Coinbase review

Coinbase is generally regarded as the biggest and most accessible way to get into Bitcoin.

Unfortunately, my experience has not left a great impression.

Registration

Registering with them is a big hassle. First, you have to go through phone verification. Which would be fine if it worked. But it doesn’t. The text message never arrived, even after I retried it. In the end, I had to wait 24 hours, delete my phone number and re-add it to get it working.

Then you move onto identity verification where you have to submit a passport scan.

But this isn’t easy either. The pop-up window that appears has a link to the page. Except it is the wrong page and you get a 404 page. The only way to find the correct page is to trawl through your account settings to find the verification page.

Next step, submitting a picture via your webcam. This step doesn’t work either. The website cannot read my passport from my webcam. They have another option to do it via your phone and luckily this option did work.

Deposits

Coinbase has lost their ability to accept UK deposits. Therefore the only way to deposit money into your account is using the SEPA payment to their Estonian bank account. You know, like all legitimate operations ask you to do.

Bank account verification

The next thing you need to do is to verify your bank account so you can make a deposit. I did this via the SEPA payment and everything seemed to work.

Except, a few days later, my verification mysteriously disappeared. So, I opened a ticket with Coinbase support. This was difficult. You have to go through an almost endless series of FAQs before you are allowed to contact support.

Once you do, they wait an hour and then send you an automated email with more FAQs, telling you to get back in touch if that doesn’t solve your problem. This is based on their very limited set of support categories which make it impossible to ask the correct question.

Once you have done this your request sits in their support queue.

Support

Their customer service appears to be none existent. I raised a support ticket about my account not working and, at time of writing, they still haven’t responded to me.

Spam texts

Shortly after registering with Coinbase, I began receiving a series of spam texts, and even a spam call, about investing in Bitcoin and trading on markets. I have no evidence that it was Coinbase that leaked my details, just the correlation that it started happening when I registered with them.

Summary

I would recommend looking at alternatives to Coinbase. Their systems are flaky, I worry about their data protection and, most of all, they don’t seem to respond to support requests. That isn’t a disaster if you have £10 in there, but a massive problem if you have £1,000.

I’m not the only person who has had a horrible experience. They have one star on Trust Pilot. I have never seen anyone with a rating that low.

Timeline

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This entry was posted on Monday, January 2nd, 2017 at 11:00 am and is filed under Reviews. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.