Coinbase is being very misleading with eth2 to cbeth conversions.

I've been wanting to get my eth off of coinbase for a while. I made the mistake of staking it on there a long time ago. So when cbeth came along u was interested, finally a way to move eth before the merge.

When you read the coinbase guide innit everything sounds fine, no fees and you can keep it there, sell it or send it, great. Too great, I thought, so I looked into it more on here and some other sites and they explained that you actually lose a % because they aren't 1:1. I thought how can that be? If I sell eth for ALGO they aren't 1:1 but without fees you end up with roughly the same fiat value.

So I converted £100 just to test them. On the preview screen of the trade it even says you are wrapping £100 of eth 2 and right under that it says fee:0 total £100 cbeth. Then you hit "accept and wrap now". And all of a sudden you have about £92 of cbeth.

Now some poor bastards are going to convert entire bags because coinbase doesn't make it clear at all what is actually happening. Not very transparent of you ask me