Stay away from Coinbase

[ademonc]

I have been using coinbase since about april for both buying and selling and aside from the 4 day wait period to buy i have never had any issues. Its annoying yes. But its the most reliable way for me to buy at the moment local bitcoins in my area is just insane people want to charge ridiculous fees.

[nahtnam]

I have recently created an account with Coinbase and have had no problems so far.  Not sure if anyone has mentioned it in this thread yet but an employee of Coinbase posted on reddit the other day that they are really swamped with all the new accounts created in the last few weeks and are working hard to get caught up.

What is the username of the employee?

[FoolishSleuth]

Thanks for the warning. All Bitcoin trading noobs should heed the advice. They'll probably just Google search and find them, not knowing what they're getting into.
One should always research well ahead of completing any transaction online.

[nahtnam]

Thanks for the warning. All Bitcoin trading noobs should heed the advice. They'll probably just Google search and find them, not knowing what they're getting into.
One should always research well ahead of completing any transaction online.

Coinbase is a legit company. If you had read this thread, you would have known that this issue got fully resolved.

[STEPPAH]

Hi
I have a small portion of bitcoins in my Coinbase.
the problem is that I don't have an American bank account and I'm not even American.
I'd like either to withdraw or transfer that little amount to BTC-e or into the bitcoin wallet from there.
Are these two options possible by any chance?
Thanks for your help

[ldh37]

Hi
I have a small portion of bitcoins in my Coinbase.
the problem is that I don't have an American bank account and I'm not even American.
I'd like either to withdraw or transfer that little amount to BTC-e or into the bitcoin wallet from there.
Are these two options possible by any chance?
Thanks for your help

You can send your BTC to your BTC-e or local wallet address from the "Send/Receive" page on Coinbase.  Just choose "Send" and provide the wallet address you want to send the BTC to.

[STEPPAH]

Thanks ldh37
Very kind of you.
Regards

[Perspicacity]

I felt I needed to add my .02btc to this topic, and relate my experience with Coinbase.

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.

I've read lot of excuses for the lousy service by some Coinbase apologists here, but really, I'm a customer, Coinbase is (ostensibly) performing a paid service, so if their performance is this crappy, maybe they should find something else to (not) sell.

[Kaligulax]

i didnt know that. Thanks for info...

[bitsport]

I was researching for several weeks and watching this thread go back and forth on Coinbase recommendations, and the really odd transaction delays (why not use same day wires instead of ACH to cure the reversibility issue?). I appreciate the postings on both sides. 

I decided to use Bitstamp instead. The verification process took four days and the international wire took only 24 hours even though they said to expect 4-5 days. Less than a week in all.  I've been buying BTC (instantly) through the Bitstamp exchange ever since, which has been great during this dip in BTC value.

Thank you again.

[raguilo]

Following advice from a financial newsletter, I decided to open an account with Coinbase. I listed, and verified, one of my credit cards as a back-up source for transactions funding. I also provided banking information, but didn't verify the account, because the verify transactions hadn't posted yet. Lucky me they weren't. After the credit card was verified, someone went on a shopping spree using that account. ALL transaction were done in CA. I live in NY. I was contacted by the credit card company, and I was were able to stop this. I'm convinced someone at Coinbase IS responsible for this.  STAY AWAY as far as you can.

[odolvlobo]

Following advice from a financial newsletter, I decided to open an account with Coinbase. I listed, and verified, one of my credit cards as a back-up source for transactions funding. I also provided banking information, but didn't verify the account, because the verify transactions hadn't posted yet. Lucky me they weren't. After the credit card was verified, someone went on a shopping spree using that account. ALL transaction were done in CA. I live in NY. I was contacted by the credit card company, and I was were able to stop this. I'm convinced someone at Coinbase IS responsible for this.  STAY AWAY as far as you can.

It's not clear which account was hacked. Did they use your bank account, your credit card, or your coinbase account?

[Tumn1s]

I use coinbase all the time and it works great. It took a while for my account to verify but since then I've had no problems.

[Bluebark]

On Sunday I put in a .3BTC order in their system, Bank transfer finished completed yesterday. Bitcoin transfer is in pending state and scheduled to be completed on Monday. I bought at $644 and they are now at $735...so we shall see.

[skivrmt]

I use coinbase all the time and it works great. It took a while for my account to verify but since then I've had no problems.

I agree with the above.  I have my main bitcoin account at Coinbase and have had zero problems with it, EVER.  I can buy and sell up to 10 bitcoins instantly with no waiting (you have to make a purchase then wait 30 days, no biggie).  I also have accounts at other sites (I'm a finance guy and like diversification because you never know) and have no problems with them either, just have to deal with wire fees and foreign banks (as a US citizen).

[Perspicacity]

Just an update with my fiasco...I never did hear anything back from Coinbase regarding my situation, so today I started opening dozens of cases, actually over 100, just to see if anyone would respond, and what do you know, someone calling himself Rees finally responds and asks me to stop opening all those cases.  Again, to all you Coinbase apologists, don't you think it's pretty dern ridiculous that I had to resort to such a juvenile move as flooding them with cases just to get a friggin' response??  If you were in my position at this point, wouldn't you be forced to conclude that Coinbase sucks?

[heartthew]

Coinbase is US based and US Venture backed company.   Their investors want them to go public or get bought out at some point.  They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase.   Faster processing times, less transaction fees, Non-US, No venture funding etc.    Idea would be this would be a platform built by people in the community for the community to use.   Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

Good point.

Yep! Their office is about an hour away from my home so if they mess up, ill literally barge into their office.

^  THAT ^


Is awesome.

I have had no trouble with them, not when compared with Cryptsy, Coins-E, CHICOIN, and all the other shady shiite out there.

That being said, they are pretty loose with your time before you hit Tier II...

[cryptomatt]

If they say they have reached their buy limit, you should wait until they get more coins to buy from them.  Otherwise they will take the money out of your account and give you the market price as of the date they give you.  Coinbase is not an "exchange" it's more of a wallet service.  I use coinbase all the time and so do my friends and it is fine.  It's not a "scam".  If you need a question answered it's best to post in the coinbase Q/A on their site or on the reddit page.  Emailing them directly is pretty inefficient.  It takes forever to get an answer. 

[cwalkk]

I haven't had any problems with coinbase. All I had to do was put it bank info order some btc then in 4 days they credited it to my account. Why do some people have to go through all those hoops? I'm just curious.

[m1stY]

Hi,  id like to start investing in bitcoins.  What exchange is best?  I'm hoping this will someday pay for my tuition fees!