Topic: Coinbase just told me I'm not eligible to purchase BTC. Because the price is up? (Read 5351 times)
August 27, 2014, 01:49:14 AM
I have not dealt with coinbase before, so I have no personal experience of this, but I remember reading coinbase canceling orders a few times on this forum. Is this a widespread issue? Looks like they are cheating those who buys cheap.
August 26, 2014, 11:14:41 PM
Had several cash deposits and withdrawals in the thousands combined with activity from "coinbase.com." I found the magic recipe for getting your bank account closed 
You were buying btc, so why did you have cash depots AND withdraw at the same time? Large cash amounts like this trigger money laundering to the banks. If they cannot follow you money other than coinbase transaction, they'll just close your account just to be on the safe side.
I had large cash withdrawals as well because I would also purchase BTC directly from miners by depositing cash into their bank accounts. Definitely way too much cash flowing in and out and it got flagged. They never give a direct reason. All three banks just gave a similar rendition of: "We no longer deem it mutually beneficial to maintain a relationship with you."
August 26, 2014, 09:21:25 PM
Had several cash deposits and withdrawals in the thousands combined with activity from "coinbase.com." I found the magic recipe for getting your bank account closed
You were buying btc, so why did you have cash depots AND withdraw at the same time? Large cash amounts like this trigger money laundering to the banks. If they cannot follow you money other than coinbase transaction, they'll just close your account just to be on the safe side.
August 26, 2014, 07:04:53 PM
From experience, Coinbase automatically flags your account when anything fishy happens. I have had this happen three times now. First Chase closed my account without notice due to Bitcoin dealings. Then Wells Fargo. Then PNC. Each time Coinbase attempted to execute a trade I had placed and the bank account was frozen, my Coinbase account was automatically frozen as well. I then had to contact customer support via e-mail and explain the situation to get my account reinstated. There are several things that could cause your account to get flagged though. This is all automatic and has nothing to do with the price.
What likely happened after the first time is that coinbase somehow flagged the transaction as high risk to your bank who then went and closed your account to prevent risk themselves. This would cause the coinbase transaction to not go through, making you look even more risky in their eyes. August 26, 2014, 06:47:06 PM
I have had this happen three times now. First Chase closed my account without notice due to Bitcoin dealings. Then Wells Fargo. Then PNC. Each time Coinbase attempted to execute a trade I had placed and the bank account was frozen, my Coinbase account was automatically frozen as well.
Wow that's quite a bit of bank account closures. How large were your transactions? It has nothing to do with btc price, but the fiat amount you're trying to transfer will make or break you. It's my experience that once your bank account gets closed, you're actually banned from that bank.
Had several cash deposits and withdrawals in the thousands combined with activity from "coinbase.com." I found the magic recipe for getting your bank account closed
August 26, 2014, 05:45:52 PM
A few months ago I was selling quite a few bitcoins, they had some sort of error, it didnt say it was denied on coinbase, it just showed that they took my 20 something coins and never transfered the money to the bank. After a few hours of talking with their customer support, they credited the coins back to me.. im glad they did, the price went up by about 60- 80 dollars.. so that little error of theirs saved me a lot of money...
But I have heard from many people how they will cancel orders if the price goes against them.. But you would think it would go both ways, they may lose a lot from a seller, but they should make it up from a buyer.. I have no idea how coinbase works, all I know is that I haven't had an issue with them but have heard of many horror stories....
But I have heard from many people how they will cancel orders if the price goes against them.. But you would think it would go both ways, they may lose a lot from a seller, but they should make it up from a buyer.. I have no idea how coinbase works, all I know is that I haven't had an issue with them but have heard of many horror stories....
August 26, 2014, 04:58:36 PM
I have had this happen three times now. First Chase closed my account without notice due to Bitcoin dealings. Then Wells Fargo. Then PNC. Each time Coinbase attempted to execute a trade I had placed and the bank account was frozen, my Coinbase account was automatically frozen as well.
Wow that's quite a bit of bank account closures. How large were your transactions? It has nothing to do with btc price, but the fiat amount you're trying to transfer will make or break you. It's my experience that once your bank account gets closed, you're actually banned from that bank.
August 25, 2014, 11:33:14 PM
From experience, Coinbase automatically flags your account when anything fishy happens. I have had this happen three times now. First Chase closed my account without notice due to Bitcoin dealings. Then Wells Fargo. Then PNC. Each time Coinbase attempted to execute a trade I had placed and the bank account was frozen, my Coinbase account was automatically frozen as well. I then had to contact customer support via e-mail and explain the situation to get my account reinstated. There are several things that could cause your account to get flagged though. This is all automatic and has nothing to do with the price.
August 25, 2014, 09:05:22 PM
It doesn't look like they canceled your order because the price went up, they canceled it because their internal risk models showed you as being a high risk customer. They likely do not take price into consideration when deciding if they are going to cancel a transaction as this would be negative to their reputation. With that being said I would highly doubt that a lot of people are going to be complaining that they canceled their order when the market turned against them.
No disrespect, but this is about the most lame answer I have ever seen. You can't accuse the customer being a risk in this case, the risk is all on the back of coinbase and them not wanting to take ANY type of loss that might be due to BTC price fluctuations . So they picked a business and want o limit their risk by screwing the customer, its that SIMPLE . if I put in a ACH transfer, and my bank accepts it the deal should be done . Its not like the customer didn't have the money . no where in this case do I see where the customer did not have the money or was declined by his bank. Simple answer, work local and buy BTC local via craigslist or something similar . This business model coinbase is using is from and era that has long since died .. Person to Person transitions is the best way to deal with this .
August 25, 2014, 10:15:14 AM
It doesn't look like they canceled your order because the price went up, they canceled it because their internal risk models showed you as being a high risk customer. They likely do not take price into consideration when deciding if they are going to cancel a transaction as this would be negative to their reputation. With that being said I would highly doubt that a lot of people are going to be complaining that they canceled their order when the market turned against them.
No disrespect, but this is about the most lame answer I have ever seen. You can't accuse the customer being a risk in this case, the risk is all on the back of coinbase and them not wanting to take ANY type of loss that might be due to BTC price fluctuations . So they picked a business and want o limit their risk by screwing the customer, its that SIMPLE . if I put in a ACH transfer, and my bank accepts it the deal should be done . Its not like the customer didn't have the money . no where in this case do I see where the customer did not have the money or was declined by his bank. Simple answer, work local and buy BTC local via craigslist or something similar . This business model coinbase is using is from and era that has long since died .. Person to Person transitions is the best way to deal with this .
August 23, 2014, 11:37:00 AM
It doesn't look like they canceled your order because the price went up, they canceled it because their internal risk models showed you as being a high risk customer. They likely do not take price into consideration when deciding if they are going to cancel a transaction as this would be negative to their reputation. With that being said I would highly doubt that a lot of people are going to be complaining that they canceled their order when the market turned against them.
OKAY - You need to STFU. Evidently you don't know what the hell you're talking about. Just STOP trying to talk about something you know nothing about. You ever placed a 10btc order with them? You ever sold to them in 20btc + increments? Evidently NOT because you'd know how they get you. So step the fuck aside and let the people who's experienced with Coinbase's scammy ass ways do the talking.
Yes - Coinbase is known for cancelling orders. But I'm not about to waste my time explaining their methods - go search the damn forum. He'll you even find where I posted how they got me when I SOLD btc! Yes, it goes both ways - buying and selling. You best believe Coinbase is looking out for them. And negative to their reputation?! Puh leez - They have several SCAMMER's threads here .
August 23, 2014, 02:17:12 AM
It doesn't look like they canceled your order because the price went up, they canceled it because their internal risk models showed you as being a high risk customer. They likely do not take price into consideration when deciding if they are going to cancel a transaction as this would be negative to their reputation. With that being said I would highly doubt that a lot of people are going to be complaining that they canceled their order when the market turned against them.
August 22, 2014, 06:23:27 PM
Is there an updated list of exchanges like coinbase, that allow for easy transfers to/from US bank accounts? Looking for something similar to coinbase.
Coinbase isn't an exchange.
Then replace "exchange" with "marketplace." Same question.
Um no. I knew what you meant, just making it clear for others reading this that CB is not an exchange. There are several vendors, just be careful who you put your trust in. CB is the most trusted, although they have shady practices. They don't down right take your BTC, they do it very sneakily, lol. Anyhow, if you have virwox, they only charge 1% to send to you PP. Of course that requires a high premium to sell your BTC for fiat... But it's an option. They were an exchange for digital currency (linden) before BTC. I buy BTC from them, but have never used their PP service tho.
August 22, 2014, 05:33:25 PM
Is there an updated list of exchanges like coinbase, that allow for easy transfers to/from US bank accounts? Looking for something similar to coinbase.
Coinbase isn't an exchange.
August 22, 2014, 05:30:10 PM
Well in any case, I closed my Wells Fargo account and switched to a small local bank. This is the second time I've closed a Wells Fargo account. The only reason I went back was because they offered me $100.
August 22, 2014, 04:08:14 AM
I've never felt anything like it, probably Coinbase do not want to lose huehuehuehue
August 22, 2014, 03:49:14 AM
Is there an updated list of exchanges like coinbase, that allow for easy transfers to/from US bank accounts? Looking for something similar to coinbase.
August 21, 2014, 11:50:47 PM
This is the usual style for coinbase, if they once found themselves may bear the risk of price fluctuations with bitcoin, they will prohibit customers to buy and sell.
Any recommendations on alternative vendors?
I think you could try LakeTrader, simple buy and sell, the streamlined orders is intuitive and smooth!
August 21, 2014, 11:34:54 PM
This is the usual style for coinbase, if they once found themselves may bear the risk of price fluctuations with bitcoin, they will prohibit customers to buy and sell.
Any recommendations on alternative vendors?
August 21, 2014, 11:21:37 PM
This is the usual style for coinbase, if they once found themselves may bear the risk of price fluctuations with bitcoin, they will prohibit customers to buy and sell.
Jump to: