Posting this in Newbies, to help anyone new to bitcoin, decide where to buy/sell bitcoins.
I AM NOT AFFILIATED WITH COINBASE OR ANY OTHER EXCHANGE. THIS IS JUST MY PERSONAL EXPERIENCE.
I was looking for a place to buy and sell small amounts of bitcoins, and I was recommended Localbitcoins.com. I went there, and there are no sellers in my immediate area, and being a father of a few young children, plus employed full time, I do not have the time to drive 150 miles to make a trade in person. So this caused me to start exploring alternative options. I found coinbase, and gave it a shot.
I signed up on coinbase.com on August 9th. Upon signing up, I received an email to verify my address. I did so, and everything went very smoothly. I proceeded to enter all of my personal information, including my banking info. Coinbase advised me that they would be depositing 2 small amounts into my bank account, in a few business days, and that I was to return to the site at that time, and enter the amounts, to verify I was in control of the checking account. It took about 2 business days for those to show in my account, and I was able to verify.
Upon verifying that part of my coinbase account, I was able to place an order. I placed my order, and was told I would receive my bitcoins in 5 business days. The reason for this, is so that they can pull the funds out of the account, and make sure that they are not immediately charged back, and to ensure that they receive their funds. This is acceptable, especially since down the road, you will have the ability to buy instantly, with no hold time. So, now, I wait.
On the 5th business day, I get a cancelled order notification. My order was not cancelled due to high risk, as many have complained of. My order was cancelled because I used my checking account I use through work (My work sets us up with a debit card, and deposits our check into it. There is a routing and an account number linked to it, just as a checking account.) Apparently, this account is not set up to be able to handle ACH withdraws through it. I confirmed this through the issuing bank, apologized to coinbase for the mistake, and attached my main checking account to my coinbase account. I had to wait another few business days to verify, but that was my fault.
I was able to verify and place a new order, and this one went through fine. I was very happy with their service. I did have a few hiccups, and they are listed below:
Problems:
1: Verifying the identity by answering the personal questions can be tough. They asked me for a phone number from like 10 years ago. Also a few obscure questions from so long ago, I had to guess. I failed the first time. The second time (after a 24 wait period) was easier, and I was able to pass it. Be prepared for some obscure, very old questions. They asked me to name the street closest to an old address of mine, from like 2000. I only lived there for like 3 months. I had no idea.
2: Support. As widely reported, support can be slow to respond. I sent 3 emails, PM'd Olaf here, and tried to call (voice mail full, no response). I finally received a response, and all was fine. Just a little slow. They are actively hiring people though, and this will probably get better soon. They are swamped, I can imagine.
Praise:
1. Fast: Able to buy bitcoins quickly, once verified and through the waiting period. Also, not a huge markup, and easy to sign up. All you need is a checking account. Most people have that already. And, no need to worry about meeting a stranger, or being scammed.
2: Easy: As above.
I think this is a great option for a new comer to bitcoins to use. They are doing a great job. I know there are a lot of hate threads out there, saying they cancelled orders, but this is because they need to be careful about making orders, as they could be opened up to people using stolen bank accounts, etc. Or just buying and never paying. I sincerely do not think they are cancelling orders as high risk, because of a price move. They are backed by huge venture capitalist firms, I highly doubt that they are trying to gt one over.
Give it a shot. If you have any questions, post here, and someone should help.
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