Currently in the process of deleting my coinbase account in preparation of 31/03 to begin using Nash as my main exchange. One thing CoinbasePro was good for was the speed and cost (£0) in depositing and withdrawing fiat. I know Nash is planning on initially eliminating the step of having to hold a fiat balance so customers can buy/sell instantly, but at what cost?
I wonder what the fees will be to instantly buy and sell crypto via fiat partners on the Nash exchange? I know of course this will vary by provider and region, but it would be good to speculate, even if just to encourage Nash to pressure partners to keep fees low, or eliminated all together.
If there is a significant cost (>0.5%), if and when Nash get their licenses to hold fiat, will there be a (near) free option to deposit/withdraw fiat from a balance. Similar to how it currently is on Coinbase Pro?
The part that really captures my attention is the 4% fee for the instant buy. I have personally used this and am quite disappointed to have had to pay this much. I don’t know the ins and outs of fees when it comes to dealing with fiat on ramp but if we could cut the 4% in half, it would be huge. Most people want things “now” and cheap. If you tell Coinbase users that they could do instant buys with half the fee involved, we would have a ton of people on-boarding just for that reason alone. And once they use Nash, they’ll never want to use anything else .
Some people like to keep USDT on exchanges in order to have the ability to buy crypto instantly, and so one might argue that they don’t care about the Instant Buy fees involved in fiat on-ramp, as they have another solution. However, this brings up another point… they are storing the USDT with a central exchange.
Well I’m thinking in order for Nash to compete with CoinbasePro (in EUR, GBP and USD) until they get their banking license, then instant buying should be as close to free as possible. But this will be determined by the fiat partners rather than Nash themselves.
@anon73805886 interesting information about European bank API’s. The payment provider Dwolla who are mentioned in this NEX article, only charge 0.5% for their basic enterprise package so that’s a promising start.
Ultimately I just want to ensure Nash is number one on all fronts when compared to Binance and Coinbase, mainly:
Compliance
UI
Dividends
Fiat to Crypto
Availability of coins (withstanding sh*tcoins)
Cost
I’m not expecting the team to reply to this post as we’ll find all this out in 26 days, but just wanted to put it to the community to ensure I hadn’t missed any information.
.
Compliance
Availability of coins (withstanding sh*tcoins)