As part of its 12 Days of Consecutive Announcement, major cryptocurrency exchange Coinbase has launched a new feature that allows investors to convert their cryptocurrencies into other digital assets, according to a company announcement on December 17, 2018. Called the “Convert,” the exchange claims the new feature is way cheaper than selling and buying a different digital asset, which is the process most investors go through. With this feature, customers would be able to convert between Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin and 0X, for the initial rollout.
So, a trader can directly convert Bitcoin to Bitcoin Cash, rather than sell Bitcoin and then purchase Bitcoin Cash, which becomes two separate transactions with double fees. According to its pricing page, Coinbase would charge a spread of 1% for the conversion of digital assets on its platform. This fee is not fixed, as it could go higher or lower due to the volatility in the market.