What’s there to Worry About? The Top Coinbase Issues that Worry Users
Coinbase has often been a great starting point among newcomers to cryptocurrency investing. If you are dipping your toe into the Bitcoin waters for the very first time, this platform offers plenty of deposit methods and partners with a string of banks and payment providers to help you buy Bitcoin quickly. It’s also available to investors living in more than 30 different countries, so it’s certainly one of the most mainstream Bitcoin exchanges.
However, unlike some review sites that will only tell you what they think you want to hear, we’re here to provide you with a truly impartial view of the exchange. It’s a platform that does have some flaws and quirks that concern users from time to time. Let’s take a look at its five biggest issues to help you figure out whether you should use this service.
1. It’s possible that they track how you spend your Bitcoins
There have been reports on multiple websites and social media channels that the exchange monitors how you use your Bitcoins once you have withdrawn them from your wallet. If you like the concept of cryptocurrency because it is decentralised and not governed by a single authority or organisation, this will make you feel somewhat uneasy.
2. Mixed feedback on customer support
Coinbase generally commits to providing a response to customer queries within 48 hours, which is reasonable in the context of the entire cryptocurrency industry. However, it does not have much of a presence on Reddit, where many Bitcoin investors hang out online. You could argue the platform has got its priorities all wrong as it appears to respond to Twitter messages within an hour!
3. Deposits and withdrawals can take up to three working days
A growing number of this exchange users have complained that withdrawals from their account are taking as long as 72 hours to finalise. The exchange blames this on the raft of ID verifications and wire transfers it has had to process in recent months. If three working days isn’t acceptable to you, alternative Bitcoin trading communities such as eToro commit to processing withdrawals within one business day, providing your ID has been verified.
4. Only the leading cryptocurrencies supported
At present, this exchange only supports four of the leading cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. If you want to just trade Bitcoin and the more established crypto coins this is all well and good. However, many altcoins provide lucrative investment opportunities too. By using this exchange you might miss out on these completely!
5. Weekly investment caps stunt large-scale investors
Investors prepared to invest five-figure sums into Bitcoin will find themselves restricted to investing just $1,000 per week, per cryptocurrency. This seems completely counter-intuitive to the platform’s business model, since they make money per transaction. We’re not sure why it happens, but we’re not fans of it either.
If the above sound minor to you, go ahead and read our review of Coinbase to find out more. If, however, you want to look elsewhere for a trusted Bitcoin exchange, at Best Bitcoin Exchange we’ve listed and reviewed the top 40 Crypto platforms for you to try.