After years of frustration with Coinbase, I have finally had enough. I do not want to make the back story too long but can elaborate if you ask specific questions in the comments. Here is why:
Cancelled Transactions - I do not keep large amounts of USD on Coinbase to buy the dip, because I do not feel that is safe. Whenever there is a huge dip in price, and I try to make a large buy (over $1,000), my transactions trigger some sort of fraud alert. Coinbase always tells me they cancelled my transaction "for my own safety" Thanks Coinbase! Thanks a lot for protecting my account security so well, that even I cannot use my account.
Coinbase got my chase bank account frozen for almost a year - Like I said, Coinbase wouldn’t let me make big buys. My work around was to make as many small buys in a row. So, I would make 20 buys in a row, all for $50 dollars’ worth of bitcoin. One day I decided I wanted to buy $4,000 worth of bitcoin, and I made many buys. It took me about three days to complete all the buys and finally use my entire $4000. Shortly after chase bank shut down my account. I do not have any confirmation as to why they shut down my account, they never told me. They also would not return the money that was in my account for almost a year, and the price of bitcoin went up a lot and I missed out on a lot of profits because of the fiasco.
Their support sucks, gives you canned answers, if answers at all.
Coinbase restricted my buys due to chargebacks I did not initiate. when Chase shut me down, the last 2 transactions were reversed by chase. Coinbase then restricted my account. I contacted support, by phone and talked to a real person. This person told me that if I paid Coinbase "my account would be reinstated. So, like the naive slow-person that I am, I paid the extortion fees. Never mind that I never got the Crypto I was paying for. Because I made the buys, but it takes 7 days to get your bitcoin. So, after the charge back, no crypto, but I still owe them? But I paid out of desperation because how else can I buy bitcoin? Gemini? yes, that’s where I buy from, but they limit me to $500 a day unless I wire the money. I don’t always have time to go stand in line at the bank every time I want to buy $501 worth of BTC!
After Coinbase did not reinstate my buys after 1 month, I decided that I hate this company with every ounce of passion within my soul. I did a chargeback for real this time and called my bank to initiate a chargeback on the money I paid Coinbase, even though I never owed it to them.
I missed out on so many buying opportunities because of Coinbase, and I know my case is not an isolated one.
I just made a bank account with wells Fargo, which allows for online wires. I deleted my entire Coinbase account! I will exclusively use Gemini from now on and urge everyone to do the same. I truly believe that Coinbase does this on purpose and crashes the site on purpose whenever the price is going way up or way down. It can’t all just be server load. How come my brokerage doesn’t have any problems when the SPY is taking a nose dive? How come google can serve me billions of pages in a couple of nanoseconds?
Never again Coinbase! You hear me? Never again!
