The Coinbase One fee waiver only eliminates the explicit transaction fee — not the spread — so subscribers are still paying the hidden markup on every trade, which means the subscription may not save as much as it appears unless transaction volume is high enough to offset the subscription cost.
Coinbase's dual-fee structure means retail users pay both an embedded spread (up to 2% of transaction value) and a separate explicit transaction fee on every buy or sell, making the true cost of trading higher than either charge alone suggests. Users paying with debit cards or instant bank transfers face significantly higher fees than those using standard ACH transfers, which can materially affect the economics of small or frequent trades. You can see your exact total fees — including the spread — by clicking the 'Preview' button before confirming any transaction in the Coinbase app or website.