Lets you buy Bitcoins when the price is highest

Reviews: 2


Total views: 1305

Published: 16 September 2017

Posted by: Jude

I was interested in buying bitcoins for long term investment. I opened an account with Coinbase after going through all their procedure so that they can complete their due diligence, and I send them copies of my social security, passport, driver’s license, DOB, my bank details etc. After two days, they open my account. According to their policy, I could buy $3000 worth of bitcoins each day.
I buy 2.50 Bitcoins for $2200 and they appear in my wallet and do similar transactions managing to buy 7.5. I then wait for the prices to drop so that I can buy Bitcoins at a much cheaper rate. My wait pays off and the price drops and I tried to buy 7.5 bitcoins for $2987.67. The transaction takes place but nothing reflects in my wallet.
I call their customer service which is the shittiest part of their business, no one had a clue and they kept transferring my call, like a bag of chips! Finally, I manage to reach a Rose, who knows a bit about how Coinbase works and tells me that the transaction is under review and I will have to wait until I get a mail from them. I get a mail in two days telling me that the transaction has been cancelled and this was to eliminate fraudulent transactions. WTF? They said they were sorry if I were a good customer caught in this fraudulent transaction bullshit. Further they tell me that the money will be credited to my account soon.
Five days pass and there is no money credited to my account. And I start the gruelling process of trying to make contact with Coinbase, again pass through several CSRs till someone knows what is going on. The CSR tells me that they would credit the money in two more days and I eventually get the money.
Just to check if they actually mean this fraudulent shit, I try and buy bitcoins again when the price is high worth $2890 and lo and behold it doesn’t get cancelled. I check with other people who I know use Coinbase and they share similar experience. To ensure that they (Coinbase) are actually fraudulent and don’t let you buy Bitcoins at a lower price, I try buying Bitcoins again at a lower rate for $2879. And like I had suspected the transaction is under review!
The folks at Coinbase think that we the consumers are stupid and think they can go on like this forever. They don’t want you to buy Bitcoins at a lower price and don’t let your transaction pass through giving you the eliminating fraudulent BS, how come this doesn’t apply when the Bitcoin price is high, shouldn’t they check for fraudulent transaction every time someone wants to buy for almost $3000?
If you want to buy Bitcoins it is best to keep away from Coinbase who are nothing but a group of thugs.

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