Avoid coinbase at all costs

**MJM** · 18 April 2018, 10:15 am

I’ve been trying to transfer btc out of my vault for two weeks now. Technical glitch on their end won’t allow it. Took 9 days with support to acknowledge the error and now six days and counting since they promised to fix it with no reply or communication whatsoever. Funds are literally held hostage. Crypto will never be popular with average users and commerce with top companies and wallets acting this way. I’d say it’s borderline criminal!

**nfint12** · 18 April 2018, 10:48 am

Have you tried posting on their reddit ? Seems to be the best way to get a response.

**BestBonusBets** · 18 April 2018, 11:30 am

Have had a problem with them before.

One of my stores was paid from a coinbase BTC address. We gave them a refund as the product had run out, we sent the bitcoin back to their sending address, only for coinbase to not give them their funds.

Apparently the BTC address they send from doesn't receive funds back to their account.

How crazy is that?

**Ladiepre** · 18 April 2018, 2:01 pm

I was stuck between Coinbase and Binance! Thanks for sharing, made my choice easier

**allfreechips** · 18 April 2018, 2:15 pm

COinbase closed me down! presonal wallets are a must then go to the big boys to cash out. Kraken actually surprised me, after it took 3 months to approve me as a real person... this was way back when we went to 19K for BTC too so they were a bit overwhelmed. But anyway I cashed out for the first time a lil while back and they got the money into my bank within 6 hours. Way faster than coinbase was.

**sweetbet** · 18 April 2018, 4:42 pm

There are so many complaints about coinbase, it's a wonder that they're still in business. Maybe you can contact them via https://twitter.com/coinbasesupport

**hublot** · 18 April 2018, 5:10 pm

If you have a company and are converting your btc to fiat right away, you are better off getting setup with BitPay (https://bitpay.com/) with a business account, this way you invoice your affiliate programs from BitPay, they pay it on their end and then the funds are sent immediately to your own bank account and you are not exposed to fluctuation in price of the btc.

They also issue personal debit cards in the US where you can access up to $3000 a day at atm's https://bitpay.com/card/

**Voids** · 19 April 2018, 2:16 am

Originally Posted by Ladiepre

I was stuck between Coinbase and Binance! Thanks for sharing, made my choice easier

As far as I'm aware you cannot purchase crypto with FIAT at binance.

Maybe try Bitflyer.eu

**Martyn** · 19 April 2018, 2:48 am

My funds are stuck in Coinbase too. It was my first play around with it last year so not a huge amount, but still a nice amount to not have. They said they can't cash out to my bank as the name on the account is different. One is M Beacon the other is Martyn Beacon!

**PROFRBcom** · 19 April 2018, 9:34 am

Originally Posted by Martyn

My funds are stuck in Coinbase too. It was my first play around with it last year so not a huge amount, but still a nice amount to not have. They said they can't cash out to my bank as the name on the account is different. One is M Beacon the other is Martyn Beacon!

KYC laws Martyn. They are being a stickler for all regulations because the US government is giving them grief and wants a John Doe subpoena for ALL their users. Coinbase didn't comply, fought and won for a reduction, and now, the screws are being tightened. So they are dotting i's and crossing t's.

Coinbase is an EXCHANGE people. Don't store your coins there. You don't own them there. Keep them in a personal wallet that YOU control the private keys to. This equates to ownership. Only move funds to Coinbase, or any other exchange for that matter, when you wish to exchange your funds into FIAT.

And the suggestion to use BitPay for business above is spot on. The fees are cheap. The service is fast. The debit card is sweet.

**Martyn** · 25 April 2018, 6:08 am

Finally managed to get my money out, had to send it on to someone else to pay me, after fees and conversion costs it really wasn't worth the hassle. Still, haven't lost out and I learned a bit.

**OscarKaramba** · 3 May 2018, 10:48 am

I've made withdrawals from Kraken and it worked just fine

**Mlndrss** · 19 June 2018, 4:01 am

I have used both coinbase and Kraken and have never had any problems... any auggestions for a substitute for counbase?

**GG-US** · 1 August 2018, 6:54 pm

Originally Posted by PROFRBcom

Coinbase is an EXCHANGE people. Don't store your coins there. You don't own them there. Keep them in a personal wallet that YOU control the private keys to. This equates to ownership. Only move funds to Coinbase, or any other exchange for that matter, when you wish to exchange your funds into FIAT.

Ledger Nano and Trezor are both great for anyone looking for a good hardware wallet. Most people store their coins in those wallets and only move the amounts they need to withdrawal to exchanges.

**Bitcoingamblingexper** · 9 August 2018, 6:57 am

Never had any issues with Coinbase and Kraken. Would recommend both.

**Online Poker America** · 15 October 2018, 2:46 pm

In agree with the comments!

What did you end up doing? Let us know!

**JimRunCPA** · 1 March 2019, 6:10 am

Yeah, Coinbase is too centralized and slow, keep away of them

**insiderjoe** · 5 March 2019, 12:23 pm

There are tons of great exchanges besides Coinbase. It takes high fees and it's centralized.

**Top Domains** · 5 March 2019, 6:14 pm

Originally Posted by OscarKaramba

I've made withdrawals from Kraken and it worked just fine

To what country?

**Top Domains** · 5 March 2019, 6:15 pm

Originally Posted by GG-US

Ledger Nano and Trezor are both great for anyone looking for a good hardware wallet. Most people store their coins in those wallets and only move the amounts they need to withdrawal to exchanges.

I've had a thumb drive or two die on me before. What back up do you have in case one of those devices stops working?

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