It seems like Coinbase is the right choice and their website looks simple. Is it a real exchange though? It markets itself as an online wallet. I have heard of people getting their order cancelled and such due to "fraud detection". What can I do to prevent this?
What about bank accounts? I have heard of people having their bank accounts frozen/cancelled after a big payment came through. Should I use my current Bank of America account? I really don't want that locked down or cancelled. Should I get a new bank account just for this? That way if it gets locked down for a month or two I will still be able to pay my bills.
I've tried to figure out what might cause the fraud detection on orders just out of academic interest but have been unable to make any real inferences. Naturally the details are generally lite from those who have made complaints.
For my part, I set up a different checking account which is associated with my main one at my bank. This was free in my case. This allows me to easily and quickly transfer funds out to my primary accounts so as to keep only a minimum balance for what I need. I think it unlikely that Coinbase would exploit my bank account, but there is no reason not to be safe about things.
I do have some concern that WF would just shut me down completely due to some new policy or some such. I have a good relationship with my personal banker and we've chatted extensively about Bitcoin and other things, so if I do get flagged somehow I would expect her to deal with the situation and generally let me know though I don't actually understand how internal banking policies tend to work. She may or may not be in the loop on such things. I would not expect that if my accounts got shut down WF would keep my money. If they do shut me down and give me my cash, I'll turn around and put it in my safe deposit box at a different bank.
You speak as though you are dealing with fair amounts of money so I would expect that you can get decent service from mainstream financial institutions if you wish. Unless you have philosophical difference or fraudulent/criminal concerns which preclude it.
