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[kolev]

2 days after ordering some BTC from Coinbase, I just got the following e-mail:

************************

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 you will receive a refund to your bank account in 3-4 business days.

Please understand that we do this to keep the community safe and avoid fraudulent transactions. Apologies if you are one of the good users who gets caught up in this preventative measure - we don't get it right 100% of the time, but we need to be cautious when it comes to preventing fraud.

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

Kind regards,
The Coinbase Team

*************************

They give no explanation of what they mean by "high risk." In any case, it seems a bit fraudulent to pick and choose which orders to fulfill and I wonder if it would have seemed so risky had the price fallen to $500 instead of rising a bit from when I made the purchase. I can only blame myself for trying to buy from Coinbase when I had heard of them pulling this crap before. I guess it's back to CampBX.

Greedy bastards! I can't wait for Circle to launch and take those clowns out of business. I've had horrible experience even though I'm level 2 verified!

[instructor2121]

You should contact customer service and speak to someone...

[kolev]

You should contact customer service and speak to someone...

Why? They've already sold his coins at a huge margin.

[baller1]

That's BS right there.. Let us know if you follow up with their customer service.

[instructor2121]

Just trying to help...I would contact customer service and talk to them about what happened... Same thing happened to me, been very smooth since then..

[Lucky Cris]

This is common knowledge that Coinbase does this. It's a technique they use to cheat you basically. I stopped using them for this purpose. They got me for several thousand dollars - and others too. Just do a search on the forum for Coinbase; you'll see all the threads about this same thing.

[bjalbert]

Coinbase is pretty reputable especially since they do all overstock orders. I am sure they are not trying to screw you. I have had no problems with them and customer service should fix it.

- Are you sure your bank account didn't flag it?

[TrailingComet]

Good feedback tho find it hard to believe that they are scamsters

[ProofOfBurn]

Not to defend coinbase too much. But, I ended up on the lucky side of the equation with them. I tried to buy BTC at over 900 and they returned the money a few days later as BTC fell. Then I tried buying more in the 800 range and once again they denied my trade only a few days later and returned the money after BTC fell. I continued more verification and finally as BTC fell to the 700's I was able to buy with Coinbase. Since that time they have not denied my transactions to buy BTC. See below for exact numbers.

One thing I notice is that sometimes right before I buy from coinbase the price will change. Sometimes it increases and sometimes it decreases. If it was only increasing I would be worried.

Here are the dates and prices for my early orders that were canceled after a few days and then finally completed.


Buy    xxx BTC        760.76 USD    Completed    Feb 6, 2014
Buy    xxx BTC         840.63 USD    Canceled    Jan 12, 2014
Buy    xxx BTC        845.24 USD    Canceled    Jan 10, 2014
Buy    xxx BTC        929.86 USD    Canceled    Jan 6, 2014

EDITED above to include more details.

[CrashX]

If you in the US sue them?

I use Coinbase, hoping they do that to me, I would sue them so fast, that they wont know what happened.

[serje]

If you are in US try this
https://coin.mx/

you can pay with debit card or credit card


P.S. If you talk to Amy from customer support tell her I've sent you there and that I'm waiting for her to contact me!