Coinbase is supposed to be “ the future of money ”. sure, it sounds beneficial – lower fees to the consumer, quicker access to money, better exploiter have, etc. Sounds good. But in reality, I feel as if the engineering has sacrificed discretion for accelerate and ease of manipulation. That is a huge risk to the consumer that unfortunately many are not going to be mindful of until it ’ mho besides belated .
As decentralized finance, or DeFi, becomes more democratic, I applaud the progress – but it has to be done with the consumer ’ south safety at the forefront. I don ’ triiodothyronine feel it was the subject when I opened my account at Coinbase .
indeed here ’ mho my Coinbase reappraisal. Just to be clear, I was not on Coinbase Pro. I used the standard adaptation.
#1 Non-ideal ways of funding your account.
Coinbase offers Plaid if you want to make a aim transportation from your bank report. Or, you can send a wire transfer ( that you pay $ 10 for ), or hook up your PayPal or debit card, which I view as non-ideal. I ’ molarity barely not one to feel comfortable entering my login information into a third party app. I feel it ’ s besides encroaching for me .
I actually wish there was a manner for me to link up my bank report without having to offer up my credentials. I in truth don ’ metric ton like having to enter my bank login, debit cared, or even my Paypal into any app that isn ’ t my trust ole bank. You can send money from your deposit account to most major brokerages without having to give the brokerage firm your bank login. Why should we have to do that here ? It ’ s not what I ’ m used to, and like I said, it ’ s a bit excessively much for me .
It ’ second equitable “ ick. ”
I ’ megabyte not cybersecurity technical, and I can ’ t attest to whether it ’ s condom to give Coinbase your identity information or not. I did some research, and of naturally Coinbase says it is safe, but I did see some articles online that seemed to imply otherwise. not sure if this is accurate or not, but this Reddit chat here says all sorts of chilling things about Plaid. I besides found out there is some kind of lawsuit against Plaid that apparently emerged in January 2022 .
#2 Unclear transaction notifications
When you are moving money into or out of accounts, you want sum clarity as to what is happening at all times. That wasn ’ t the case when I funded my report, and it resulted in a reasonably significant mistake that wasn ’ thymine easy to resolve .
When I linked up my bank score, I authorized a deposit of X come. I get an error message that it didn ’ t go through. Well, thinking the transaction was cancelled ( as I was told it didn ’ t go through ), I initiate the same deposition again, which does in fact go through .
But then I find out that the first one somehow became revived ! And now I have TWO deposits when I merely wanted ONE .
That ’ s right – I deposited DOUBLE the total incidentally .
Before you tell me that I was the one trip, I want to tell you don ’ metric ton even go there. If a platform tells me that a transaction didn ’ thyroxine go through, I am going to assume it was voided. If a second attempt was going to be made, I should be notified about it in progress of them doing it, and I should have had to agree to understanding that information before initiating the lapp transaction again. There were a few steps missing, in my opinion .
I have been trading for decades and in all my years, I have never had anything like this happen, because the traditional brokerages communicate with absolutely clarity and there is no “ gray area ” where mistakes like this can be made .
in truth freaked me out .
It equitable didn ’ metric ton sit down well with me. I didn ’ thymine feel Coinbase ’ s app was condom and I wanted my money out ASAP. But WAIT, the floor gets worse from here .
#3 More unclear transaction notifications
Realizing that I nowadays have doubling the amount I wanted, I go to withdraw the funds. I get this error message :
Where ’ d my money go ?
What a rough experience. The exclamation bespeak is right in my face – besides shocking a way to communicate bad news. It ’ second equitable brash .
furthermore, why is the money not available ? No explanation given, or way to find out. Why can ’ t they tell you what is going on ? If the deposits were complete, why are they not available ?
Rude, impersonal, imprecise communication that comes off as wholly insensitive. sol now my blood imperativeness is going up as I ’ molarity sitting there .
No. Uncertainty makes people feel insecure. Is this how a trade app like Coinbase is supposed to make you feel ? No. It ’ s the last feeling you ’ vitamin d want. Risk, uncertainty, confusion, insecure about the site, questioning, worried. All of that was how I felt .
#4 No live person on support chat
After I unintentionally deposited double the sum I wanted to, I tried to use the subscribe new world chat to get information about what happened.
No such fortune .
It was some AI bot feeding me can information. I needed to talk to person directly. The traditional brokerages and banks ( Charles Schwab, Fidelity, etc ) have a live support on chew the fat. And if they don ’ metric ton, you can call and get a be person during work hours. Why can ’ metric ton Coinbase ?
This is a major drawback given there are probably a bunch of bumpkinly users on the web site, requiring some handholding, not equitable to be fed cookie cutter responses that they credibly already read online .
I had to open a support case which was a pain. As all this is happening I ’ thousand feel more and more like Coinbase international relations and security network ’ triiodothyronine condom, and it isn ’ t a good feel .
#5 Unspecified withdrawal timeframes
After I open a support case over e-mail, I get this response :
When you use a connect bank account as a requital method acting to deposit funds to your Coinbase decree wallet or to purchase cryptocurrency, these funds are immediately available for buying and selling on Coinbase. However, for security reasons, you will be unable to immediately withdraw these funds or send from Coinbase You can see when deposited funds will be available for withdrawal anterior to authorizing a purchase or deposit, american samoa well as on the confirmation e-mail for the transaction. To view your current withdrawal handiness time skeletal system, log in to your report. When you attempt a air to an external wallet from Coinbase, you will be presented with an choice to see when funds will be available for this transaction.
For more information on how to use a bank report with Coinbase or when deposited funds are available for withdrawal, please read : hypertext transfer protocol : //support.coinbase.com/customer/portal/articles/2971033-using-a-bank-account-as-a-payment-method-for-us-customersSource: Coinbase.com
First of all, I don ’ triiodothyronine recall seeing my withdrawal handiness time frame prior to authorizing my deposit. If I was displayed, it wasn ’ t long or outstanding enough for me to notice it. Did they flash it for three seconds or something ? How ’ south that work ?
Second of all, there ’ south nothing transparency about what the actual timeframes are. So I check the connection – and still no demand dates ! Why can ’ t they barely show me a chart or something to provide guidance, so I know what to expect ? The lack of foil is alarming. It ’ south about as if they are intentionally burying this information .
I finally find out that it ’ ll be over a week from the date I opened the case, and almost a week and a half from when I originally deposited the funds .
Let me get this straight. I can deposit immediately and start trade instantaneously .
But if I want to get my money OUT, I have to wait closely two weeks ? ? ? ?
Coinbase, if you ’ re going to sound like money moves are a breeze, you should say, “ They ’ re a breeze until you want to cash out – then we ’ ll make you wait forever, and not tell you clearly in improvement how long that will be ! ”
This barely smells bad, okay ? I personally stay aside from any app that operates this way .
So is Coinbase safe, or not?
To summarize, here is my personal lead .
- Is Coinbase safe? No, not by my standards.
- In Coinbase good? No, not by my standards.
- Should you use Coinbase wallet (or any other aspects of the platform)? In my opinion, no.
I funded my Coinbase account but never got around to actually investing in cryptocurrency. My have using the Coinbase app was a bad one, and it made me want to run screaming. not surely if I ’ ll always make another undertake to trade crypto on any early platforms .
I know there are these short glitches, and engineering international relations and security network ’ thymine perfect. But this was excessively much, one thing after another like this. It left me feeling helpless, vulnerable, confused, and besides like a short ton of clock was wasted having to sort all this out. After having this not-good experience with Coinbase, I ’ m freaked out and thinking it might be better to stick to traditional banking platforms until they get these little “ quirks ” ironed out .
I wrote this review of Coinbase because I know these crypto platforms get a draw of attention, and I want to protect people from having a bad experience that could potentially damage their fiscal wellbeing. If this is supposed to be the room money is handled in the future, I ’ m happy to play it safe and imprison behind – because for me, I need to have total and wholly clearness about what is happening with my money at every single moment I am on the platform. I didn ’ t feel the controls and communication on the Coinbaes platform were robust enough .
This is merely my take and my feel. This review can ’ deoxythymidine monophosphate be interpreted to represent all exploiter experiences ; I make no claims as the applicability of this review to anyone else. I ’ thousand sure there are positive Coinbase reappraisal american samoa well, and that some people love using Coinbase, but not me – and that ’ s why I ’ molarity closing my Coinbase report ASAP which is unfortunately much longer than I would have liked to wait .
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