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Author Topic: Some problematic things about Coinbase  (Read 342 times)
Mashfiqun
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November 22, 2019, 06:34:54 PM
 #21

I don't think there's any restriction on how long the app has been installed. I had it for like 2-3 days. So it doesn't really matter. Try it. I hope it'll go through. Because as I said, it doesn't even require the 2FA when sending crypto. So there's a big chance that your transaction will go through instantly. Try it. Hope this helps.

Thanks, it works I thought it won't work but it works.
What is the reason why it works if you use apps than desktop?

Well, the transaction already get 1 confirmation so it means it works and I see my wallet right now shows my transaction and up coming transaction.
Told you. The app only requires 2FA when signing in from the first time. After that it's rather easy to send transactions without using 2FA at all. Enjoy and don't deposit that much again in there. Use something like Electrum to store coins. You'll be able to send for a much smaller fee than Coinbase.
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November 23, 2019, 04:33:31 AM
 #22

Coinbase is a type of wallet where you don't have complete control of your funds. They could decide to lock it up anytime they want and ask for a KYC ransom in order to get back your funds.

Oh yeah, I've seen similar stories about random KYC on Coinbase.
Many good folks were fooled by Coinbase and had to wait several days to withdraw funds.
Do not use Coinbase kids
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November 23, 2019, 04:26:28 PM
 #23

1: Don't use Coinbase at all

Not just coinbase but all the online wallets and exchanges are risky to store your coins on them. But we cannot live without them because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.

I would recommend to keep small amount on coinbase and keep your major savings on hardware or desktop wallets.

 
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November 23, 2019, 05:17:43 PM
 #24

because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.

We actually no need to keep funds on any exchange to send or receive or to make the kind of payments, we have wallets for the purpose so keep funds on an exchange's wallet for trading alone any other reason we don't need them.

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November 23, 2019, 05:28:44 PM
 #25

Just a few things about using Coinbase.

Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...

1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.

2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.

3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.

4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.

So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys. Smiley

I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.

 
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November 23, 2019, 06:57:16 PM
 #26

I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened.
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November 23, 2019, 06:59:36 PM
 #27

1: Don't use Coinbase at all

Not just coinbase but all the online wallets and exchanges are risky to store your coins on them. But we cannot live without them because we need some of the coins to be on exchanges or on online wallets for many purposes including send/receive of the coins.

I would recommend to keep small amount on coinbase and keep your major savings on hardware or desktop wallets.
Why so? If we want to exchange, we can just deposit and exchange. Well, if you're trading there to earn profits then that's another story. But if trading is not someones occupation, there's really no need to store any funds on any exchange. I targeted mainly on Coinbase for it being widely used.
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November 23, 2019, 08:35:48 PM
 #28

I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened.

Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.

 
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November 23, 2019, 09:15:16 PM
Last edit: November 23, 2019, 09:29:46 PM by khaled0111
 #29

The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
Sending funds from exchanges to other exchanges or casinos is not recommanded because the latter or most of them will generate deposting addresses that have an expiry date and exchanges do not process withdrawal requests instantally.

When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
Maybe. But this is not an excuse to not responding to their customers open support tickets.

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November 23, 2019, 10:12:28 PM
 #30

I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened.

Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.

And what about the app part? Why does the transaction go through on the app and not on the website? You can see there's something going on here.
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November 23, 2019, 11:03:57 PM
 #31

The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
Sending funds from exchanges to other exchanges or casinos is not recommanded because the latter or most of them will generate deposting addresses that have an expiry date and exchanges do not process withdrawal requests instantally.

When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.
Maybe. But this is not an excuse to not responding to their customers open support tickets.

I agree with both statements.
However, when it comes to delays, starting to use their website, we agree with the rules. I didn't read it very carefully, but I'm sure they reserve the time to answer. And as I know, sooner or later, but always they respond to tickets.



I have been using Coinbase for over two years and have never had any problems with them. I make transactions via Coinbase about once a week.
The only issues I've heard of are when someone uses their addresses for casino games or sports betting.
In my opinion, this is the safest exchange on the market, but of course I never recommend keeping large amounts on web wallets.
I've used Coinbase too. If you keep anything there that you can't afford to lose, it is risky. It may be called the safest exchange, it has like 98% of their funds in cold wallets, but keeping funds in any exchange is risky. I wrote this about Coinbase specifically because it is the most widely used wallet for newbies. Anybody can easily set up an account, deposit and start using it instantly without any backups or so. It doesn't offer the keys of the addresses too. So basically, all your funds are in their hands. Why would anybody blindly trust them? I didn't have issues until the number 3 happened.

Of course, keeping funds in the wallets to which you do not have a private key is extremely risky. The same as keeping funds in wallet to which someone else has a private key (not just you). In both situations what happen with funds depends on the honesty of other person.
Coinbase was created for less experienced users, which is why it is probably the most user friendly on market.
When it comes to delaying transfers, they do so for security reasons. They are simply afraid of being accused of money laundering. It is possible that they do it too carefully.

And what about the app part? Why does the transaction go through on the app and not on the website? You can see there's something going on here.

Sorry, but I don't use their app, so I can't answer this question. Maybe some other user has experience in this matter.

 
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November 25, 2019, 12:32:41 PM
 #32

Well, I've never used Coinbase to be honest, and that's because of various opinions about their platform. I've noticed that many people have problems with Coinbase, so I decided to use other cryptocurrency exchanges like Kraken or CoinDeal. I've been still using the second one and I can recommend it, never had any problems with withdrawals or deposits. What's more CoinDeal has its mobile app too, but it's still a pretty new topic.
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November 25, 2019, 05:23:01 PM
 #33

Well, I've never used Coinbase to be honest, and that's because of various opinions about their platform. I've noticed that many people have problems with Coinbase, so I decided to use other cryptocurrency exchanges like Kraken or CoinDeal. I've been still using the second one and I can recommend it, never had any problems with withdrawals or deposits. What's more CoinDeal has its mobile app too, but it's still a pretty new topic.
It's not about Coinbase being an exchange. It's about being a wallet mostly used by newbies. You don't own your exchange addresses. So basically, you are not in control of your money after depositing. Despite being scammed by well-known exchanges are rare, they can still get hacked or act like an exit scam. It is highly recommended not to store funds for long term in exchanges. Get your own wallet and store them there.
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November 25, 2019, 10:47:04 PM
 #34

Thanks, it works I thought it won't work but it works.
What is the reason why it works if you use apps than desktop?

Well, the transaction already get 1 confirmation so it means it works and I see my wallet right now shows my transaction and up coming transaction.
Told you. The app only requires 2FA when signing in from the first time. After that it's rather easy to send transactions without using 2FA at all. Enjoy and don't deposit that much again in there. Use something like Electrum to store coins. You'll be able to send for a much smaller fee than Coinbase.
Yeah, I'm going to use Electrum again I made a new wallet with Segwit to make sure I can send bitcoin with a lesser fee.
But I still stay using Coinbase because my old addresses are under their wallet. I'll post a new stake address here on the forum as a proof that I own the wallet for future reference I just need to do this because Coinbase might discover this and they will start to ask for KYC verification if I receive and send another bitcoin from their app just like what happen to me in their web wallet.

 
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November 26, 2019, 09:00:42 AM
 #35

Great topic to read. Thank you for all the posts. I will try electrum. 

Has anyone tried Exodus Wallet (desktop)?
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November 26, 2019, 01:32:20 PM
 #36

Great topic to read. Thank you for all the posts. I will try electrum. 

Has anyone tried Exodus Wallet (desktop)?
Exodus wallet is also good. It allows you to store the seed phrases, has an exchange, stores private keys locally. But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.
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November 26, 2019, 01:35:59 PM
 #37

But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.
It doesn't. If you use Exodus and want to send a tx with custom fees, you will need to import it in Electrum or a similar wallet, then make the transaction from there. Some people use Electrum for BTC and Exodus for the other alts (all with the same seed).

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November 27, 2019, 10:13:40 PM
 #38

I disagree to the second point of yours. Whose ID do you plan on using and don't you think it is against ToS and it would somehow affect the account in the future whereby they ask seize your funds asking you to do a live verification. And you also agreed to the ToS during sign up which is a disclaimer that says they are not responsible for lose of funds.

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November 28, 2019, 01:23:39 AM
Merited by Mashfiqun (1)
 #39

I disagree to the second point of yours. Whose ID do you plan on using and don't you think it is against ToS and it would somehow affect the account in the future whereby they ask seize your funds asking you to do a live verification. And you also agreed to the ToS during sign up which is a disclaimer that says they are not responsible for lose of funds.

I don't think OP is implying that you use another person's ID. He's simply discouraging people from undergoing KYC. Trying to use a fake ID or another person's ID for KYC is a horrible idea with dire consequences.

Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be

Where did you get this idea? Electrum and Coinomi do have their own feature on which Coinbase or any exchanges didn't have. Vice-versa, Coinbase, and any exchange also have their unique feature that hardware wallets, desktop wallets don't have.

Regardless of features, non-custodial wallets (like Electrum and Coinomi) are generally considered safer because they have fewer attack vectors (more resistant to phishing, don't have to worry about password leaks, etc.). They don't have the capability to hold your funds for any reason either.

Coinbase does have the advantage of insuring their customers' funds (so they might actually be better than a lot of exchanges for storage), but you won't really need insurance if you know how to take care of coins.

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November 28, 2019, 03:19:14 AM
 #40

Some problematic things about Coinbase

Coinbase is good if you treat it as an exchange and not as a wallet. It is simple as that. Problem is people use it as a wallet and sooner or latter will get burned.

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