Coinbase problems - Took my money and gave me no coins! 10 days and counting

[matreciman]

I am having an issue with Coinbase and am looking for advice or help on the matter. Here is the situation:

On December 6th I purchased 4 bitcoins from Coinbase at $652. My account showed then and still shows I was to receive the BTC on December 12th around 8:10PM. I received the usual email stating the BTC has been deposited into my account right around 8:00PM on the 12th like I should. I went to check my account and there was no BTC in my account.

It is now the 16th and I still have not received my BTC and I have now missed out on the profits I could have had if the coins were released to me on time. That however is not my main concern. I have submitted numerous support tickets, sent them messages on Facebook and Twitter both. No response from any of their accounts. I am beyond frustrated and I find their lack of support on the issue simply unacceptable.

What do you guys suggest I do about this? Where do I begin to file a complaint against them so I can at least get my money back? Would that be the BBB? Is there any other method of communication that can be suggested that I may actually be able to get in contact with them?

I know there are others out there in the same situation. If so please post your experience also.

[Michael Robinson]

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

[karlmarxxx]

Have you already purchased btc before? They place a 30 day hold for your first order, campbx used to/still does the same thing. If you don't like it I would suggest writing your congress people and telling them the regulations are too much.

[DeathAndTaxes]

Have you already purchased btc before? They place a 30 day hold for your first order, campbx used to/still does the same thing. If you don't like it I would suggest writing your congress people and telling them the regulations are too much.

There is no "regulation from Congress" requiring a 30 days hold.

[EnderHf]

Well you should have read their terms of use before you tried to use them. They have a hold time on the first transaction on that site

[karlmarxxx]

AML/KYC regulations along with FINCEN guidence = companies doing this kinda stuff to protect themselves from being shutdown.

[matreciman]

Yes I have purchased from Coinbase before. My account shows the coins were released on the 12th and I received the usual email stating the coins were in my account. However they are not there.

[matreciman]

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

Your experience sounds like an unfortunate event, but had the stated time you would have the coins pass before this? I am not worried as much about lost profits as the fact they took $2600 out of my bank account, said they would give me 4 BTC on the 12th and its now the 16th and they won't respond to any support tickets.

[DeathAndTaxes]

AML/KYC regulations along with FINCEN guidence = companies doing this kinda stuff to protect themselves from being shutdown.

There is no AML/KYC regulation which requires a 30 day hold.   Companies doing this kinda stuff is companies doing this kinda of stuff.

[beetcoin]

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

[tclo]

Conbase has ripped me off so many times....I finally closed my account.  They have done the same to my friends as well.  

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct.   Their are crooks and thieves, end of story.

Stay away from CONbase.

[GoldWater]

Conbase has ripped me off so many times....I finally closed my account.  They have done the same to my friends as well.  

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct.   Their are crooks and thieves, end of story.

Stay away from CONbase.

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

Just like ALL other exchanges, the more you identify yourself, the more they trust you and reduce those wait times and limitations. You'll need to wait 30 days after completing a purchase, before you can instantly buy Bitcoin, not from when you create the account.

Any mistake that coinbase might make, they will absolutely fix on their own, but it's usually not a mistake, rather a lack in understanding of what to expect when using them.

I'm a fully verified and level 2 account holder at coinbase and understand their process thoroughly. I too, missed out on a lot of the early gains, but this is my own fault, not coinbase's. Once you're verified completely, you can buy 10 BTC INSTANLTY per week and sell 50 BTC per day- that's amazing...

To say they scam people is so funny, and ignorant....

[kjj]

30 days gives the owner of a stolen bank account time to notice the transaction and reverse it.  If it really is your account, you will not be able to claim hax on subsequent transactions.

[tclo]

Conbase has ripped me off so many times....I finally closed my account.  They have done the same to my friends as well.  

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct.   Their are crooks and thieves, end of story.

Stay away from CONbase.

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant,  I've been a fully verified customer on there for 5 months.   It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

[GoldWater]

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."


Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

[tclo]

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."


Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

You are getting closer...keep trying. I know it's not easy for you, but you can do it.

[matreciman]

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."


Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

Well in my case they have been holding my money a week and have not gave my money back or responded to my support claim.

And like was said, it's funny how you assume we are not verified users. I have been using Coinbase over 6 months now and had instant purchases until they decided debit cards weren't accept and only accept a visa credit card. I do not have a visa credit card or I would still have instant purchase. I decided to wait the 4 days as stated and if it had fallen to $200 in that time and they released my coins on time that would be on me not them. Now I just want my damn money back or the coins, I don't care what the current price is I just want what I am owed.

[beetcoin]

Conbase has ripped me off so many times....I finally closed my account.  They have done the same to my friends as well.  

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct.   Their are crooks and thieves, end of story.

Stay away from CONbase.

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant,  I've been a fully verified customer on there for 5 months.   It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

he didn't quote you, so he wasn't talking to you originally. no need to get belligerent.

[tclo]

Conbase has ripped me off so many times....I finally closed my account.  They have done the same to my friends as well.  

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct.   Their are crooks and thieves, end of story.

Stay away from CONbase.

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050.  By the time I actually got them the price had dropped to $500.  While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet.  Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished.  So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low.  Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase.  They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant,  I've been a fully verified customer on there for 5 months.   It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

he didn't quote you, so he wasn't talking to you originally. no need to get belligerent.

He did quote me...you pay attention just as well as he does. 

Anyway no big deal and just allows me to bump the thread and warn people about CONbase.  They will thank me later.

[matreciman]

It has now been 12 days since the purchase of my BTC and still no response from support.