Date Received: 2020-09-01
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I made my first purchase with coinbase on XX/XX/2020 for {$1000.00} and it took almost 2 months before it appeared in my wallet and I had to verify my identity about six times before it ever appeared in my wallet. So it took that long to get that one settled and now I had made a second purchase of {$1000.00} in coinbase on XX/XX/2020 and that one has yet to appear in my wallet or history or anywhere in my account. I have the bank statement that shows coinbase took the money from my account. I have emailed the complaint department several times with no results. I have verified my identity with them several times and it always comes back stating it will take up to 10 days for an answer and no results. I can't believe a company that works with millions of accounts can be so sloppy in their work. Can you help me? My email address is XXXX. Thank you for your time, XXXX XXXX
Company Response:
State: WI
Zip: 546XX
Submitted Via: Web
Date Sent: 2020-09-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-28
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: ( 1 ) In the month of XXXX, I made 9 conversions between one digital currency and another. During that conversion, there was no disclosure of any fee for the transaction. It actually says that the Coinbase Fee for the transaction is XXXX ( see example image ) as stated on the order preview for the conversation. Post conversion, I realized that the post conversation dollar amount was far less than the pre conversation dollar amount. Upon complaining to Coinbase, I received the following. Note, I am an expert on these types of derivative transactions and this is an entirely false claim -- if there are funds reserved for liquidity or volatility risk mitigation, those funds need to be returned to the beneficial owner and not retained by Coinbase. Also, I have gone back to them several times for clarification and asking for the exact mechanics of the swap/conversion. They have refused to address after several attempts. " Hello xxxx, I'd like to explain what happened and why the fiat value of the funds you received is not the exact same as the value you were expecting. Depending on the volume and prices of orders on the order book at the time when a conversion is created, the conversion may fill at a price less favorable than the most recent trade price, in some cases significantly so. This is commonly referred to as 'slippage '. This can cause an order to produce results that are more favorable, equal to or less favorable than original expectations. Per our Pricing and Fees Disclosure ( https : //help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees.html ) : Coinbase applies a Spread of two percent ( 2.00 % ) for Digital Currency Conversions. However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. We do not charge a separate Coinbase Fee for Digital Currency Conversions. I hope this information helps! Regards, '' ( 2 ) Many days, even weeks after transferring money ( and the money being fully debited from my arround ), it is still often unavailable to transfer out of Coinbase. This is likely because they are using the funds internally to generate revenue.
Company Response:
State: MI
Zip: 48168
Submitted Via: Web
Date Sent: 2020-08-28
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-27
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/XXXX, I received a text that my Coinbase password had been changed and if I did not do this to call. I called and froze my account. A couple days later someone called asking me to send in my ID and provide authorization code to authorize my account. They told me my account was closed and secure. A few days later I was able to change my password and log in. When I logged in I notice over 22k of XRP coin was taken from the account. I reached out to coinbase to tell them and they froze my account again. Since then I can not get a response from them. They do not answer the phone and only allow for messages they will not return. I have messaged multiple times for them to follow up and no one is responding.
Company Response:
State: TX
Zip: 75032
Submitted Via: Web
Date Sent: 2020-08-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-26
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I opened an account on XX/XX/XXXX buying several types of coins. I moved money from wallet to the Coinbase Vault service on the XXXX. On XX/XX/XXXX I withdrew 2 small accounts that consisted of earned money from learning about several coins. That money had not been moved to the vault. The problem began when I tried to move money from the vault to my wallet to withdraw it. The process calls for 2 step verifcation within 24 hrs. I verified both places but my account would only register that I approved one. I tried this several times over a number of days from XX/XX/XXXX on. I wrote to support XX/XX/XXXX and got response the XXXX saying they needed me to verify who I was and then let them know and they'd move my money to my wallet and give me a new vault. I did that. Then they said verify and provide selfy. So I did it again but there was no place to enter a selfie. I asked them where to enter a selfie and got no answer. I verified again and sent support a selfie. No response. I wrote several times. No response. Got an email asking if my issue was resolved I said no. No further support. I've written several times asking if they're stealing my money and gotten no response. I paid to have my bank account stop any further withdrawals. I could not sell when the market was up or use that money at a legitimate site.
Company Response:
State: AZ
Zip: 85024
Submitted Via: Web
Date Sent: 2020-08-26
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-26
Issue: Other transaction problem
Subissue:
Consumer Complaint: Weve had the most horrific experience anybody could ever imagine. Im XXXX years old, my mother is XXXX, and my father is XXXX. On average ... we put {$100.00} - {$200.00} every week for 8 Years into our COINBASE Bitcoin account .... Then one recent evening in the middle of the night .... {$110000.00} worth of Bitcoin was hacked in minutes out of our Coinbase account!!! COINBASE has tens of Billions of dollars & their XXXX-year-old billionaire CEO XXXX XXXX ... basically all laughed about it & said Yes we have a great secure website, yes we have billions of dollars, yes we are the Custodian of your account, ... but guess what? Sorry about your luck ... .Due to all the small print about Bitcoin in Coinbase , we have Zero liability & sorry ... we cant help you REALLY????? Imagine waking up and all of your money is gone at your bank or your stockbroker and they told you sorry about your luck, youre not covered and were not gon na do anything about it Well, My mom had a XXXX XXXX, I had a XXXX XXXX, + the XXXX XXXX event caused XXXX & my XXXX XXXX XXXX and will never grow back to where it was. Im trying my best to find a bulldog pitbull type Attorney as this case is approx {$200000.00}!! I drop in the bucket to them and they wont even respond to us 3 Senior Citizens. It was 90 % of ALL of our money!! They sign up millions of people a day around the world and take their money to invest in Bitcoin & other cryptocurrency ... yet nobody knows theres ZERO coverage & liability by COINBASE!!! ITS ABSOLUTELY CRAZZZY that this could be legal!!! They gave me some silly Im sorry excuse that theres a new thing called Coinbase Pro & its hard to hack Bitcoin from there ... but Ive been in for 8 years and I wouldnt have known anything about it since its a rather new thing ( Coinbase Pro ) Our response was ... why dont you have a department protecting people with big money in their account that doesnt know anything about COINBASE Pro??? The security employee said ... .thats a great question. I also then asked, How can somebody withdraw {$100000.00} and no bells or whistles go off??? regardless its a hack or whatever it is? He then said .... Thats another great question REALLY???? This is mind-boggling & beyond anyones imagination that Coinbase can simply say Sorry we cant help you & your money is gone forever & we have no liability as your Custodian & account Administrator Someone please please help us file a MAJOR LAWSUIT against these Billionaire Monsters!!!! PLEASE!! We cant even sleep or eat properly. This is torture & we were left in the complete dark by COINBASE & they have committed FINANCIAL NEGLIGENCE & FAILED TO SECURE OUR MONEY!! Its all we had & they have Billions $ $!!! And they can laugh at us & say Sorry?? TELL ME ITS NOT POSSIBLE!!! We pray for serious help 24-7. My XXXX & XXXX year old parents cant live much longer with this stress. If one of them dies .... this will get super ugly. Sincerely, XXXX, XXXX, XXXX XXXX XXXX XXXX ( my cell # )
Company Response:
State: MI
Zip: 48603
Submitted Via: Web
Date Sent: 2020-08-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-22
Issue: Other service problem
Subissue:
Consumer Complaint: i use coinbase since XXXX, there no problem at all, until i try login again at XXXX XX/XX/XXXX i got message, " sorry account temporary disabled, contact support ''. then i try to contact support via phone but not help, then i submit a ticket via email and XXXX also to seek for help but not respon at all until now, my case XXXX when i try to login use my XXXX use coinbase app, they locked my account i dont know how? i try contact support via XXXX and email but no respond at all until now after this problem resolve with coinbase, i will put my crypto currency in XXXX XXXX coinbase inXXXX is big company they should priority to customer, without customer there is no coinbase at all
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-20
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I bought the XXXX ( my first transaction ), and Coinbase froze my payment method because my bank didn't allow the transaction. I called the bank on the second day and resolved the issue, but Coinbase ignored my support messages for 10 days ( case XXXX ). I repeatedly tried to reach out to them via their support and twitter. I got responses from twitter that they're working on the support case and will be in touch. From their support, I received multiple bot-generated emails that I need to pay the balance, but despite multiple requests, they ignored my pleas to lift the payment method freeze. After 5 days they sold the currency, and after 7 days they lifted the bank freeze. Because they sold the currency, I am stuck with the $ XXXXsomething fee that I " owe '' them. My experience with their support has the XXXXXXXX XXXX XXXX First, I ask them to lift the freeze, they ignore that and send a bot-generated email to pay the balance. Of course, I couldn't pay the balance without them lifting the payment method freeze, and I reach out again to lift the freeze - and I get the same bot-generated message again. It's surreal. Neither I nor other customers who stuck in this loop are responsible for any bogus fees associated with Coinbase 's inability to run their business. I reached out at least 5 times via email and twice via Coinbase XXXX support to deal with this problem. They didn't address it.
Company Response:
State: CA
Zip: 95401
Submitted Via: Web
Date Sent: 2020-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-20
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I have XXXX XXXX Coins with a current value of {$4700.00} that is stored in a vault on Coinbase and I attempted to withdraw the balance to my wallet on XX/XX/XXXX. When the request was made the company sent emails to my primary and secondary email accounts to approve the withdrawal. I clicked on the link in my primary email account and it worked fine ; however, when I clicked on the link in my secondary email it brought me to the Coinbase website, but did not approve the withdrawal. It states that " You have already performed this function '' and yet the action remains unapproved. I attempted this several times over the past 3 days with the same results. I filed the Coinbase automated customer service form and received automated responses of no real assistance. I have attempted to reach them over the past three days without a response. The company does not accept phone calls except for compromised accounts and you can not email them directly. This is a bad link and should be any easy fix. This is a problem mentioned by many people on several review sites like XXXX dating back to XXXX, so they are aware of it and simply don't fix it. This is an exchange for trading and if it is not timely, you lose money.
Company Response:
State: VA
Zip: 231XX
Submitted Via: Web
Date Sent: 2020-08-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-18
Issue: Other transaction problem
Subissue:
Consumer Complaint: For no reason at all I have been frozen out of my Coinbase account. I have thousands of dollars with them. When trying to resolve this with their support team, they offered a criminally vague statement that said " You are no longer eligible to link any payment methods. We are not able to provide you with any additional information. '' Which means they won't give me my money back and they won't tell me why. This is theft.
Company Response:
State: NY
Zip: 11217
Submitted Via: Web
Date Sent: 2020-08-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-08-13
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I have over {$70000.00} worth of BTC on my Coinbase wallet over 2weeks ago and I tried logged in and tried to send some BTC all for me to find out there was restriction on my account, I saw a notification on my email that I need to verify my email before I could trade again, I did verify with my UAE residency and it was confirmed and I was hoping that the restriction would be lifted but all to no avail, After a couple of days I couldnt login into my account again, Anytime I try login in all is see is my account has been temporarily disabled and I should contact support center which I have been doing with no reply apart from automated messages and its over 10 business days.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-08-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A