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Author Topic: Coinbase - it takes a week to purchase 1 BTC  (Read 3361 times)
pbody
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December 14, 2013, 08:28:55 PM
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Is it normal for Coinbase to take a week to fund my account 1 BTC? I purchased last Sun. They already received the funds from my bank account.

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Michael Robinson
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December 14, 2013, 08:35:42 PM
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Yes, this is standard.

I got burned really bad by Coinbase, I ordered my Bitcoin a couple days before the China announcement, and then they withdraw the funds literally HOURS before the announcement hit.  So all I could do is watch the value of Bitcoins plummet, while they had my money and I didn't have any bitcoins.  *so couldn't sell to mitigate my losses* Then when it hit $500 and started bouncing back, I tried to buy more while the price was low, and they wouldn't let me because my previous transaction hadn't finished yet.  *despite them taking the money out of my bank account days earlier*  So not only did I miss a chance to sell after the announcement *and buy coins a few days later at a lower price therefore doubling the amount of coins I had*, I couldn't even buy coins later at the lower price with a new transaction.  Then when I finally was able to buy coins again *by this point they were up to $850 again*, they cancelled my second transaction due to "High Risk" two days after they had already taken the money out of my bank account.  *facepalm*

So far my decision to use Coinbase has cost me $4,000 in losses *which will only grow higher if Bitcoin rises in value*, I hesitate to recommend them to anybody.  

guybrushthreepwood
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December 14, 2013, 08:37:37 PM
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Is it normal for Coinbase to take a week to fund my account 1 BTC? I purchased last Sun. They already received the funds from my bank account.

Welcome to the world of exchanges. It's far easier to just try find somebody reputable on here to sell you coins. Just also use a reputable escrow.
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December 14, 2013, 08:41:29 PM
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Also, last night I tried transferring 10btc from my Coinbase to my Blockchain wallet, and nothing has showed up over 16hrs later. Its out of my coinbase but not in my blockchain. I saw a couple faqs saying coinbase can sometimes have "its nodes out of sync when sending" and can take up to 24hrs, then the btc can show back up in your coinbase wallet, so hopefully that's the case and they didn't lose them....
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December 14, 2013, 08:44:30 PM
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Is it normal for Coinbase to take a week to fund my account 1 BTC? I purchased last Sun. They already received the funds from my bank account.

Hi pbody,

I am a memer of cb since late last month with a bunch of transactions under my belt with them.
I have Not seen a wk but all of my transactions have been 4 business days. M-F only. Why so long? No idea but it doesn't make since you've given them routing and account number and every other company that I deal with that has those two for direct deposit happens instantly or within a max of one day. It sucks, I've missed out on lots of money waiting to buy/sell.

You will see the withdrawl from your account within a day or so and then you will receive an email a couple days after verifying the transaction is complete and your btc are in your account.

They are the only US site that direct links to your account but they have no features such as "Trade-X" amount or Advanced Execution options.

Camp BX has these options but no direct link to account for withdrawl from account for btc, only deposit of funds after btc is sold.
It looks like they are in the beta for ACH to site account.

Hope this helps.
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December 14, 2013, 08:46:04 PM
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Also, last night I tried transferring 10btc from my Coinbase to my Blockchain wallet, and nothing has showed up over 16hrs later. Its out of my coinbase but not in my blockchain. I saw a couple faqs saying coinbase can sometimes have "its nodes out of sync when sending" and can take up to 24hrs, then the btc can show back up in your coinbase wallet, so hopefully that's the case and they didn't lose them....

Not happy to read this.

I was about to send my btc to another account.

Please let us know what happens.
reikokuko
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December 14, 2013, 08:47:59 PM
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They do say that it will take 4-5 business days for the BTC to arrive on their website.  Also, if you hook up a credit card as a backup method to your account, you can get supposedly get the BTC right away.
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December 14, 2013, 08:48:15 PM
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For some reason, I thought that I read that if you link a credit card as well, that transfers are instant (or at least fairly quick?). I may be making that up in my head and don't have access to their site at the moment, but might want to check the FAQ or something over there.

Send me your Bitcoin and I will make sure to HODL it safe for you!
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December 14, 2013, 08:52:45 PM
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They do say that it will take 4-5 business days for the BTC to arrive on their website.  Also, if you hook up a credit card as a backup method to your account, you can get supposedly get the BTC right away.

yes, this is true. I have completed this and it's been way over a wk and still pending.
I think the "Instant transaction" is only on buy. It says nothing about selling. I've emailed them but still haven't received a reply.
I was also shorted on a purchase, still waiting on a reply to that email as well.

I appreciate the site but it needs to catch up to some of the other. If they did that they would have the US market... until Camp BX implements ACH to site, then Camp BX would be top because of the extra features.

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December 14, 2013, 08:55:58 PM
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You have a fully verified account (bank and credit card)?  I just got my account fully verified, but haven't bought/sold anything yet to confirm if it's really instant.  If it's taking a week to sell, do you at least get locked in at the price you sold it at?
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December 14, 2013, 09:06:45 PM
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Sounds like Coinbase is doing to BTC what the banks did for fiat ... not sure exactly what their business model is beyond playing nice with USA's facist money regulators?

Btw their payment pop-up is buggy and has non-intuitive behaviours ... so that's all I really needed to know (they don't do s/ware well but they can please the moneychanger regulators? uh-huh ... )

outofservice
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December 14, 2013, 09:07:33 PM
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You have a fully verified account (bank and credit card)?  I just got my account fully verified, but haven't bought/sold anything yet to confirm if it's really instant.  If it's taking a week to sell, do you at least get locked in at the price you sold it at?

Buying or selling you are locked in once you hit the Buy/Sell button and then the Confirmation button in the pop up window. However, earlier today I went on to purchase and there was a msg that said they have run out and if you purchased coin you would be put in for the rate on the 20th.
I just went back on and that msg is gone and it's business as usual.

Yes, bank, credit card and Identity.
The accont and bank account verification takes a few days for the normal buy/sell account. For the "upgraded" account to purchase 50btc a day with instant access.... I don't know, I'm still waiting. I'm impatient by nature so I say it's taking to long. I'm not positive but I think it was the 27th of Nov that I completed everything neccessary for the upgraded account. It's been a while
pbody
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December 14, 2013, 11:24:53 PM
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They do say that it will take 4-5 business days for the BTC to arrive on their website.  Also, if you hook up a credit card as a backup method to your account, you can get supposedly get the BTC right away.

They have a credit card from me, I'm still waiting after 7 days. They already pulled the money out of my checking (no delay there!). They did this in 4 days (like they say) and I am waiting for the btc to arrive in my wallet. Emailed them and received an automated return message.

Buy details says buy is 'complete'. At the bottom in history it says purchase completed on the 11th, and Coinbase account listed as 'pending'? So its a delay on there end.

I dont understand how they could take money and not give me what I paid for immediately. They were good with pulling the money out of my account! Its a total scam. So far they have lied to me and have been holding my money for three days now. What are they doing with it? We are not dealing with snail mail here.

I'm less than a half mile from the office. I'm temped to knock on the door and ask them wtf is up.

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December 14, 2013, 11:42:43 PM
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Except for the total scam part i agree with the rest.

If i lived a half mile away i would have already been there!

Let me know what happens if u go
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December 15, 2013, 01:59:40 AM
 #15

Yes, this is standard.

I got burned really bad by Coinbase, I ordered my Bitcoin a couple days before the China announcement, and then they withdraw the funds literally HOURS before the announcement hit.  So all I could do is watch the value of Bitcoins plummet, while they had my money and I didn't have any bitcoins.  *so couldn't sell to mitigate my losses* Then when it hit $500 and started bouncing back, I tried to buy more while the price was low, and they wouldn't let me because my previous transaction hadn't finished yet.  *despite them taking the money out of my bank account days earlier*  So not only did I miss a chance to sell after the announcement *and buy coins a few days later at a lower price therefore doubling the amount of coins I had*, I couldn't even buy coins later at the lower price with a new transaction.  Then when I finally was able to buy coins again *by this point they were up to $850 again*, they cancelled my second transaction due to "High Risk" two days after they had already taken the money out of my bank account.  *facepalm*

So far my decision to use Coinbase has cost me $4,000 in losses *which will only grow higher if Bitcoin rises in value*, I hesitate to recommend them to anybody.  



Michael,

Sorry to hear this, I have also experienced something similar to this. Not the "High Risk" deal though, if that had happened that's where I would have lost my shit for good and last bit of patience and a total movement of all btc to another wallet would have happened. I've missed out on to many opportunities to buy low, sell high and build my qty of coin.
Highly Frustrating!

I've been looking into CampBX.com and "I think" (not 100% sure, yet) that your available funds stay in your account online for immediate use. Would be a Happy Boy if this was the case, I'd be able to trade like I want to. $$$
Sent them an email to confirm this, will post the reply once I get it.
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December 15, 2013, 09:44:49 PM
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Also, last night I tried transferring 10btc from my Coinbase to my Blockchain wallet, and nothing has showed up over 16hrs later. Its out of my coinbase but not in my blockchain. I saw a couple faqs saying coinbase can sometimes have "its nodes out of sync when sending" and can take up to 24hrs, then the btc can show back up in your coinbase wallet, so hopefully that's the case and they didn't lose them....

Not happy to read this.

I was about to send my btc to another account.

Please let us know what happens.

Received the btc transfer about 35hrs after.. Undecided
outofservice
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December 15, 2013, 11:23:28 PM
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Also, last night I tried transferring 10btc from my Coinbase to my Blockchain wallet, and nothing has showed up over 16hrs later. Its out of my coinbase but not in my blockchain. I saw a couple faqs saying coinbase can sometimes have "its nodes out of sync when sending" and can take up to 24hrs, then the btc can show back up in your coinbase wallet, so hopefully that's the case and they didn't lose them....

Not happy to read this.

I was about to send my btc to another account.

Please let us know what happens.

Received the btc transfer about 35hrs after.. Undecided

Good, glad you got it. Better late than never, although 35hrs is confusing as to why it took so long.

I plan to move some from coinbase to camp bx, will let all know how long it takes.
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December 16, 2013, 04:42:08 AM
 #18

Also, last night I tried transferring 10btc from my Coinbase to my Blockchain wallet, and nothing has showed up over 16hrs later. Its out of my coinbase but not in my blockchain. I saw a couple faqs saying coinbase can sometimes have "its nodes out of sync when sending" and can take up to 24hrs, then the btc can show back up in your coinbase wallet, so hopefully that's the case and they didn't lose them....

Not happy to read this.

I was about to send my btc to another account.

Please let us know what happens.

Received the btc transfer about 35hrs after.. Undecided

Good, glad you got it. Better late than never, although 35hrs is confusing as to why it took so long.

I plan to move some from coinbase to camp bx, will let all know how long it takes.

Did a little transfer test today to see how long it would take from coinbase to camp bx, btc transfered within an hr.
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