Coinbase Bitcoin Exchange Review

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Posts: 50

Coinbase Bitcoin Exchange Review

Post#1 » Wed Jan 18, 2017 4:11 am

I had some issues over the past month or two, but Coinbase support has resolved them successfully. I wish their support had been faster, but they eventually went above-and-beyond in resolving my issues.

In my mind, nothing comes close to Coinbase in terms of ease of use and security. You link a bank account to the San Francisco-based start-up, and then send them money to buy Bitcoin at the currently offered price. They wait up to a few days to ensure your transaction clears (Bitcoin is a murky financial area, and they don’t want to risk identity theft or other problems until they have banks on their side), and then give you access to your coins. 30 days after you have a successful transaction, you can add a credit card to your account to enable “instant buys” of up to $1,000 per week. Regular speed buys are allowed at up to $50,000 per week, from a linked bank account. Their platform is very popular, and justifiably so–it makes owning and managing your coins very simple. They also take excellent security precautions–two-factor authentication on log-in AND on send, keeping the VAST majority (97%!) of their coins in offline storage, and so on. They are an excellent way to enter the Bitcoin ecosystem, and an excellent way to integrate Bitcoin into your business, if you’re so inclined. They also offer the excellent Coinbase Vault program–a system that allows you to place your coins into a very high-security lock, requiring two-factor authentication along with a mandatory waiting period before the coins can be moved.

What aren’t they? They AREN’T an exchange. They aren’t a trading platform. If your goal is to be buying and selling Bitcoin on its swings, you don’t want to be using Coinbase for your day-to-day trading.
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Details:

Backed by Andreessen Horowitz
Biggest US player, focused on merchant integration
Easy platform for buying and selling
Good way to get money into the ecosystem
High fees and long waits make it unsuited for trading. It’s more like Western Union than like Scottrade.
There appears to be a coordinated smear campaign against them on the internet.

Pros:

Easy to use! No harder than PayPal
Secure, trustworthy, American
Good customer service
They pay your transaction fees when you move your Bitcoin around

Cons:

Fees of about 1%
Long lag time for initial purchase, and later purchases over 1BTC makes it hard to profit from market movement over the short term
Slightly higher than market price for purchase
Really just not intended to be used for trading
Will occasionally cancel orders for “high-risk behavior”

phunter
Posts: 55

Re: Coinbase Bitcoin Exchange Review

Post#2 » Fri Jan 27, 2017 2:41 pm



Their site will NOT accept any of my cards. I am new to this and they have made this process extremely confusing. All I want to do is buy BTC for a small transaction overseas. Why do they need a copy of my license? Why does their system push me to use my checking account info? Why are there seemingly thousands of people who have been scammed by this website?

james
Posts: 55

Re: Coinbase Bitcoin Exchange Review

Post#3 » Fri Jan 27, 2017 2:41 pm

I'm having a hard time understanding all these bad reviews. Being new to bitcoin I purchased $150 US paid a nominal fee was verified very quickly and 60 days later my $150 was $179 I asked to with draw $175.00 I received the money in three days and the 4.00 bucks I left in is back to 9.00. I experienced no problems whatsoever and after having tried the process I am now ready to make a sizable investment. I am puzzled at the many problems people are reporting and believe me I HATE crappy customer service but I encountered absolutely none of that and completely satisfied.

sberry
Posts: 55

Re: Coinbase Bitcoin Exchange Review

Post#4 » Fri Jan 27, 2017 2:42 pm

If I could give a lower score i would. Absolutely the worst customer support and I use the term loosely, that i have personally ever seen. My online poker company changed over to payouts only through Bitcoin. So we are forced to use this site. I withdrew 1000, it immediately dropped to 950 within the first day. It took literally 10 attempts to verify my bank, each time taking between 1 and 4 days. They now have my banking information, which is probably a very bad scenario waiting to happen. its been 1 month and i still have not received my transfer to my bank. Pretty sure i will never see this money. Of course customer support is no help. I called my online poker company and told them that they are going to lose a lot if not all of their customers if this is our only option to get paid out. Hopefully my post will help

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