Coinbase cancelling sale

[Stevetripper]

Hi. I have some LTC in my Coinbase account.  It spiked in price and I entered a sale. Received confirmation that my sale went thru by looking at my account.  Then got an email that said my transaction was cancelled.  No reason provided.  By this time it was 20 mins later and price had dropped (I had sold at higher price).  I went to sell again and it went thru but now at lower price.  The sale was simply to have proceeds go to cash in my account, not transferred out anywhere.

Seems to me that coin base simply did not want to honor my original sale since I sold right at the spike. 

Had anyone experienced this before?   How do I file complaint with coinbase and what is the likelihood they will pay me the difference that I lost out on ? 

This really concerns me and sounds quite dishonest. 

[mk4]

Seems to me that coin base simply did not want to honor my original sale since I sold right at the spike.  

Coinbase has a lot of issues in itself but I'm pretty sure they really don't care if you sold at the perfect time as they make money off the fees anyway.

It's just either:

1. There's an issue with your account.
2. There's a technical problem with their system(not saying this is it, but I wouldn't be surprised because Coinbase has had a lot of downtimes).

Now, will they pay you the money you should've had? No idea, but you might as well demand the money from them as you have nothing to lose by trying in this case.

https://help.coinbase.com/en/coinbase/getting-started/other/how-can-i-contact-coinbase-support

[Maus0728]

Received confirmation that my sale went thru by looking at my account.  Then got an email that said my transaction was cancelled.  No reason provided.

Have you thoroughly checked what is the type of your order? Your order will be executed automatically if you have chosen "Market Order" otherwise it will be placed in order book until it gets filled. There is a greater probability that your order upon submitting is not filled within the price spread. As a result, it gets cancelled. Even if says that your order went though doesn't mean it's filled.

Take a look at how different order in coinbase works.
[1] https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market

[Upgrade00]

How do I file complaint with coinbase and what is the likelihood they will pay me the difference that I lost out on ? 

Highly unlikely, if you ask me. Such centralized services  usually have lots of caveats in their Terms of Service which would protect them in such situations from legal action. By signing up on their platform you accept these terms and are expected to operate within them.

If you want to have full control of your holdings and be able to trade when you want, without the interference of a third party, you could try out decentralized and Peer-to-Peer platforms instead.

[blockman]

That can be a bug from their end but you should've contacted them immediately and addressed the issue/bug to them and didn't made another sale which has been granted and credited to your contact.
Too many issues have been popping lately for Coinbase and if you can use another exchange that's legal in your country, you can use them to avoid further issues only if you don't like Coinbase anymore because of this incident. But if you think that you'll still be credited with the lost due to the bug that was done, I don't think they'll give you relief with that.

[Sternbinder]

I am surprised that you are just finding out this right now. This is how the world works. There are always measures put in place to make sure that everyone trading in bitcoin doesn't go through a certain point. it is a good thing that you were able to notice it. It was not an accident but something that was meant to happen because you had sold at the strike as you have said. This was them limiting you from getting through the trade and earning a lot. Of course there will not be any explanation and it is done in a way that you can't do anything about it. What you can do is let it go because it is not worth it. That is how things work in the market.

[The Sceptical Chymist]

I haven't experienced exactly what you did, OP, but I've had bad experiences with Coinbase in the past--and the line for complaints about Coinbase stretches around the block, too.  They're definitely a legitimate exchange, but I think they're being run by a bunch of idiots with no sense of what customer service is all about.

Makes no sense to me why they'd cancel your trade for no apparent reason, and unless they themselves provide you with an answer to that I don't think you'll ever know for sure.  Hopefully it wasn't to prevent you from making a profitable trade, but who knows.  Anything is possible with those jokers.

[JollyGood]

Which exchanges would you recommend? I thought Coinbase was doing well but after reading your feedback I am disappointed they are letting expected high standards slip.

I doubt they scammed the OP, highly unlikely since they are a big exchange and as you said they are definitely legitimate but most probably somewhat incompetent.

I haven't experienced exactly what you did, OP, but I've had bad experiences with Coinbase in the past--and the line for complaints about Coinbase stretches around the block, too.  They're definitely a legitimate exchange, but I think they're being run by a bunch of idiots with no sense of what customer service is all about.

Makes no sense to me why they'd cancel your trade for no apparent reason, and unless they themselves provide you with an answer to that I don't think you'll ever know for sure.  Hopefully it wasn't to prevent you from making a profitable trade, but who knows.  Anything is possible with those jokers.

[mk4]

Which exchanges would you recommend? I thought Coinbase was doing well but after reading your feedback I am disappointed they are letting expected high standards slip.

I doubt they scammed the OP, highly unlikely since they are a big exchange and as you said they are definitely legitimate but most probably somewhat incompetent.

Privacy concerns aside, Coinbase is most likely still a good service overall(though I'm not a Coinbase user so don't quote me). It's just that they have a crap ton of users, hence in theory, there should also be lots of complaints here and there. Also taking into consideration the huge influx of new users since the new price rise.

As for exchange recommendations, if you care about your privacy, then:

• LocalCryptos: https://localcryptos.com/
• HodlHodl: https://hodlhodl.com/
• Bisq: https://bisq.network/

[Shakazs]

If you known that you had sold at the right moment only for your trade to be cancelled then you own that it was not an error because there was clearly no explanation. What was one was that your trade may have been cancelled on purpose because you had hit the mark. This is how some trades are regulated so that they do not go overboard because in real sense it should be easier to gan than it is to lose yet in these kind of trades there is always a 50 50 chance and why is that. That is not how the coin toss works. You therefore just need ot keep on trying again and maybe next time you will be able to make the same kind of trade without it being canceled.

[JeromeTash]

Had anyone experienced this before?   How do I file complaint with coinbase and what is the likelihood they will pay me the difference that I lost out on ? 

This really concerns me and sounds quite dishonest. 

Do get your hopes so high, they won't pay you anything for the difference. It seems to be the cancellation might be connected to your order type.

I have had my orders get cancelled before but not on coinbase. I think it's a good thing to first get yourself acquainted to the different buy and sell order types and how to effectively trade on different platforms you want to use.

[Bitcoin_Arena]

Looks like Coinbase is having a lot of problems with orders lately. This was on Jan 11, 2 days after OP posted his issue


https://twitter.com/CoinbaseSupport/status/1348664714587369472

This also affected derivative indexes of which prices from Coinbase are part of.

https://twitter.com/woonomic/status/1348670477477105665



If I were OP, I would avoid using Coinbase for trading right now.

[sunsilk]

I've heard of the same problem in another place (not op) just as I've said in the other thread where another bug was done and committed on Coinbase.

And IIRC, I think that was yesterday in some other groups that someone keeps receiving an email from Coinbase that his orders and not pursuing and were cancelled many times. Maybe that's correlated to this bug incident.

Just take your money out of Coinbase OP and choose Binance or another exchange that has a lesser bug or if they've found one, they're fixing it immediately.

[JollyGood]

Thank you for the links, I had heard of the others before but not HodlHodl.

Your theory about Coinbase having a huge user base therefore having many complaints by default, is right in theory  

Well they really do have a huge number of users. I think it is clear Coinbase probably not deliberately scamming or deliberately causing loss to their users but they should address the concerns raised by the OP and others.

Which exchanges would you recommend? I thought Coinbase was doing well but after reading your feedback I am disappointed they are letting expected high standards slip.

I doubt they scammed the OP, highly unlikely since they are a big exchange and as you said they are definitely legitimate but most probably somewhat incompetent.

Privacy concerns aside, Coinbase is most likely still a good service overall(though I'm not a Coinbase user so don't quote me). It's just that they have a crap ton of users, hence in theory, there should also be lots of complaints here and there. Also taking into consideration the huge influx of new users since the new price rise.

As for exchange recommendations, if you care about your privacy, then:

• LocalCryptos: https://localcryptos.com/
• HodlHodl: https://hodlhodl.com/
• Bisq: https://bisq.network/