Bitcoin Forum

Can anyone vouch for them? Am I able to setup an account and transfer my multibit wallet there?  Thanks

i personally like coinbase. very easy to use

Can I transfer my multibit wallet to coinbase? Thanks

You can very easily transfer in and out of Coinbase.  In your Account Settings page within you Coinbase dashboard, you can find your wallet address, which you can create more of if needed.  Their send/receive features are very easy to use.  Coinbase is the first and only place that I bought BTCs from.

coinbase rocks for us users

So I would have a coinbase wallet and my multibit and I can send to and from each other? Also to sell BTC for USD do I need to setup a merchant account or can I do it with a basic, thank you so much!

Use Coinbase at your own risk.  I was able to make a very large purchase when Bitcoins were over $1,000, but since then they have rejected all three of my buy orders at a lower price, despite coming from the same bank account I verified and made my first purchase from.  I also see numerous complaints on Reddit and Youtube anytime they are mentioned.  For some people they have been fine, for others they have had major problems. 

Also, if you log in and click "Support" at this time, you are taken to a 403 Error page. 

Just be careful.

Another coinbase user here. I absolutely love them! They also just got another $25M in investment if I recall. Great company.

You don't need a merchant account to  buy and sell bitcoins.  You can send coins from Coinbase to your MultiBit wallet and vice versa.  I think it is a good idea to send the coins you purchase on Coinbase immediately to your wallet (Coinbase pays the miner fee for you).  That way, you have them safe and secure in case anything happens (hackers, bankruptcy, whatever).

coinbase is great if your in the US

I started with Coinbase, as it was easy to get an account set up. I have no complaints about them as a service, except their strict limitations on buying and selling and fees. As a newbie you can only buy up to 10 BitCoins per day and only sell 50. It takes at least 30 days to be able to buy up to 50 or to buy at instant speeds instead of waiting 4 days. For buying and holding this is fine, but for daytraders they are impossible hurdles. Also, they have 1.0% transaction fees on both buying and selling.

If you are willing to do the paperwork and wait a couple of days for approval and for your funds to be wired, you can trade without limitation and even with leverage on a margin and short coins on Bitfinex. Neither site ran off with my money or coins, so far ;).

I can tell you my experience with Coinbase, and it is lousy. 

On Dec. 10th I placed an order with them for .30btc, after following all their procedures to the letter and linking my bank account.  The order became "pending" on Dec. 12th, and on Dec. 16th the order was cancelled.  The reason given was that the transaction was cancelled because it was "high risk", meaning, according to their definitions, a reversable transaction because the funds came from a bank withdrawal.  Now, according to that definition, since any bank-withdrawal-based transaction is by their thinking "reversable", that would mean all bank-linked transactions would be "high-risk" and therefore Coinbase shouldn't even allow that option.

Of course, it doesn't end there.  ALL attempts at communication, through their site and through e-mail support are ignored.  You can open a case on their site, but of course the case is also ignored.  So I spent $291, Coinbase took it, cancelled the transaction, has my money and will not respond to any attempt at contact.

This is not some angry rant.  This is a factual account of my interaction with Coinbase.  I will give them a bit more time to refund my money, and then I will contact the California State Attorney General's office to try to initiate proceedings against them. 

However this turns out, Coinbase's conduct in this matter, and their cavalier lack of conduct, is at best thoroughly unprofessional and at worst actionable.

Thanks everyone!!

Out of curiosity, what bank where you using? I've heard that some US banks are stopping people's transfers to Bitcoin exchanges. I think I heard Chase was one of them. I used Bank of America and my transfer went through fine. I did still have to wait 4 business days to get my coins though, even after the money cleared my account :(.

Coinbase is probably the most reputable company that deals with BitCoin. Right now they are going through massive user growth, so they may be slow to help you in the case that their software acts erroneously. However, to the best of my knowledge, many people who have vocally complained loudly about some issue with them have gotten their issues resolved, albeit a bit slower than they would have liked.

Charter One, and the transfer went through just fine, the money was debited from my account, and Coinbase still has it.

"Coinbase is probably the most reputable company that deals with Bitcoin"...according to who?  Perhaps some would want us to believe that Coinbase is the only alternative out there, and perhaps there are employees of Coinbase who post here, but as I stated, these are facts.  Sorry, but the fact is, Coinbase sucks.

And, Coinbase supporter, would you care to explain to me why all attempts at communication over the past three g*d* days are ignored?  Yeah, that's so reputable...

Probably because they are dealing with the market frenzy which is going on right now. It sucks but you might want to contact your bank and let them know whats going on...

Thanks for everyone's reply I will sign up tomorrow and let you know how it goes.

havent had an issue so far but i wouldnt keep too much money in any one place

So they are busy, and that's an excuse for providing lousy service??  And, eh...where's my money, again???  Come on, man...

Don't say I didn't warn you.

Nope. That's not the excuse for providing lousy service; just the excuse for why it might take three days or more to answer your emails... When has an excuse ever made anything better anyways?

This is a developing network and its subject to rapid changes and fluctuations that can overwhelm the establishments who link us to the global market. I don't think Coinbase intended to provide lousy service but I think they don't have adequate human resources to deal with all of the variables that are playing out right now. I think it's reasonable to suspect that problems might occur with something so new and as time goes on these issues will be addressed accordingly.

You have every right to be upset but if you take a pro-active approach and contact your bank you'll probably get your money back faster. Coinbase could be overwhelmed for a while.

If the intention of your post was to ascertain how reputable they are in order to make a decision about your next course of action; then my answer is that I have no reason to believe that they are anything less than reputable and I suspect they will refund your money as soon as they can get their feet back on the ground, so to speak. If your intention was only to get your money back as quickly as possible; call your bank.

I haven't had any problems yet with coinbase. Always better in my opinion to use multiple wallets with small amounts in each less likely to lose a lot if someone does hack one which eventually will happen to most.

An update--I did finally get my money back after following your advice and dealing with my bank.  But of course, wouldn't you consider it quite ridiculous that Coinbase requires one to bring their bank into the equation just to get one's own money back?

Not one response to any e-mail I sent them, not one response to attempts made through their website, and not one response to any of the four cases I opened with Coinbase "support" (support, now that is the biggest joke ever).

So Pungo, what we have here is your conclusion (about Coinbase being reputable) being in direct conflict with the facts.  Coinbase is not reputable, and that is the fact.

Now, let's say I was insane and wanted to try another transaction with them...how would I do that, when they won't respond to me and I need to know if my next attempt to purchase bitcoins through Coinbase will meet with the same "high risk" transaction nonsense and that purchase attempt failing also?  Any Coinbase apologists want to opine on this?

I don't think there's anything you can call these "high-risk" transaction cancellations anything other than blatantly dishonest business.  The company is getting an unfair advantage during 3-4 day swings in price where they can arbitrarily decide to cancel the ones that work out in the consumer's favor, while keeping every transaction that is "high-risk" to the consumer.  Yes, they are growing and seem like the most reputable source to buy BTC in the US, but to me, behavior like this says a lot and raises a major red flag.  I'd really like to see this issue get more exposure in order to correct this bad business practice.

It appears bitbook is doing something similar with odds changes.  It's really a shame to see some of these bitcoin businesses trying to unknowingly squeeze extra money out of their customers rather than simply taking what is theirs for the honestly great service that they provide.

It's too bad that Coinbase is only for US

I registered and verified my account but then I noticed that the bank transfers are not supported for my country.

Should had read more attentively...

I'm starting to use coinbase too, it seems like a good company, something I can put my trust in, but life's a gamble. Some people say that their money was stolen and then are going to sue, while others say it's a good company. I would personally go for it, just like I'm doing right now. Best of luck to you.

I'm glad to hear that you were able to recover your money; that's the most important thing.

I've been reading news articles about various banks which are not allowing transactions intended for the purchase of BitCoins. Some banks have been sending the account holder a "first and final warning" against purchasing BitCoin with the threat of account closure; others supposedly flag the outgoing transactions to known BitCoin exchanges preventing the money from reaching the intended destination.

I'm not sure what's going on in your particular case but it sounds like CoinBases' attempt to process a bank withdrawal may have been flagged as suspicious by your bank rendering the transaction incomplete or high risk. CoinBase may never have received the money in the first place.

I can't just look at a single piece of evidence as the only fact and pass a personal judgement; especially when I've never had any similar issues of my own regarding the company.

Personally, the only thing I dislike about CoinBase is the identity verification questionnaire. I've yet to successfully verify my identity due to reasons unknown.

I really don't think this is the case... CoinBase uses an automated payment processor. If the withdrawal is approved, your coins have been purchased; if the withdrawal is flagged by your bank the funds will be held in a reserve account for an extended length of time before being released to CoinBase. It's not exactly like they just pick and choose who to allow to buy.

Chances are these "High-Risk" transactions are the result of the withdrawal being flagged as suspicious by your bank.

I'd agree with pungo on this one, bit wager, as in my case, I purchased Bitcoin at about $905 and, at the time of the transaction cancellation, it was down to about $750, but I received a full refund.  So in my case it worked out to my advantage that the transaction was cancelled, but of course, my intention was not to try to make a quick tiny profit but to purchase some bitcoin...;o)

I really enjoy coinbase's services. I have purchased over 50 BTC so far without a problem. I like their new instant coin service which helps me beat the ups and downs.