In cryptocurrency, trust is the bedrock of success. Coinbase, a leader known for its accessibility and security, is facing a growing challenge: users are increasingly upset with its high and unclear fees.
Using Blitzllama’s Eureka, we analyzed 10,000 Coinbase’s Play Store reviews over the last 6 months to uncover why fees have become such a source of frustration.
The findings are clear: complaints about fees account for 13% of all reviews and 45% of one-star ratings. This isn’t just background noise—it’s a clear signal for Coinbase to take action.
Fee Complaints: The Numbers Tell the Story
Our analysis shows a significant volume of complaints directly tied to fees. Out of 10,000 reviews, 1,047 mentioned fees explicitly. These frustrations fell into three main categories:
- High and Non-Transparent Fees (159 reviews)
- Frustration with Fees, Usability, and Trustworthiness (1,165 reviews)
- Fee Transparency and Improvement Requests (26 reviews)
One-star reviews, in particular, highlight the depth of the issue. Here’s the breakdown:
Fee-related frustrations account for nearly half of all one-star reviews.
What Users Are Saying: Hidden Fees and Broken Trust
Behind these numbers, users express disappointment and lack of clarity. They aren’t just upset about the fees themselves—they’re frustrated by how they are communicated and managed.
1. Hidden Fees
Many users feel blindsided by fees they didn’t expect or understand. Complaints often highlight high costs for trades, withdrawals, and basic transactions, with no clear breakdown of charges.
“Massive fees, difficult to cash out… better off with any other platform.”
“ACH transfer has ‘no fees,’ yet they just hide the Coinbase fees in the transaction.”
Some users have even started manually tracking every trade to determine the costs themselves.
“I began screenshotting all my preview trades then doing the math on settled trades. There needs to be a class action against this non-disclosed and very fraudulent practice.”
2. Competitor Comparisons
Users frequently compare Coinbase to other platforms like Binance and Robinhood, which they feel offer better fee structures and clearer communication.
“Honestly don’t understand why anybody would use this over Binance. So many hidden fees.”
“I went with Robinhood; $5 monthly maintenance fee instead of $30.”
These comparisons highlight the risk Coinbase faces: dissatisfied users are exploring alternatives and switching to competitors.
3. Loss of Trust
Many users feel misled by Coinbase’s lack of transparency around fees. Words like “fraudulent” and “exploitative” appear frequently in reviews, signaling a breakdown in confidence.
“Save your money. You'll be just throwing it away. I suspect each user has an 'invisible' operator making the price fall as soon as you invest.”
“The platform defies the very purpose of crypto.”
Why This Matters
This issue goes beyond money—it’s about trust. With 45% of one-star reviews focused on fees, the message is clear: users feel disappointed and misled, and that dissatisfaction is pushing them toward competitors.
Cryptocurrency adoption depends on trust and ease of use. Platforms like Coinbase are central to this growth, but unclear and seemingly unfair costs may undermine their leadership in the market.
.webp)
How Coinbase Can Fix This
Fortunately, there are clear ways to address these issues. Based on user feedback, here are some actionable steps Coinbase can take:
1. Simplify and Clarify Fees
Users want transparency. Coinbase could:
- Introduce a Fee Calculator that shows a detailed breakdown of costs before a transaction
- Add a Fees Overview Section in the app that clearly explains how charges are applied
2. Reward Loyalty
Frequent users feel penalized by high fees. Coinbase could:
- Create a tiered fee structure where regular or high-volume traders pay lower fees
- Offer discounts for premium memberships or loyalty programs
3. Compete on Transparency
If Coinbase’s fees remain higher than competitors, it must provide better value in other ways. This includes:
- Clearer explanations of how spreads and fees are calculated
- Easy-to-understand educational content that demystifies these costs for users
4. Reevaluate Pricing
Platforms like Binance and Robinhood offer more affordable options. Coinbase needs to revisit its pricing strategy to remain competitive in a rapidly changing market.
Graph Placeholder: Comparative Analysis of Fees Across Competitors
Lessons for Product Teams
Coinbase’s fee complaints highlight an essential lesson for all product teams: the way you communicate pricing matters as much as the price itself. Blitzllama’s Eureka tool allows teams to uncover and address user concerns quickly and effectively.
Using Eureka and Coinbase’s Play Store reviews, we were able to:
- Identify fee-related frustrations as a major pain point
- Measure the impact of these issues through detailed analysis
- Focus on clear, actionable recommendations to rebuild trust
The Road Ahead
Coinbase has a decision to make. It can continue with the current approach, risking further loss of trust and market share, or it can listen to users and make meaningful changes. By simplifying fees, improving transparency, and rewarding loyalty, Coinbase can turn user frustration into a competitive advantage.
For product teams, this serves as a reminder of the importance of listening to users. With tools like Blitzllama’s Eureka, turning feedback into actionable insights isn’t just possible—it’s essential. Listening is the first step toward making better decisions.
It's now time to uncover insights from Playstore and get the actual recommendations to improve user experience. Book a demo and our team will help you in the best possible way.
Discover more resources in the PlayStore Insights series
Chime Retention Strategies: Top Insights for Product Teams
What Users Think Of SoFi: Powerful Insights From 10k Reviews
.webp)