Bitcoin Forum

Folks, I am so fed up with coinbase and their business practice of treating customers.. Is not there any government regulation that these people should telephone customer support in times of dire need when we are dealing with our trades getting cancelled after 2 days and not being able to sell etc?  Even if you put a large order with any brokerage you get all the phone support you want for $10 in commission.

I believe, there should be a movement to enforce all these web companies to provide phone support to customers if they are dealing with our money.. It is too bad that these guys are hiding behind a website and treating all the customers in utterly careless manner.

After your ACH goes out of your bank they take a cool 3 to 4 days before making it available to you.. Are they doing any arbitraging here?
Who knows how much illegal their activities could be..

When  I bought the bitcoins at a lower price and they confirmed in pending state, it took them 3 days to come back and tell me it was cancelled.. I am helpless here because no human being to talk to them.. Support Email takes 3 to 4 days to respond for them with the typical cookie cutter answer of their algorithm and risk management.

Looks like their algorithm does not care about your 2 factor authentication and identity verification even.

With about 2 million users and doing critical financial transactions, they are taking their customers for a real ride.

Wow, no phone support, they do not have any money to do that.. Too much venture capital pouring in there to fill the CEO's wallet.. And of course too much commission as well on your bitcoin purchases.. A heft 1% commission on all buys.. A $50,000 order bags them a $500 commission.. Compare that to a 10$ commission for a million dollar stock purchase on a regular stock brokerage!

Also take a look at Coinbase's spreads.. They were at one point doing buybacks at 385 and selling at 393 and adding a 1% commission on top of that when the Bitstamp price was at 389.. May be a reason as to why they do not provide limit orders also. Are these guys just playing with our money and highly marking up the transactions on both sides and making huge profits?

I thought bitcoin was easy to buy, easy to sell, cheap to transfer and comes with very low transaction costs. This looks totally opposite of all that - they way Coinbase is playing their game out.

This is beginning to make me really feel sick.. and may be not their employees or the CEO.

What is the point of all their huge venture funding and publicity if they do not keep your customers happy.

Circle.com at lease provides their phone number and are not hiding behind a website and email, which these guys are not. I am more happy with them and rather do more business with them than with these immoral and callous types who answer your support emails after a cool 5 days.

Do you also see how their system cancels your transactions and completely wipes it out and not show you any cancellation log in the system? Which financial system would do this kind of hide and seek and not provide a proper transaction log?.. Either poor programming or product management or is it a cover for them?

Does this all cry out loud for a class action?

Let the customer's voice be heard.. Any legal experts here have any opinions?

I'm not a legal expert, but it seems to me that filing a class action lawsuit against a company for poor customer support is a little ridiculous.

Just register them with the Better Business Bureau (http://www.bbb.org/)

More than poor customer service it is mismanagement of your finances and lack of timely reporting and causing damage to your investments.

I've been pretty satisfied with coinbase over all.  Your complaint is hard to narrow down - is the problem that your orders are getting cancelled?  If circle doesn't do that, why not just use circle?

I just wish my money from selling bitcoins would arrive in my bank acount faster then about 5 days.

Have you tried using the chat on their website?   Its live, and someone always responds immediately.

-B-

BBB is a joke.  

Coinbase has blocked my account from buying and no longer answers my customer service shit either.

Everyone company that gets large turns to total shit.  Coinbase used to be great in the 50btc instant days!


They can't discuss accounts (lol)

I've had great success with coinbase, and their chat service is always available. Someone pops on there in seconds anytime I've started a chat.

If you want, try circle.com because they offer (limited) phone support. If that's what you're really after, it may be your best bet for right now.

His claim is a little ridiculous.

He complains that it takes too long for a purchase to be available in your coinbase account even though the money is taken from his account in only a day or two. What he likely does not realize is that money will not necessarily be in their bank account that same day nor would it be a guarantee that the transaction will not be later reversed, and waiting a few extra days will reduce the risk of a reversal.

He complains about the lack of phone support, however he fails to realize that communicating only via email (or other written methods) will actually increase accountability for them as everything will be in writing so it would be very difficult to dispute what exactly was said and when it was said.

He does not see to understand how their pricing works as far as their commission is concerned. The spread is generally 1% however it may be more or less based on their supply and demand for their bitcoin.

He does not seem to understand that they must take the fact that it is not a guarantee he is actually the person he is claiming to be even after "verifying" his identity

I guess their sheer scale is starting to cause services to fray at the seams. I would not wish to impute unethical intentions at this point. Seems to me the btc world consists of CB haters and fanboys and nothing in between.

99% of the time, ACH issues are due to the bank the request is made from. Many like to park on the float for a couple of days before they transmit the money. Doubt that is a CoinBase issue.

Coinbase won't get you the best execution price but it is important to note that you get real fiat - redeemable through the US banking system - not a ledger entry on some Russian server.

If there is an injury then there is a cause for action, especially if the response or lack thereof by Circle adds to the injury.

You are just one of the victims in this forum, there are mant people post to complain about coinbase.

btw: coinbase is always put the crisis which Caused by price fluctuations to pass customers  >:(

I feel your pain.  As I wrote in another thread, the other day they cancelled my small order to buy (1 BTC) after initially withdrawing money from my US bank, as "too risky", even though I complied with all their terms, it was a US bank they withdrew from, I had two-factor authentication and the price of BTC actually fell, so the trade was even more profitable for Coinbase.  No excuse for this behavior.  

Avoid Coinbase.com, they are very erratic.  I am based outside the USA but I used a US proxy server so they did not know that.

But the price of BTC has been very STEADY lately, and even FALLING, so why doesn't Coinbase.com trade?  I think they have internal issues caused by compliance with FinCen.  They are afraid to deal with anybody except regular repeat business.  Any new customer or any large transaction is treated with suspicion.  Either that, or they have other problems we are not yet aware of. 

Coinbase is big, but the bigger they are, the harder they fall.  I will now use bitstamp, where I also have an account.