Also, the recently introduced market protection point for users of both Coinbase Prime and Coinbase Pro will be 10 percent for all market orders.
It was further explained that market orders that move the price by more than 10 percent would stop executing and return partial filling.
It is important to note that the blog post of the exchange gives a warning that the platforms will be disabled on March 22 from 18:00. until 6:30 pm for pacific summer time. During this period, the platform will not be available.
Changes accepted with negative
As expected, this change in policy was met with great skepticism and negativity from the crypto community on social networks.
For example, economist and trader Alex Kruger complained on Twitter about this.
He said that "Coinbase Pro increased the commission for small customers by 33%, while lowering the commission for large customers." Kruger continued that "in a rational world, most Coinbase users will now switch to Binance."
Kruger went further, questioning the stock exchange’s decision to shut off stop market orders, arguing that stop limits were sometimes not executed due to slippage, suggesting that long-range limits be used for limit orders.
On a more positive note, however, Kruger acknowledged that these changes will certainly lead to an increase in liquidity and trading activity.
