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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.
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.
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
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