Topic: I have 10 BTC instant-buy on Coinbase but it says cancelled due to high risk... (Read 2525 times)

Is your 10 BTC safe? Can you transfer it to other wallet?

I tried to buy one bitcoin from Coinbase.com the other day, and I got the below.  Everything worked fine at first:  I had used a US proxy server to log in (as I am a US citizen living overseas, and it's always safer to use a US based proxy service as companies will often reject foreign originated incoming requests), as well as two-factor identification using my US cell phone, and I had my US bank entered into by Coinbase, after supplying them with my bank password (scary but that's what Coinbase wanted), and the transaction was initiated (it showed up as a withdrawal at my US bank the next day).  But, just today, nearly a week later, I got the below notice, cancelling this small transaction.  I think what is going on is this:  Coinbase is very afraid of doing anything with people overseas, as they are afraid of possible regulatory law violations (no doubt they are thinking of money laundering, though it's groundless for such a small amount).  It's the only thing I could think of, as (1) the amount below, 1 BTC, is not a lot of money, and (2) the price of BTC has actually dropped since I bought it, at $396.68, so it cannot be that Coinbase.com is losing money (today's price is $384.98), which is another reason offered for this behavior in the past. 

Caveat emptor.  I would not deal with Coinbase if you are outside the USA.  Even if you comply with their rules and regulations they are too afraid to trade.  Notice the bizarre language "You may have more luck trying again in a few weeks", which is an insult given the waste of time dealing with this company.  Good riddance to them is what I say.

TonyT

On Oct 15, 2014 you purchased 1.00 BTC via bank transfer for $396.68.

Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any bitcoins on high risk transactions, and you will receive a refund to your bank account in 3-4 business days.

Please understand that we do this to keep the community safe and avoid fraudulent transactions. Apologies if you are one of the good users who gets caught up in this preventative measure - we don't get it right 100% of the time, but we need to be cautious when it comes to preventing fraud.

You may have more luck trying again in a few weeks. Best of luck and thank you for trying Coinbase.

Kind regards,
The Coinbase Team

If you have instant buy, then you have no need to worry. Just attempt to buy a very small amount first, like 0.01BTC. If it goes through instantly, then you know it is working. If it doesn't go through, they will not charge your account (assuming you are within your instant-buy  amount)

Glad you were able to buy. I have been afraid to try yet.

@op Try another BTC trading platform if you have issues with this one.

Yeah lol. What is "instant" about getting your transaction cancelled? That's not instant.


btw, I just tried again and I was actually allowed to buy BTC on Coinbase today instantly! After 3 days it finally worked. So I stocked up and am transferring them to an exchange where I can convert to US dollars for holding until I need to buy. At least this way I don't have to worry about not being able to buy BTC when I want to. This may not last. Buy BTC on coinbase while you can!

They are trying to save face and cover up for their bogus high risk transactions. So as to say "see, we also have high risk for instant buy too"

It's not even that they don't want to sell at a loss. it's worse than that. they even cancel withdrawals! don't tell me that is some high risk algorithm bs.

Welcome to the truth.

Please, have a seat and have a cup of tea.

Same with me, until the past 2 days. Previously my instant transfers went through fine. Now they don't go through at all

I'm guessing the "high risk" BS message is a cover-up for the fact that coinbase doesn't want to sell their coins at a loss. I'm guessing they bought them high and obviously don't want to sell them low. So instead of saying that, they just say "it's high risk". They don't want to lose money.




Exact same thing is happening to me now and I have bought from coinbase successfully many times in the past as well. Don't worry, they didn't actually charge your bank account. I checked mine several times to make sure. It's just some pre-made message they send out because they don't want to sell bitcoins right now at a loss to them (this is my best guess).

I have defended coinbase in the past thinking it was just a fluke or user error like NSF (I had one of those)..
I have instant buy, I have done 10's of thousands in transfers with them. Today I try instant buy for 1.8 measly BTC and get the cancelled because it looks risky. WTF! As stated by others I bought 10 BTC at 900/usd, It was higher than that, they didnt hesitate to take 9800.00 from my bank account and give me the coins.

Dont be to sure they dont pull from your account because it was cancelled. My notice had this in it. Even though it went against my instant buy amount and was cancelled. Instant buy shows I can buy 8.2 now instead of 10 even though they cancelled it.

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If they continue to be Jack asses like this, I will be out of business. Growing pains I guess.

I will keep this thread updated however it washes.

Best of Luck.

I used the instant buy feature a few times, I had no problems and it was instant.

But what about instant transfers? My bank account has not been charged when declined to buy BTC instantly on an instant transfer. They just refuse to sell me the BTC. I haven't been scammed out of money, just not allowed to buy.

I understand that users have bought large quantities of bitcoins (i'm guessing not using instant-buy), their bank account being charged, and then coinbase saying sorry we can't deliver, but that's not my case here.

Based on that information you posted above, I will make sure I ONLY buy with instant buy, knowing that I either get my BTC instantly or the order is cancelled at the start. No money in limbo this way.

So where the heck do I go to buy bitcoins instantly now? I cannot even do it. Campbx requires a very time consuming money order process. I want to be able to do it instantly.

Fucking coinbase... I bought some BTC at $830 like the day before the crash and they did not cancel it...


On another note, they increased my limit and now I can buy 50!

I have seen countless people in the trollbox get screwed over by coinbase, so I would avoid them altogether.  That said, every payment provider I have used in the past (Dwolla, bitinstant) doesn't work with bitcoins anymore, so I have no idea what to tell you.

Coinbase rejects all buys for "High Risk" when they don't want to sell to you at that particular time.  They allowed me to make a huge purchase when Bitcoins were selling for over $1,000, but since then have rejected all three of my smaller buy orders when the price was much lower.  They are a sham.  If Bitcoins had any regulation, the government would have fined them into oblivion by now.  They are getting off scott free for the time being.

They have a hidden office in an apartment building, a mailing address in another state, and no way to contact them by phone.  Complete scam operation.

It doesn't even offer me that option though.

Coinbase has an algorithm designed to scam customers out of money:

see this:  https://bitcointalksearch.org/topic/m.3655164

https://bitcointalk.org/index.php?topic=375171.new#new

You can buy them at a price locked in today, you just won't get them for a few days to a week.