Coinbase has launched a new initiative to attract high-volume traders by offering reduced trading fees and a 60-day, no-fee period for those transferring from other platforms.

According to a recent blog post, the promotion offers a fast track to lower fee tiers for traders with over $500,000 monthly trading volume, enabling users to pay as low as no maker fees on spot trades on Coinbase Advanced.

The move is part of Coinbase’s efforts to boost its market presence, especially as it prepares to announce its fourth-quarter earnings for 2023 later this month. The company has experienced a downturn in transaction revenue due to decreased trading volumes in the past year and anticipates similar revenue patterns for the last quarter of 2023.

Coinbase emphasizes the significance of fees in traders’ decisions regarding their choice of crypto exchange.

“We know that fees are one of the most important factors when it comes to selecting and trading on a crypto exchange,” the company stated. To benefit from the reduced fees, VIP and high-volume traders from other exchanges must provide proof of their trading volume.

Following the 60-day, no-fee period for eligible traders, ongoing fees will be based on monthly trading volumes on Coinbase, with tiered fee structures.

Additionally, Coinbase announced a new 0.1% fee for institutional clients converting over $75 million from USDC to USD net.

The company, predominantly operating in the U.S., is also expanding internationally. It has recently acquired licenses in various countries, including France, Spain, Singapore, and Bermuda, and extended its services to over 20 African nations.