16 update: I had some issues over the past month or two, but Coinbase support has resolved them successfully. I wish their support had been buy bitcoin with paypal instant, 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.
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. 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. Would I recommend it to my mother? Summary: I use Coinbase to manage my long-term holds of Bitcoin, and also to get my USD into Bitcoin to begin with.
I have a huge amount of confidence in their business. They’re the most legitimate provider in the Bitcoin world. Want to head back and check out some more Bitcoin Exchange Reviews? Coin Base changed their policies very recently. Now the wait time is four days. So once you buy coins, you must wait four business days before you get them. For example, if you buy today, July 8th, you will get the coins on July 14th.
This makes using Moneygrams the best choice again, because they can be done the same day, whereas Coin Base now takes around a week to deliver the coins to you. There is a particular type of VISA card that they accept, but it rejects all VISA cards for Americans apparently. No one I know can enable instant buy again through Coin Base. I do make money when you join Coinbase, that’s true, but that’s not the reason I gave them a good review. They have a good review from me because they are by-and-large an excellent and well-run company.
I’m sorry to hear you had what sounds like a really terrible experience with them, but I’m surprised by your story. Could you use my contact me page and send me some supporting details for your story? I’m assuming this person never got back to you? Coinbase is a scam at the worst and sketchy at best right now. This thread on reddit runs a good narrative on why people are suspect of coinbase. I can only hope people will read the comment section here and look through some other reviews on google before considering yours.
KYC restrictions placed on them by the government and honoring them does not a scam make, but you clearly have a vendetta against them. I really do like them, and use them regularly myself. Send in an order for 1300 dollars and they cancelled it. What kind of response is that? They didn’t even give me a better response. If they can’t give a better reason, it means they don’t have one. So I waited 2 weeks and tried again.
They both lose and win when they cancel orders. Coinbase security protocol and review systems are hopelessly flawed. I’ve probably made hundreds of transactions there previously without issue. Eventually they just got back to me and said I couldn’t buy there anymore.