Coinbase Jail
More confirmation that if you don't own the key, you don't own the coin!
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Traders,
Figuratively speaking, I am trading with a broken leg for the next month. Coinbase has suspended me from buying new crypto and depositing/withdrawing cash funds. Also, I cannot sell on Coinbase Pro.
For the 3rd time since Christmas, I have been restricted from buying new tokens on my Coinbase account. This time, it will last a month. I have no idea why this is. And Coinbase will not tell me. They are, “not able to provide specific details regarding our security features or our account reviews.”
I have heard of this type of nightmarish scenario happening to other customers before and it has always had me a little nervous that I might be next. And, at last, the day has arrived. Yay me!
This only proves once again, that if you don’t own the key, you don’t own the coin! Therefore, I am at the mercy of my Coinbase overlords.
Fortunately, not only have I found a solution, but I think it may be a better alternative than trading on CBpro. I noticed that when I transfer my crypto over to my regular Coinbase account, I am still able to “Convert” crypto from one token to another. This is good! But not only that (and please, correct me if I am wrong) I think that conversion cost was nothing …as in, it was completely FREE. Is this correct Coinbase traders? If so, why have I been selling and buying on Coinbase Pro this whole time incurring massive trade fees? Unbelievable!
Anywho, I don’t know how all this is going to go but I just wanted to share my current situation with you all. There may be some activity in the next month that I am hampered from partaking in. I don’t know.
-Stew
@-v- I agree!! Should definitely look into that. @Ben759 Gyen was a hellhole, same thing happened to me which is why i agree with @-v- but the truth is as crooked CB might be and their customer service alone blows for a publicly traded company. They still are the most simple, accessible and fastest when it comes to new coin(s) access and doff choices of coins.
@Stewdamus yes you are completely right about the conversion, they do not take a coinbase fee etc. however, they do incorporate whatever gas fees into the conversion rate that you are recieving. You will not see it clearly but after doing some math you realize the rate of conversion is a bit higher than listed price (almost equivalent to market price). Therefore, it has to include gas/miner fees etc.
But because its almost so instant and definitely much cheaper to convert coin to coin it makes whatever conv. Rate you receive makes you realize converting on the app is much easier than buying and selling. The one thing I dont know though is how conversion work when it come unrealized gains/losses for tax purposes instead of buying and selling. hope that helped.