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CoinBase wire transfers considered harmful
9 points by consultutah on Jan 10, 2018 | hide | past | favorite | 6 comments
Or how I lost $7k - hopefully only temporarily. Just a warning to the masses that wire transfers to coinbase/gdax should be considered harmful.

The wire transfer instruction page says that they should be deposited same day if done before noon PT (mine was at 2am ET which afaik is a little before noon) and I haven’t seen the money for days. I’ve submitted a support ticket and received absolutely nothing back. I called their support number and was told 1) that phone support can’t help with wire transfer issues and 2) wire transfers can take up to 10 days - contradicting the info on their wire transfer page.

Searching the web and reddit shows that many others experience the same issues. I highly recommend not sending wire transfers to coinbase until they’ve resolved these issues.



Welcome to Bitcoin trading. It's indeed very sketchy.


Yeah, I guess I assumed that being FDIC insured took most of that sketchiness away. I’m to blame for not doing more research before I had a problem. But I still think they at very least need to update their docs to say that there is a significant delay.


How is it considered harmful?

This isn't a new issue and afaik no one has lost any money. Coinbase has a backlog. If you want to use Coinbase, you'll have to deal with the backlog. Otherwise, you'll have to deal with their "support".


Why is it harmful? You state on your website that I’ll have my money within a certain period of time, yet that doesn’t happen. What if your bank did the same with your paycheck? It gets deposited on Friday and sometime in the future maybe you get it in your account. I’m sure there would be complaints.


I feel like a better title is "Coinbase wire transfer timeline wrong in docs"


That’s fine if that’s all it is - a mistake in the docs. Should be easy for them to fix up. However now that I’ve searched and discovered the issue, I have to ask why they wouldn’t have done that before.




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