Post
Topic
Board Exchanges
Re: Dont use Coinbase! - I am unable to withdraw
by
russelluk
on 10/07/2018, 18:03:10 UTC
It'd be nice if OP gave an update as to whether this has been resolved or not.

Coinbase just nuked my account, so he's lucky they're even still letting him be a customer.  Hopefully his funds got unfrozen.  They're definitely not a scam exchange.  In fact I'd say they're one of the most reputable as far as problems like this eventually getting resolved in favor of the customer.  I'd probably still be using them had they not deleted my account, but oh well.  Compare them to places like Yobit and they end up looking like Goldman Sachs (lol).

When I had my Coinbase account I had to provide ID, so that's normal.  Anytime these exchanges let you deal in fiat they have to take these KYC measures, which have only gotten more stringent over the years--and I suspect that's not going to reverse.  And frankly bitcoin needs exchanges like them, since they're a legit place to buy and sell it and thereby pump liquidity into the market.

I only just say this but I am happy to update everyone on this. The actual dates etc I cannot remember but what I can say is that after waiting for several weeks I gave up on trying to withdraw any money from Coinbase. I ended up buying Bitcoin on Coinbase and transferring the Bitcoin to Localbitcoins. I remember that in the time I transferred to Localbitcoins the Bitcoins price was falling fast. I held on and it fell even more and it cost me quite a lot of money (around 25% loss)  by the time I actually managed to sell it on LocalBitcoins.

The point here was that Coinbase failed me when I tried to withdraw fiat cash to a Bank account. I had been fully verified with them for about a year and a half. They eventually got back with half baked excuses etc which did not help me get my money back. Yes Coinbase are reputable and probably an ethical exchange but their inability to deal with fiat money at the beginning of this year has put me off them forever.