▼ Sort by: recent
This is a MOB.
“Caution is strongly advised when dealing with Coinbase.”
Posted on February 20, 2013 by nagarajhubli5
Trading Bitcoin Privacy For Banking Convenience
“This is just like buying bitcoins from your bank – or from the Internal Revenue Service. If a bank offered a bitcoin purchasing option from its website, it would look like Coinbase. If Coinbase cut them in on the commission, it could probably white-label the service directly to banks.”
Read full article: http://www.paymentssource.com/news/swapping-bitcoin-privacy-for-banking-convenience-3013278-1.html?zkPrintable=1&nopagination=1
Read more at http://www.maxkeiser.com/2013/02/caution-is-strongly-advised-when-dealing-with-coinbase/#FrG7S1fdSTIKH8Z3.99
Evan Moore - March 27, 2015
starstarstarstarstar I purchased Bitcoins back in January with no problem, and sold them on 3/18. It has now been 9 days since I made the sale, but I have still not received any deposits into my bank account. The in-product messaging states that the sale has been completed, and I no longer have any Bitcoins in my wallet.
The question is, if I no longer have Bitcoins in my wallet, where is my money? I have written into Support multiple times, and am in the 'Supervisor queue'. I have been waiting days for an update. This type of experience does not instill confidence in the user base, and unfortunately this has been a terrible first experience with Coinbase, and will make me re-think my use of the platform moving forward.
Anon - March 11, 2015
starstarstarstarstar Coinbase has worked perfectly for me. the only issue that I have had was getting my credit card verified, and that was due to my credit card company's incompetence. Easy to use and buy my coins with. I do not store any large amount with them, as i would rather control the private keys. I will be checking out their new vault, and the exchange once it is available in my state.
md42 - March 5, 2015
starstarstarstarstar awful customer service. After doing every verification step i made a purchase. one week later after they completed the withdraw from my bank the order was canceled with no explanation. I asked for more information and was told i was "high risk" with no other information. I kept asking for them to elaborate and then I was band from buying on coinbase after trying another transaction. Slow and awful buying process with bad customer service. if you talk to someone with the chat function they will never have information either. just go to an exchange and don't use this expensive middle man.
coinbase_user - February 19, 2015
starstarstarstarstar Coinbase recently banned me from buying btc with no explanation given. They said I was "high risk," yet was cooperative with follow-up requests (e.g., license identification), answered questions, then they just contacted me and said sorry, manual review says you're risk. Bye. Completely out of the blue. What a joke.
They advertise a four day wait to get your bitcoins after you purchase them. Why the four day wait I don't know. But it is really a five day wait because you look at your account after the four business days, and the purchase still has not been made. So you contact "Seth" who says they will be available by midnight PST making it really a five business day wait. This site is a scam.
Send in an order for 1300 dollars and they cancelled it. Said their software detected "high risk" behavior on my account. What the hell?! What kind of response is that? What does that even mean. They didn't even give me a better response. The just said "we're sorry". If they can't give a better reason, it means they don't have one. They are scamming people selectivity. So I waited 2 weeks and tried again. Same thing. Cancelled automatically by their system. And they kept the fees both times!! If the btc value changes in a way that doesn't benefit them, they blame you saying a Blakeney statement that you are "high risk" they cancel your order, keep your fee, and they aren't losing anything by cancelling the transaction. They are just keeping thousands of people's fees. They don't even have a phone number! Seriously, STAY AWAY FROM COINBASE!!
Terrible experience. I followed their procedures, handed over a ton of personal info, bought bitcoins, and then was told that it was cancelled. They provided very little information as to why it was cancelled. Oh yeah and they cancelled it after the price moved up significantly int he days after my purchase - how conveniant...
I'd give them a rating of no stars if it were available. THIS COMPANY SUCKS!!!! They collect your banking and your Credit Card information allow you to start your purchases then you get an email saying that the transactions was deemed high risk and thus it was canceled. When I asked for my confidential information to be deleted from their database they said to close my account. I hope these brainiacs recognize that they will be liable if anything happens to my bank account and my credit card information). Simply put they should not be allowed to operate. COINBASE SUCKS!!!
Best think smoking , wish I had some real money to invest in coinbase.com
Tip for consumers: Just try it , we invest in things everyday where there is not a chance of security , or return on our investment .Ask Isidore about Coinbase
Unfortunately I have found Coinbase to be one big bad joke. It took me 3 weeks and endless emails to verify myself to the teeth, providing all my personal and financial information, just to have transactions cancelled and told I'm high risk. I'm extremely annoyed! And of course no advise or help on how to get this fixed. Not happy here! >:(
Quality services, very well documented and detailed API and a very nice interface.
They will urge you to setup and verify your account in order to avoid the lengthy five day wait for your transactions to complete, but even when it is verified you then have to wait another 24 days. All this time you are restricted as to how much you can buy on a given day. See message from Customer Support below. Bottom line, if you want to buy Bitcoin in a hurry, do not waste your time here.
" Tom, I see you have completed all the verification steps necessary for instant buy. Your current limit for instant buy is $100. This limit will increase in 24 days when your first successful purchase reaches its 30 day mark. Your limit will then increase to $1000 instant buy. Unfortunately, there is no way that we can expedite this process so I apologize for any inconvenience this may cause you. "
Coinbase must be totally overwhelmed. Queries to the "support" service don't even get assigned to an agent after weeks.
The problem that I am having, is that when using their service to email some bitcoin to someone, if the recipient does not wish to receive them or does not see the incoming email, then Coinbase is not returning the bitcoin to the originating account.
I had seen originally, in their support forums, that they would automatically return the bitcoin to originating account after 30 days, but it looks like they don't have the staff to manage their customers problems, and they don't have the staff to automate their operations properly.
I recommend that anyone who is considering Coinbase to wait until they have fixed their problems and search the net until current customers have their concerns answered. It is very dangerous, in the times of Bitcoin volatility, to use Coinbase until they are able to train an expanded staff.
Coinbase accidentally deposited too much money into my account. They then transfered Bitcoins out of my account without notifying me (I suspect to cover their mistake). They transfered the coins out when Bitcoin was low and now they are taking money from my bank account systematically. All of this is happening without so much as a word from them. I've e-mailed them several times.
Coinbase is a fraud and I warn everyone not to trust them.
A couple of my friends started using Coinbase so I thought I would also give it a try. I purchased 3 bitcoins on a Saturday night. The website said that it would take 4 business days for me to receive my bitcoins so the bitcoins would be in my account by Friday. During that week the money was pulled out of my bank account for the bitcoins (a little over $2K). Friday came around and the transaction in my Bitcoin account said it was "complete" but there was not any bitcoins in my account.
I waited until Saturday to see if the bitcoins would appear in my account. Saturday morning at 8am there was still not any bitcoins in my account so I sent them a ticket to their support team about the issue. On Sunday I tweeted to them and my friend tweeted to them to see what was going on. On Monday I sent another ticket to their support team. Tuesday after noon rolls around and I still have not had any response to any of my tickets or tweets. During this time they have been tweeting so I know they are checking their account but ignoring my tweet.
So Tuesday night I wrote to them telling them that I was going to contact my bank that night to file a claim against them. They responded to that ticket within 9 minutes saying that they know that I paid for 3 bitcoins but there is a bug in their system and that is why I do not have my bitcoins.
It was obvious that they were checking the support emails but only responding when they are faced with a fraud claim to a bank.
Now they won't respond again and I still don't have any bitcoins. They have stolen over $2K from me and won't respond to me.
In response to Juan F. above, I completely agree with you. During this entire process Coinbase did not start responding to my support tickets until the price of BTC dropped below the price that I purchased the bitcoins for. When they weren't responding the bitcoins had gone up in price from what I purchased them for.
Do not trust this company!
I signed up in mid November and had my first transaction go through without a problem...
...but for over three weeks now I cannot get a transaction executed. At first it was a "High Risk" orders issue. - Oddly enough, they took the money from my checking account after cancelling my "High Risk" orders (they must have been a little short over there and needed me to float them a loan). I contacted them but never received a response. About a week later they redeposited the money into my checking account.
So after all that cleared up, I decided to try again... After waiting for 4 days for the order to execute, and then...IT WAS CANCELLED WITHOUT EXPLANATION! -WTF?
So, I have contacted them, again, to try to find out what the problem is but I don't expect to hear back. I now have the joy of waiting to see if they take the money out of my checking account, again!
All in all, it has been nearly a month since I created my account and I have had one small order execute and seven cancelled.
Coin base is a complete fraud
Well, it's not too hard to see how it works. I validate my bank account. I initiate transaction on my end, they buy bitcoins on their end and wait few days for my money to reach them. They tell you it has to take a week or longer and gives u specific date. Since bitcoin is so volatile, big changes can happen in a week.
IF bitcoin goes up, they cancel my transaction and say it is "high risk" and initiate a return of my money. IF bitcoin goes down they allow transaction to stay and they keep my money and give me the bitcoins.
It is common sense. Obviously they're not going to steal from every transaction, and they can pick and choose how much they make.
This blog post here is vague and a lie. He cites that it is because ppl try to scam them with fake bank account #s and such. That is such a lie, because you can never scam someone with fake bank account # if the purchase isn't instant. because transaction won't go thru, DUH. Same with fake credit card #s, it WONT GO THRU.
With the whole high risk transaction mechanism, coinbase can literally control exactly how much they can make off of the volatile market. I was one of the people that got hurt REALLY bad. some people might even benefit from a canceled order. but the point is, coinbase CONTROLS everything.
I want coinbase to SHOW PROOF that they have been ripped off because people used fake bank account #s. THEY CAN'T. Because you can't get ripped off from a fake account #. You cannot get ripped off if the purchase is not instant.
With the high risk transaction mechanism, Coinbase is GUARANTEED to make money. In a market that is growing, all they have to do is have the system set to flag xx% of transactions, and they are GUARANTEED to make money off this. A LOT of money based on how many transactions they process.
COINBASE, if you are reading this. Please respond and defend your case (i know, your answer would probably be "we can't disclose, blah blah blah.)
Coinbase seems like a more trustworthy and stable alternative to MtGox if you are a business that wants to accept bitcoins or if you are an individual who wishes to purchase bitcoins. The downside of Coinbase appears to be that if you wish to remain anonymous I don't think Coinbase is going to do much to help.
Bitcoin Sites – Reviewed By Consumers
Business owners: What’s your side of the story?
Manage your business