Ninjastic
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Re: Dont use Coinbase! - I am unable to withdraw
by
russelluk
on 11/07/2018, 12:02:15 UTC
Quote from: stomachgrowls on July 10, 2018, 09:11:03 PM
Quote from: russelluk on July 10, 2018, 06:03:10 PM
Quote from: The Pharmacist on May 31, 2018, 07:39:32 PM
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.
Sad to hear on what happen to you where you might able to avoid that price decrease when you just able to withdraw fiat cash right of the moment but past is past and thing do happen even transfering your bitcoin into LBC doesnt make any changes but still it do results on a loss.
Every service or website doesnt or cant really provide 100% on what customers do expect anytime.There are times which they cant able to provide you upfront.For now its up to you if you would decide to use them or not and lastly better lock this topic if you dont have any concern towards this stuff.

To be honest I am still a little concerned about Coinbase in that they want to have such a good reputation but you can not have that when you crap on your smaller customers. My issue was that my fiat money was held locked up in Coinbase for weeks without any communication from them.  At the time Coinbase were taking on new customers as fast as they could and developing their corporate products. The fact was that it was the greed of Coinbase that side tracked them and they ignored me as a long standing customer that had passed all their internal checks. On reflection - yes I would like a proper apology from Coinbase. I will allow response to this but afterwards will close this thread.