Topic: Troubles with coinbase - page 2. (Read 1756 times)

I've had some miscellaneous issues before with transactions left in pending status after they were, in my mind, complete (money withdrawn from bank account and bitcoins credited) but eventually the transactions did get resolved.

As of today a more serious issue emerged. I had sold a small amount of bitcoins and saw that they credited my bank account TWICE for that amount. Now I'm sure at some point they will probably notice and reverse the 2nd transaction, but still - consider if the reverse had occurred and they had, for example, debited my account twice for a given bitcoin purchase.

In short, I would be VERY CAUTIOUS about making any large purchases through coinbase, especially if you are linking in a checking account where mismanagement on their part could result in overdrawn fees or checks bouncing for you. They appear to have some serious stability issues on the back end, though not too surprising keeping in mind that they are still in BETA.

There's a group of people on Reddit who have had issues as well; myself included.

I made a purchase back towards the end of January for 10BTC, it went through fine and I received my BTC. (The price didn't fluctuate much at all so I got what I paid for after the 3-5 business day wait).

Fast forward to now, I made a purchase for 10 BTC on Wednesday then another 10 BTC on Thursday.

They were supposed to clear today and the other tomorrow (with ~$30 increase in BTC value over the weekend for each transaction).

Lo and behold, my first transaction was supposed to clear at 6PM and I get an e-mail at 5:51PM saying that their "algorithm" pegged me as a "high-risk" and they canceled my order and are going to refund my money back to my bank account in 3-5 days.

So not only did I wasted 3-5 days waiting for BTC I don't have in hand, but I'm also out $30 that I was pegged to make by locking in a price from 3-5 days ago and also do not have access to the money they pulled from my bank account for another 3-5 days... And I have a bad feeling they're gonna do the same thing with my 2nd transaction that's supposed to clear tomorrow as well.

Long story short, there's a handful of people who experienced the same thing and they all feel that Coinbase is doing that to negate losses they would have if they honored the prices that were locked in.  And some also believe that nothing would've been pegged as "high-risk" and canceled if the price of BTC had dropped from when they locked in their purchase.

I've e-mailed them to see if they could give a better explanation and what steps they're willing to take to make up for the $30 (x2) that I'm losing because of them as well as the lost time.

I verified 2 bank accounts over coinbase. I purchased 10 coins and it took a few days but the transaction was completed. The money however was not taken out of my bank account. The transaction has now been completed for 3 days and still no money taken from my bank account. I e-mailed coinbase and they don't seem to know what the problem is. I have a bunch of other buys lined up because 10 coins is the max at a time, but am concerned over what is going on.

Anybody else having any issues?