Crooked Coinbase

[clipcoins]

Has anyone had as many consistently bad experiences with Coinbase as I have?   They really do some underhanded and sneaked and crooked things, and they do it repeatedly to their customers.

The biggest one is if you ever get an especially good price on BTC when it drops quickly and rebounds, they will almost certainly cancel your order.  You will get an email that says..

"Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any bitcoins on high risk transactions, and your bank account will not be charged.....

You may have more luck trying again in a few weeks. Best of luck and thank you for trying Coinbase."

Of course the next day when the price is higher, it works just fine.  This has happened to me several times and always at a low price.

At least they cancel my orders quickly but one of my friends got an order filled at $169 last week and they took the money out of his bank account, held it for 5 days, and THEN said they were canceling it because it was "high risk" ...and would return the money 3 days later.

Wow..just wow.

I could go into more examples, but I will let others chime in and contribute. It's too bad that Conbase is one of the few options we have in the USA because it is a very crooked one..

[Magazine]

Lots of bad experiences about CoinBase at the moment.

[virginiallorca]

Yeah... CON BASE is exactly what I'd call them!! You hit the nail on the head.

Conbase is a bunch of crooks!

I jumped through all their hoops with name, address, bank account verification, credit card verification and even waited 30 days to get to Level 2.

And twice now I've bought bitcoins at a decent price and had to wait 6 BUSINESS days to get my coins and then 8 MINUTES before they are supposed to be deposited into my account, I get a notification that the transaction was considered "high risk" with their "high risk" form letter. You can only buy through a bank account with them, so all the transactions are high risk! So they canceled my transaction after waiting 6 days and now it says it will take 3-4 BUSINESS days to get my money back!! Seriously? They've had my money for over 10 days now and I haven't received neither bitcoins, nor cash back.

Oh, btw, I bought  btc at like 140 and on the day they were supposed to credit my account, btc was up to 185. So, because I would have made a decent profit, they f***ked me.

This has happened twice already. Each time it has been because I bought at a good rate and by the time the coins were supposed to be in my account, the price had gone up more than a few dollars.

I am telling everyone that I trade with not to get near Conbase. They deserve every cent of bad karma that they get.

[balanghai]

come on guys, when will we start organizing local communities and deal with localbitcoins to avoid centralized freaks.

[chondrite]

Stop using coinbase as an exchange, its not one.   

[virginiallorca]

I already buy and sell through Local bitcoins as much as I can, but I can't always get what I need, so that's why I was using Conbase.

If you have some other suggestions for fast purchasing, I'm all ears.

[accord01]

the whole high risk transaction thing isn't an intricate system with algorithms that detects fraud. "oh we can't disclose how it works" blah blah blah.  If they disclosed how it works, they'd have to leave the country ASAP.  

it's common sense; you don't gain extra info when the money clears in your account.  All the info has already been given to coinbase so they can very well deny the transaction BEFORE it is even initiated.

the whole high risk transaction thing is a VERY intricate system of defrauding customers and getting away with it.  They even refund some people, and some ppl they tell you too bad.  They're not an exchange, they're more like a firm, that uses customers money as their insurance policy on their bad trades.

[HappyScamp]

Had trouble with them in the spring.  I contacted the attorney general of the state of California.  A couple weeks later I got a check in the mail.
Go here: http://oag.ca.gov/consumers

Be civil.  State your facts.  Get satisfaction.

[accord01]

Had trouble with them in the spring.  I contacted the attorney general of the state of California.  A couple weeks later I got a check in the mail.
Go here: http://oag.ca.gov/consumers

Be civil.  State your facts.  Get satisfaction.

what did u put down for the company... they don't have a phone number or address