Need help with Coinbase

[sumguy2017]

I just opened a Coinbase (CB) account. I purchased 0.0125BTC or $119.56 according to the internet. My issue is trying to send the total I bought to my Electrum account so I can make a payment online. I don't use BTC very often, so I'm not that familiar with how these various BTC work.

When I try to send to my Electrum account with my wallet address. The CB send link tells me I only have $4.78 available to send? My Portfolio Balance is $119.82. Pending deposits-$115.01. Available to send $4.82? I have no clue what this "Pending deposits-$115.01" means?

Pending deposits
Some of your funds may be temporarily unavailable while we wait for your deposits and purchases to be completed. Learn more
BTC Buy on Jun 15, 2020
Available to send in 10 days
$115.01

Why isn't the BTC I purchased available to send right away...........why do I have to wait 10 days?

Any help appreciated.

[1714852897]

1714852897

[1714852897]

1714852897

[1714852897]

1714852897

[TimeTeller]

Seems that your deposit to CB has not completed yet.
Do you have transaction for this pending deposit so we can see what's the problem here?
Or have you put a buy order in CB? Maybe your order is not yet fulfilled and still in queue.
Maybe that 10-day period is just an estimate from the exchange.

[Hueristic]

I just opened a Coinbase (CB) account. I purchased 0.0125BTC or $119.56 according to the internet. My issue is trying to send the total I bought to my Electrum account so I can make a payment online. I don't use BTC very often, so I'm not that familiar with how these various BTC work.

When I try to send to my Electrum account with my wallet address. The CB send link tells me I only have $4.78 available to send? My Portfolio Balance is $119.82. Pending deposits-$115.01. Available to send $4.82? I have no clue what this "Pending deposits-$115.01" means?

Pending deposits
Some of your funds may be temporarily unavailable while we wait for your deposits and purchases to be completed. Learn more
BTC Buy on Jun 15, 2020
Available to send in 10 days
$115.01

Why isn't the BTC I purchased available to send right away...........why do I have to wait 10 days?

Any help appreciated.

[sumguy2017]

Coinbase response: Thank you for contacting Coinbase. After reviewing your account, we are not able to change the period of time until you can withdraw your funds. When you use a bank account as a payment method to deposit funds or purchase cryptocurrency, these funds are not immediately available for withdrawal for security reasons.

For more information on how to use a bank account, or when deposited funds are available for withdrawal, please visit: https://support.coinbase.com/customer/portal/articles/2971033-using-a-bank-account-as-a-payment-method-for-us-customers

Kind regards,
Coinbase Support

R. But I had my debit card verified also. So I should be able to send my BTC immediately according to the site?

[Hueristic]

Coinbase response: Thank you for contacting Coinbase. After reviewing your account, we are not able to change the period of time until you can withdraw your funds. When you use a bank account as a payment method to deposit funds or purchase cryptocurrency, these funds are not immediately available for withdrawal for security reasons.

For more information on how to use a bank account, or when deposited funds are available for withdrawal, please visit: https://support.coinbase.com/customer/portal/articles/2971033-using-a-bank-account-as-a-payment-method-for-us-customers

Kind regards,
Coinbase Support

R. But I had my debit card verified also. So I should be able to send my BTC immediately according to the site?

Your first lesson in why to not use coinbase.

[sumguy2017]

Seems that your deposit to CB has not completed yet....................R. According to CB I have to wait 10 days for the bank to be verified.

Do you have transaction for this pending deposit so we can see what's the problem here?......................R. IDK what you mean by "Do I have a transaction pending?" All I did was purchase BTC.

Or have you put a buy order in CB? Maybe your order is not yet fulfilled and still in queue..............R. CB has a 10 day waiting period for bank transfers. But I thought I could use my bank right away once it was verified? But I guess not?

Maybe that 10-day period is just an estimate from the exchange......................R. You mean wait period? I guess so according to CB?

But I had my debit card details verified also. According to the CB site debit card transactions buying BTC can be used right away. But that isn't happening either? So not to sure what is going on right now?

Does the 10 day wait period apply to both bank and credit/debit card transactions?

[sumguy2017]

Coinbase response: Thank you for contacting Coinbase. After reviewing your account, we are not able to change the period of time until you can withdraw your funds. When you use a bank account as a payment method to deposit funds or purchase cryptocurrency, these funds are not immediately available for withdrawal for security reasons.

For more information on how to use a bank account, or when deposited funds are available for withdrawal, please visit: https://support.coinbase.com/customer/portal/articles/2971033-using-a-bank-account-as-a-payment-method-for-us-customers

Kind regards,
Coinbase Support

R. But I had my debit card verified also. So I should be able to send my BTC immediately according to the site?

Your first lesson in why to not use coinbase.

R. The site I was buying from suggested CB. And I'm kind of clueless on which BTC sites are best to use? I could have used Coinmama, but it was suggested their rates where on the high side? I have no clue. The 30% off if you buy with BTC attracted me. Otherwise I would have paid with my debit card.

[LarsLind]

I just opened a Coinbase (CB) account. I purchased 0.0125BTC or $119.56 according to the internet. My issue is trying to send the total I bought to my Electrum account so I can make a payment online. I don't use BTC very often, so I'm not that familiar with how these various BTC work.

When I try to send to my Electrum account with my wallet address. The CB send link tells me I only have $4.78 available to send? My Portfolio Balance is $119.82. Pending deposits-$115.01. Available to send $4.82? I have no clue what this "Pending deposits-$115.01" means?

Pending deposits
Some of your funds may be temporarily unavailable while we wait for your deposits and purchases to be completed. Learn more
BTC Buy on Jun 15, 2020
Available to send in 10 days
$115.01

Why isn't the BTC I purchased available to send right away...........why do I have to wait 10 days?

Any help appreciated.

Hi Sumguy.

There is a very simple explanation for this. Only purchases made by VISA are made instantly available on your account. If you use ACH deposit (in which you buy Bitcoin before Coinbase withdraws it from your account), then you must wait for 10 days for the funds to clear. In the meantime, Coinbase freezes your bitcoin, so you can't transfer it elsewhere. However, you may sell it for cash.

The reason your balance displays: 4.76 USD available, is because your BTC has increased in value, compared to the USD you bought it for. Hence why you can withdraw that money.

It's a real pain in the a**, and one of the reasons why I quit using Coinbase. Well, that and a non-existing customer service team.

Hope this helps.

[sumguy2017]

I just opened a Coinbase (CB) account. I purchased 0.0125BTC or $119.56 according to the internet. My issue is trying to send the total I bought to my Electrum account so I can make a payment online. I don't use BTC very often, so I'm not that familiar with how these various BTC work.

When I try to send to my Electrum account with my wallet address. The CB send link tells me I only have $4.78 available to send? My Portfolio Balance is $119.82. Pending deposits-$115.01. Available to send $4.82? I have no clue what this "Pending deposits-$115.01" means?

Pending deposits
Some of your funds may be temporarily unavailable while we wait for your deposits and purchases to be completed. Learn more
BTC Buy on Jun 15, 2020
Available to send in 10 days
$115.01

Why isn't the BTC I purchased available to send right away...........why do I have to wait 10 days?

Any help appreciated.

Hi Sumguy.

There is a very simple explanation for this. Only purchases made by VISA are made instantly available on your account. If you use ACH deposit (in which you buy Bitcoin before Coinbase withdraws it from your account), then you must wait for 10 days for the funds to clear. In the meantime, Coinbase freezes your bitcoin, so you can't transfer it elsewhere. However, you may sell it for cash.

R. My debit card is Mastercard.

The reason your balance displays: 4.76 USD available, is because your BTC has increased in value, compared to the USD you bought it for. Hence why you can withdraw that money...................R. Okay thanks. CB CS didn't explain that to me when I asked them?

It's a real pain in the a**, and one of the reasons why I quit using Coinbase. Well, that and a non-existing customer service team.

R. Have to agree it took me awhile to find out how to contact customer service? Their phone call option is only to freeze an account in case you lost or figure your account has been jeopardized. I did call and pushed that first option thinking I would get someone on the phone? But it gave me a recording that my account has been temporally frozen instead? IDK if that is my problem in addition to the 10 day wait?

Have a suggestion for a better site to buy BTC?

Thanks.

Hope this helps.

[chip1994]

it could be because the system is congested or bitcoin has been transferred but it has not been able to reach your wallet in a short time. This problem is usually encountered when the bitcoin network is congested and it also happens quite often to me. So next time you should choose to buy alts capable of fast transactions and cheap transaction fees. such as Litecoin and XRP, all my transactions have been very successful using these alts.

[sumguy2017]

it could be because the system is congested or bitcoin has been transferred but it has not been able to reach your wallet in a short time. This problem is usually encountered when the bitcoin network is congested and it also happens quite often to me. So next time you should choose to buy alts capable of fast transactions and cheap transaction fees. such as Litecoin and XRP, all my transactions have been very successful using these alts.

R. Thanks. But I couldn't send any of my purchased BTC........they tell me I have to wait 10 days for security measures? So they hold my BTC/money hostage for 10 days?

But it did take a whole day to get a verification code sent to my phone. So definitely some lag time.

[joniboini]

R. Thanks. But I couldn't send any of my purchased BTC........they tell me I have to wait 10 days for security measures? So they hold my BTC/money hostage for 10 days?

The problem is already explained by LarsLind and other users above. This is not a problem of blockchain tx being stuck or something like that, it's not even related at all.

Just wait for 10 days and if you still can't withdraw it then contact them again. If you don't like waiting for this clearing stuff then use other exchanges to buy your bitcoin or do P2P.

[kxz1498]

Everytime you buy crypto through ACH, there is a holding period to make sure there isn't a chargeback. BinanceUS and Coinbase both employ this policy unfortunately.

[Hueristic]

Coinbase response: Thank you for contacting Coinbase. After reviewing your account, we are not able to change the period of time until you can withdraw your funds. When you use a bank account as a payment method to deposit funds or purchase cryptocurrency, these funds are not immediately available for withdrawal for security reasons.

For more information on how to use a bank account, or when deposited funds are available for withdrawal, please visit: https://support.coinbase.com/customer/portal/articles/2971033-using-a-bank-account-as-a-payment-method-for-us-customers

Kind regards,
Coinbase Support

R. But I had my debit card verified also. So I should be able to send my BTC immediately according to the site?

Your first lesson in why to not use coinbase.

R. The site I was buying from suggested CB. And I'm kind of clueless on which BTC sites are best to use? I could have used Coinmama, but it was suggested their rates where on the high side? I have no clue. The 30% off if you buy with BTC attracted me. Otherwise I would have paid with my debit card.

Last time I bought I used paxful and it took a few hours. Here is my referral link.


https://paxful.com/?r=5wNkqX3A6Y6