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Author Topic: Coinbase says my $.28 BTC buy is high risk..  (Read 2845 times)
minilolz
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February 19, 2014, 10:48:59 PM
 #1

After successfully getting level 1 verification on my Coinbase account I attempted to test the platform out and buy a small amount of BTC. I submitted a purchase of 0.0002 BTC for $0.28 USD yesterday.

Today I receive an email stating:
On Feb 17, 2014 you purchased 0.0002 BTC via bank transfer for $0.28.
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.


I immediately opened a support case to find out why my BTC purchase was denied.

Feb 19, 2014 06:34AM
XXXXXXXXXX

Hello, why was my purchase of 0.0002 BTC for $0.28 USD canceled? $0.28 doesn't even buy a stamp to send a letter in the mail, how can this be viewed as high risk?
I have validated my account and provided as much information as I can, what else do I need to do to make sure this doesn't happen again?

Thank you,
XXXXXXXXXX


Coinbase Response:

FEB 19, 2014  |  01:36PM PST
Seth replied:
Because your account is considered high risk you are, unfortunately, unable to purchase Bitcoin. However, all other Coinbase features are available to you such as the wallet and selling Bitcoin. Hope that helps!


No Seth, that doesn't help! What good is Coinbase to me if I can't purchase any Bitcoins to put in the wallet that you'll allow me to use Huh

I replied:

Feb 19, 2014 02:16PM
XXXXXXXXXX
Hello Seth, could you give me a better explanation as to why my account is high risk? I have proven my identity and gone through all of your AML processes. What do I need to do to correct this?


Final response back from Seth at Coinbase:

Feb 19, 2014 02:19PM
Seth
I cannot. The algorithms used to determine risk levels are unknown to me. I'm afraid there is nothing you can do to correct this. Sorry to disappoint.


There you have it, Coinbase support can't tell me why I was blocked and apparently is powerless to help fix the situation.

Can anyone recommend a low-fee US friendly exchange?  I've tried bitstamp but my bank (ALLY) wont send wires to Slovenia or wherever they are located, and I have the same problem with BTC-E. 

Thanks!
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Jared C
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February 19, 2014, 10:55:55 PM
 #2

Try buying more than one dollar worth and maybe your order will be filled...

Meanwhile there is always Localbitcoins.com

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February 19, 2014, 10:57:12 PM
 #3

How is OKPay in the US?

OKPay -> BTC-e is not terrible.

And there is OKPay -> Gox of course. Wink
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February 19, 2014, 11:01:15 PM
 #4

I've got Gox coins lying in wait, hopefully they'll get to see the light of day again. 

The issue I have with localbitcoins.com is that the price seems so out of line with the rest of the main exchanges (Stamp, BTC-e, Huobi, and even Coinbase).

If only someone would invent a Bitcoin ATM with low fees....
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February 19, 2014, 11:03:17 PM
 #5

Why would you buy for 28 cents?


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ChuckBuck
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February 19, 2014, 11:05:10 PM
 #6

Why would you only buy 28 cents worth of Bitcoin?  I've used both Coinbase and LocalBitcoins and always purchased in the $100s.

I mean not trying to put the OP down, but what is the point really?  Fees on Coinbase is only like 1%, if you can't afford that then maybe don't invest in Bitcoins.  LocalBitcoins you'll be hard pressed to find a seller at a decent price, but if you do, make sure they have a good trust and multiple transaction rating.

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minilolz
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February 19, 2014, 11:07:15 PM
 #7

I wanted to make sure all accounts were linked and that I could freely purchase larger sums of BTC when I wanted to.  It's a good thing I did test because had I wanted to buy a large amount I wouldn't have been able to.
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February 19, 2014, 11:09:13 PM
 #8

Do they have a minimum buying amount I sure I read that somewhere.
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February 19, 2014, 11:09:55 PM
 #9

This is a problem between your bank and CoinBase. It's not so much about you as it is with certain banks flagging any transaction to CoinBase...

Switch your bank with one who is friendly with BitCoin and your account won't be high risk.

The "High Risk" is an indication that your bank flagged the withdrawal.

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February 19, 2014, 11:10:33 PM
 #10

If you are from US check this site https://coin.mx/ and let me know how fast KYC/AML processes take!

I've registered there buy the site isn't open for international buyers!

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February 19, 2014, 11:28:30 PM
 #11

Do they have a minimum buying amount I sure I read that somewhere.

Ten cents USD:

http://support.coinbase.com/customer/portal/articles/1404398-what-is-the-minimum-amount-of-bitcoin-that-i-can-purchase-

Looks like OP's bank rejected the transaction somehow.

I personally had zero issues with Coinbase, and personally think it's the easiest way to acquire larger amounts of Bitcoins.  

LocalBitcoins is a mixed bag for my experience.  I've had to message the seller, he'd get back to me in like 5 hours, I'd cancel the trade, then he'd text me back it's on again, then we'd have to meet in a public area 2 hours later, then he made me wait in the building lobby for another 1 hour while he transferred the purchased amount of BTC from his cold wallet to his LocalBitcoins wallet, then we finally met and made the trade.

For me, Coinbase is a better and easier experience than LocalBitcoins.  If you can find a reliable seller on Local, for sure stick with that person.

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February 19, 2014, 11:29:43 PM
 #12

This is a problem between your bank and CoinBase. It's not so much about you as it is with certain banks flagging any transaction to CoinBase...

Switch your bank with one who is friendly with BitCoin and your account won't be high risk.

The "High Risk" is an indication that your bank flagged the withdrawal.
Do you bank at Chase? I have seen this happen on multiple occasions with people who bank at Chase. I think it is something on your bank's end, rather than coinbase.
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February 19, 2014, 11:32:21 PM
 #13

After re-reading your post, and seeing your comments about not being able to wire to the other exchanges, it is definitely something on your banking side. Go talk to them, if they refuse to help, then open an account elsewhere. I would recommend closing your current bank account anyway, since they are restricting what you are trying to do with your own money...
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February 20, 2014, 12:59:24 AM
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Small test transactions often get flagged by fraud detection algorithms.
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February 20, 2014, 01:41:11 AM
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Unlevereged financial instruments acting as a store of value that fluctuate 50% within 10 minutes is perfectly acceptable. I think it should be offered in IRA form to soon to be retirees.
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February 20, 2014, 03:50:46 AM
 #16

Try buying more than one dollar worth and maybe your order will be filled...

Meanwhile there is always Localbitcoins.com



i didnt know all btc purchases were $1+.. oh wait.

they aren't.

an orderbook/whatever the fuck they have there shouldn't allow you to place an irreconcilable trade. system accepted it, system honors it.

although i will concede it is your bank that is most likely throwing a wrench in the works. id have a chat with the manager; if he isnt talking right by the end of the conversation, id be walking out of the bank with my account balance in hand.

banks forget themselves at times. you have to remind them who is being served.




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February 20, 2014, 04:00:27 AM
 #17

Are you able to just try and buy some more btc, or did coinbase remove that bank account from your profile?   If I were you, I would still definitely go to a different bank and just deposit enough to cover what you are going to be spending on btc.   I keep a separate bank account for that so that the funds don't get co-mingled.   It's an easy way to see where you stand on profits and losses as well.
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February 20, 2014, 07:17:12 AM
 #18

Do they have a minimum buying amount I sure I read that somewhere.

No. There is a flat $0.15 fee for the ACH however, which would make a $0.28 transaction sound as if OP bought 12 cents of BTC, plus 1% fee plus the flat fee, for a >100% total markup. Kinda silly but I could see testing the process with small amounts.

This is a problem between your bank and CoinBase. It's not so much about you as it is with certain banks flagging any transaction to CoinBase...

Switch your bank with one who is friendly with BitCoin and your account won't be high risk.

The "High Risk" is an indication that your bank flagged the withdrawal.

This is a myth. There is no banking apparatus around ACH for this. OP, did they transfer your money and then return it, or decline it basically immediately?

Small test transactions often get flagged by fraud detection algorithms.

This is factual. That said, ACH is used for test deposit verification all the time.

...if the xfer declined within a fee minutes, it's CB's real fraud algorithm. If it declined after a day or two, the bank could have stopped it — but CB would see it as no different than an NSF, and any communication between them and a bank regarding actual fraud would forbid them legally from saying it was suspected fraud. They said it was their internal fraudbot so that's out.

I'd be amused to find out they transferred and returned it. That's their other "fraud" algorithm. Never heard of it for small amounts like this, though. But bugs will be bugs.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

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February 21, 2014, 05:51:58 PM
 #19

Just to follow-up.  I tried to purchase 1 BTC yesterday from Coinbase and was also denied with the same explanation as before.  At this point I have to assume it's my bank that is causing the issue- as was mentioned earlier.

I've opened a new account with a more bitcoin friendly bank and am awaiting the validation process.  Hopefully things will move quickly so I can get verified and purchase these cheap coins.

Also, I checked into doing a wire transfer from the new bank to BTC-e, they will allow it (hooray) but they charge $40 per transaction (bummer).  Then I also have to pay BTC-e fees , which makes the wire transfer process very unattractive.

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February 21, 2014, 06:01:34 PM
 #20

Just to follow-up.  I tried to purchase 1 BTC yesterday from Coinbase and was also denied with the same explanation as before.  At this point I have to assume it's my bank that is causing the issue- as was mentioned earlier.

I've opened a new account with a more bitcoin friendly bank and am awaiting the validation process.  Hopefully things will move quickly so I can get verified and purchase these cheap coins.

Also, I checked into doing a wire transfer from the new bank to BTC-e, they will allow it (hooray) but they charge $40 per transaction (bummer).  Then I also have to pay BTC-e fees , which makes the wire transfer process very unattractive.



It would be much cheaper for you just to sit tight until you can buy btc on Coinbase, and then send the amount you want (in bitcoins), over to btc-e so that you can day trade or do whatever you wanted. 
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