Topic: Some problematic things about Coinbase - page 2. (Read 478 times)
Well, I've never used Coinbase to be honest, and that's because of various opinions about their platform. I've noticed that many people have problems with Coinbase, so I decided to use other cryptocurrency exchanges like Kraken or CoinDeal. I've been still using the second one and I can recommend it, never had any problems with withdrawals or deposits. What's more CoinDeal has its mobile app too, but it's still a pretty new topic.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
Sending funds from exchanges to other exchanges or casinos is not recommanded because the latter or most of them will generate deposting addresses that have an expiry date and exchanges do not process withdrawal requests instantally.When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
Maybe. But this is not an excuse to not responding to their customers open support tickets.I agree with both statements.
However, when it comes to delays, starting to use their website, we agree with the rules. I didn't read it very carefully, but I'm sure they reserve the time to answer. And as I know, sooner or later, but always they respond to tickets.
I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened. The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
Sorry, but I don't use their app, so I can't answer this question. Maybe some other user has experience in this matter.
I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened. The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
Sending funds from exchanges to other exchanges or casinos is not recommanded because the latter or most of them will generate deposting addresses that have an expiry date and exchanges do not process withdrawal requests instantally.When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
Maybe. But this is not an excuse to not responding to their customers open support tickets. I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened. The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
1: Don't use Coinbase at all
Not just coinbase but all the online wallets and exchanges are risky to store your coins on them. But we cannot live without them because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.
I would recommend to keep small amount on coinbase and keep your major savings on hardware or desktop wallets.
I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened. The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
Just a few things about using Coinbase.
Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...
1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.
2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.
4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.
So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys.
Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...
1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.
2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.
4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.
So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys.
I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.
We actually no need to keep funds on any exchange to send or receive or to make the kind of payments, we have wallets for the purpose so keep funds on an exchange's wallet for trading alone any other reason we don't need them. 1: Don't use Coinbase at all
Not just coinbase but all the online wallets and exchanges are risky to store your coins on them. But we cannot live without them because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.
I would recommend to keep small amount on coinbase and keep your major savings on hardware or desktop wallets.
Coinbase is a type of wallet where you don't have complete control of your funds. They could decide to lock it up anytime they want and ask for a KYC ransom in order to get back your funds.
Oh yeah, I've seen similar stories about random KYC on Coinbase.
Many good folks were fooled by Coinbase and had to wait several days to withdraw funds.
Do not use Coinbase kids
I don't think there's any restriction on how long the app has been installed. I had it for like 2-3 days. So it doesn't really matter. Try it. I hope it'll go through. Because as I said, it doesn't even require the 2FA when sending crypto. So there's a big chance that your transaction will go through instantly. Try it. Hope this helps.
Thanks, it works I thought it won't work but it works.
What is the reason why it works if you use apps than desktop?
Well, the transaction already get 1 confirmation so it means it works and I see my wallet right now shows my transaction and up coming transaction.
I don't think there's any restriction on how long the app has been installed. I had it for like 2-3 days. So it doesn't really matter. Try it. I hope it'll go through. Because as I said, it doesn't even require the 2FA when sending crypto. So there's a big chance that your transaction will go through instantly. Try it. Hope this helps.
Thanks, it works I thought it won't work but it works.
What is the reason why it works if you use apps than desktop?
Well, the transaction already get 1 confirmation so it means it works and I see my wallet right now shows my transaction and up coming transaction.
Coinbase is not exception of USA-based crypto exchanges that strictly regulated by the USA. government. There are many reasons why USA-based exchanges have lost their leading positions in crypto but local governmental managements are one of the most important reasons.
I think it will take very long period for USA-based exchanges to come back at leading positions among exchanges globally. They will, I believe, but the waiting time is not shortly. In global scale, there will be more strictly managements on crypto then when it happens USA-based exchanges will come back and play as game-changers. But as I thought, it is a very distant journey to go for USA-based exchanges.
Coinbase, I think they have jumped in serious period like Poloniex and Bittrex did previously.
I think it will take very long period for USA-based exchanges to come back at leading positions among exchanges globally. They will, I believe, but the waiting time is not shortly. In global scale, there will be more strictly managements on crypto then when it happens USA-based exchanges will come back and play as game-changers. But as I thought, it is a very distant journey to go for USA-based exchanges.
Coinbase, I think they have jumped in serious period like Poloniex and Bittrex did previously.
The title should be: DON'T USE COINBASE
The things mentioned above are usual in any legit exchange. I don't see any popular and big exchange that doesn't involve on those concerns listed above.
Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be
Where did you get this idea? Electrum and Coinomi do have their own feature on which Coinbase or any exchanges didn't have. Vice-versa, Coinbase, and any exchange also have their unique feature that hardware wallets, desktop wallets don't have. Now if we plan on storing our coins for long, people already know what to do here.
Let's get straight here, what online exchange do you recommend?
About the title, yeah, maybe you're right. I should've named it something like that. My bad.
Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.
Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.
Maybe it works for you because you have the coinbase already on your phone in a long time?
Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.
Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.
Maybe it works for you because you have the coinbase already on your phone in a long time?
Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.
Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.
Maybe it works for you because you have the coinbase already on your phone in a long time?
If you have a big amount dont ever use coinbase, it very scary anytime they can disable your account and dont have control to your private keys. Better use hardware wallets or web wallet with control to your private keys. But I have tried their services with just few bucks and didnt have any problem.
I never used coinbase's services. I even don't remember ever visiting their website. However, from reviews of many members on other threads it seems that it is a reliable platform.
Their main weakness is their support team. They take too long to respond to their customers. Sometimes, they never get back to you. All you get is a message from a bot asking you to wait.
My advice is to never use an online wallet to store your coins. Not coinbase nor any other online platform.
Their main weakness is their support team. They take too long to respond to their customers. Sometimes, they never get back to you. All you get is a message from a bot asking you to wait.
My advice is to never use an online wallet to store your coins. Not coinbase nor any other online platform.
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