Topic: Stay away from Coinbase - page 15. (Read 16992 times)
why
I've had a good experience with Coinbase. They've had some growing pains (like every other bitcoin exchange and service), one of which is sometimes running out of bitcoins during peak buying periods. I've had to email them a couple times, but they've fixed each problem I've had. Overall I trust them more than most bitcoin services.
I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
+1 on all points.
Also, if you nag them enough, they will honor your original purchase price on cancelled transactions from what I understand. I've seen a number of examples of this occurring on the forums. It just takes time, support is understaffed.
my main concern is that if BTC price rises while you are waiting for the ACH transfer to go through, they might not honor the price since that would cost them quite a bit. on the other hand, if prices go down they would definitely be willing to allow for the transfer. it would be an unfair game.
i don't know if this is happening or not, but it's plausible in my opinion.
I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist.
I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
+1 on all points.
Also, if you nag them enough, they will honor your original purchase price on cancelled transactions from what I understand. I've seen a number of examples of this occurring on the forums. It just takes time, support is understaffed.
Honestly, my biggest problem with Coinbase is they sell bitcoins at inflated prices.
I really wish there was a true exchange in the USA.
I really wish there was a true exchange in the USA.
I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.
The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.
Well, after I jumped through all their hoops, I have had no issues with my transactions. I didn't care for the waiting process, and I missed out on the post crash prices in October. And I wish the support was more timely. (Although, all my emails were answered, sometimes with such a delay that I had forgotten I asked the original question.)
They are a startup and they are being careful and learning a lot in the process. I will be patient, since I am confident the serious VC money they have will insist on solid operations.
They are a startup and they are being careful and learning a lot in the process. I will be patient, since I am confident the serious VC money they have will insist on solid operations.
I'm new to cryptocurrency but already have a bit of advice to others who are new:
Avoid Coinbase like the plague.
Avoid Coinbase like the plague.
Thanks. I see their ads popping up everywhere.
I think the biggest problem with most of the exchanges for BTC is the lack of professional support.
For BTC to be a legitimate fiat alternative there needs to be reputable and responsible intermediary organizations.
In the same vein there needs to be more community validation of said intermediaries to protect the public from fraud.
For BTC to be a legitimate fiat alternative there needs to be reputable and responsible intermediary organizations.
In the same vein there needs to be more community validation of said intermediaries to protect the public from fraud.
I used coinbase once, only purchased .1 BTC for $40.73 USD though.
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify.
This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.
I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared. I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.
As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify.
This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.
I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared. I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.
As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.
i just made an order.. it says the funds won't be cleared until dec 2 due to the thanksgiving weekend... that's a whopping that's over a week that i'm going to have to wait (4 business days total).
meanwhile, if the prices for BTC drop, i'm sure they'd be happy to "honor" the price i paid.. but if it goes to mars? maybe they'll just cancel it by saying "sorry, we had issues with your bank."
i need to find a better way.
I use bitstamp.net. I am based in Europe and SEPA transfer to them cost only 5 euro and it is there for 3 working days. The same day the money was there I have bought Bitcoins and then withdraw them to my personal wallet. All went smoothly.
I used coinbase once, only purchased .1 BTC for $40.73 USD though.
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify.
This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.
I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared. I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.
As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify.
This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.
I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared. I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.
As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.
Coinbase is dope, you just need to get to tier II verification. I've heard a lot of those high risk transaction stories for people's first transactions, but my personal experience has been nothing but positive, and since I have been tier II verified I can get up to 10 BTC instantly.
This is one of the risks in BTC. This is downside if govt wont support and we have nowhere to go to complain any issues we have on BTC transactions. For now, posting and warning about the scam is the best way to counter those scammers. Thanks for the warning!
I transferred my coin out of coinbase. I will try campbx.
For me I would just like a way to sell the btc I mine. I use cryptsy for trading and that seems to work out pretty good so far.
Thanks,
Michael
For me I would just like a way to sell the btc I mine. I use cryptsy for trading and that seems to work out pretty good so far.
Thanks,
Michael
Thanks for the warning.
i always use virwox ya i know the fees are a little high but it always works when i need btc for myself 
no scam there
no scam there Localbitcoins is still probably the most idiot proof way to get btc
But also requires more motivation and coordination
But also requires more motivation and coordination
the rates there are ridiculous.. it seems like mostly exchangers looking to make a quick buck. people are wishy washy and don't respond to your inquiries too.
at least that's been my experience so far.
They don't gamble your money.
They are cheap assholes. If you buy bitcoins when the price is low, then the price spikes up, they will not pay out the bitcoins, claiming it as a high risk transaction. Coinbase is old news, they are the new MT.GOX.
They are cheap assholes. If you buy bitcoins when the price is low, then the price spikes up, they will not pay out the bitcoins, claiming it as a high risk transaction. Coinbase is old news, they are the new MT.GOX.
Jump to: