Stay away from Coinbase

[Malooka]

I'm new to cryptocurrency but already have a bit of advice to others who are new:

Avoid Coinbase like the plague.

I jumped through their hoops last week with scans of a driver's license and utility bill, then verified my bank account Monday morning.

I immediately placed an order for .5 BTC, which cost $288.57 with fees.

Then I was told they had exceeded their buy order for the day, so I wouldn't get anything until Friday - and that I would receive the exchange rate Friday.

So I wait all week.  They withdrew my money on Wednesday, so I had no reason to believe the transaction wouldn't go through.

Until Friday morning, when they canceled, saying it was a "high risk transaction" and that I should "try again in a few weeks."

A "high risk transaction" - after they have scans of my utility bill and driver's license, and TOOK THE MONEY from my bank account?

"Try again in a few weeks" - why, so they have another chance to gamble with my money?

They blame the "high risk" label on a "robot" they claim to have no control over.

I don't believe that, and hope you won't either.  

Avoid these con artists.  I'm already out $100+ on this small transaction because they failed to deliver what they promised.

[almostmike]

I'm sorry you had to learn about Coinbase the hard way.

A lot of here have had the same thing happen and Coinbase support is no help. 

I used to recommend Coinbase to everyone; now I warn everyone about Coinbase.

[beetcoin]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

[Sindelar1938]

Localbitcoins is still probably the most idiot proof way to get btc

But also requires more motivation and coordination

[Malooka]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

I'm trying campbx.com this time around, will let you know how it goes.

[caminilegroup]

Right now I have some coin sitting in coinbase that I have mined and have gone through the verification process.

If coinbase is so bad what do you suggest for BTC to USD exchange?

Meeting someone is kinda out of the suggestion.

Michael

[jzcjca00]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

I'm in the U.S. and have had real good luck with CampBX.  Their user interface is slow and awkward, but they seem to be reliable.  I don't recommend leaving much coin or fiat at ANY exchange long term.

[monbux]

They don't gamble your money.
They are cheap assholes.  If you buy bitcoins when the price is low, then the price spikes up, they will not pay out the bitcoins, claiming it as a high risk transaction.  Coinbase is old news, they are the new MT.GOX.

[beetcoin]

Localbitcoins is still probably the most idiot proof way to get btc

But also requires more motivation and coordination

the rates there are ridiculous.. it seems like mostly exchangers looking to make a quick buck. people are wishy washy and don't respond to your inquiries too.

at least that's been my experience so far.

[clock27]

i always use virwox ya i know the fees are a little high but it always works when i need btc for myself no scam there

[samsam]

Thanks for the warning. 

[caminilegroup]

I transferred my coin out of coinbase. I will try campbx.

For me I would just like a way to sell the btc I mine. I use cryptsy for trading and that seems to work out pretty good so far.

Thanks,

Michael

[metaverse22]

This is one of the risks in BTC. This is downside if govt wont support and we have nowhere to go to complain any issues we have on BTC transactions. For now, posting and warning about the scam is the best way to counter those scammers. Thanks for the warning!

[geofflosophy]

Coinbase is dope, you just need to get to tier II verification. I've heard a lot of those high risk transaction stories for people's first transactions, but my personal experience has been nothing but positive, and since I have been tier II verified I can get up to 10 BTC instantly.

[fraggerboy]

I used coinbase once, only purchased .1 BTC for $40.73 USD though. 
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify. 

This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.

I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared.  I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.

As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.

[Georgio]

I use bitstamp.net. I am based in Europe and SEPA transfer to them cost only 5 euro and it is there for 3 working days. The same day the money was there I have bought Bitcoins and then withdraw them to my personal wallet. All went smoothly.

[beetcoin]

I used coinbase once, only purchased .1 BTC for $40.73 USD though. 
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify. 

This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.

I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared.  I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.

As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.

i just made an order.. it says the funds won't be cleared until dec 2 due to the thanksgiving weekend... that's a whopping that's over a week that i'm going to have to wait (4 business days total).

meanwhile, if the prices for BTC drop, i'm sure they'd be happy to "honor" the price i paid.. but if it goes to mars? maybe they'll just cancel it by saying "sorry, we had issues with your bank."

i need to find a better way.

[don4of4]

I think the biggest problem with most of the exchanges for BTC is the lack of professional support.

For BTC to be a legitimate fiat alternative there needs to be reputable and responsible intermediary organizations.

In the same vein there needs to be more community validation of said intermediaries to protect the public from fraud.

[LiquidBit]

I'm new to cryptocurrency but already have a bit of advice to others who are new:

Avoid Coinbase like the plague.

Thanks. I see their ads popping up everywhere.

[npudar]

Well, after I jumped through all their hoops, I have had no issues with my transactions.  I didn't care for the waiting process, and I missed out on the post crash prices in October.  And I wish the support was more timely.  (Although, all my emails were answered, sometimes with such a delay that I had forgotten I asked the original question.)

They are a startup and they are being careful and learning a lot in the process.  I will be patient, since I am confident the serious VC money they have will insist on solid operations.