So have not deposited in awhile. I added funds to coinbase using bank account yesterday. Now says 17 day hold! Is this the new norm? Any other options that work better? This seems crazy.
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If you're in the US, Cash App (by Square).Comment -
If youre using your bank account then just use your debit card, it takes 17 seconds. Much better than 17 days.Comment -
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Thanks for the ideas. Tried my debt card. Declined, and payment type removed "as we no longer support this type of card."
I will try the other option.Comment -
Be careful with cashapp. They banned me and won't tell me why. Just claimed I broke their rules. All I was doing was buying bitcoins and transferring to blockchain wallet. I guess they don't like lots of transactions.Comment -
Thanks, didn't have the link which is why I added "By Square" hoping he could reference the developer.
How often were your withdrawing Bitcoin? Since they pay the miner fee to withdraw, I could see them getting upset with too many withdrawals. Just curious for a reference point.Comment -
Well, still 10 days to go on this hold.....and my bitcoin deposit is only down 5%Comment -
I just bought bitcoins from coinbase and it said my funds will be available in 17 days. That's ridiculous.Comment -
I didn't realize the hold was gonna be 17 days. I hadn't bought bitcoins in a while. Had been depositing by credit card, but my bank has been declining my deposit. So went back to bitcoin. Forgot coinbase has a long holding period.
Ugh
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Cash app is the best. Coinbase has been downhill for yrsComment -
Are they giving anyone reasoning for such a long wait period?.Comment -
I've been with Coinbase for I believe six years but I've made my last purchase with them, which was a month ago. Took 13 days before I could access the Bitcoin for deposit/withdrawal purposes. My USD deposit was in my account instantly so I could obtain Bitcoin but they wouldn't allow me to move the Bitcoin until 13 days had elapsed. In this day and age , that doesn't work for me and yes, I use their exchange site ProCoinbase. They sent me a survey to fill out and I stressed the futility of the long wait periods they impose but that'll fall on deaf ears. Tried the debit card route and as mentioned in above post, that method no longer accepted. Gemini doesn't recognize my bank (oldest functioning bank in USA, Eastern) so I'm preparing to return to the local. Pencil and paper guy but is honest and unquestionably reliable.Comment -
I think coinbase is going to crash. The company just seems careless about its service and there are other exchanges out there that are more reliable. Gemini & bitstamp are ones that comes to mind. Even though Gemini has to wait 5 days to clear your purchase, you know this going in and they let you know ahead of time. Being transparent is important and coinbase is in the dark when it comes to being honest and up front. Because of this, I think coinbase will be the next mt.gox which means that basically they will fall and take a lot of people with them. I last used coinbase in 2017 and never looked back. Their "rules" are ad-hoc and seem to only flux when YOU pay them. You pay and then all of a sudden there is a problem and when you complain, they either close your account or make you wait longer. I always advise anyone to use any exchange other than coinbase; but I get that for most Americans, it is the first you come across and has a user friendly interface. I know that soon coinbase will crash and when it does the people who still have funds there are going to be here making post about it. Remember where u heard it. Do not trust coinbase whatsoever. After they handed over the files and transactions of the users to the FBI with no subpoena or anything, it basically confirmed what I always felt about them. Coinbase having you wait 17 days is probably their way of hedging the market and making money off of your purchase depending on if bitcoin dips or rises.Comment -
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They stated the 17 day wait period is to prevent fraud. The purchase of bitcoins was made by my bank account. Thus I have to wait another 15 days now. I only have access to the portion of the bitcoin that went up in value over the last few days. I have about $20 that I can use now. But the actual value of bitcoin I purchased is only available in another 15 days. My bank has already charges me for the bitcoin, but I still have to wait another 15 days.Comment -
I haven't deposited via the ACH and Coinbase for awhile. So I decided to make two deposits and I'll update you with what happens. First, their notice.
"Bank account transfers are typically credited to your Coinbase Pro account in 3-5 business days, but may take up to 7-10 calendar days."
Transfer 1 - initiated late on 1/1/19. Email from Coinbase said funds should be available on 1/9/19 (6 business days).
Transfer 2 - initiated late on 1/2/19. Email from Coinbase said funds should be available on 1/10/19 (6 business days).
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Following is my first update on my recent deposits to Coinbase. Deposits were USD from my checking account to Coinbase Pro. Simple transfer, no purchases.
Transaction 1 Transaction 2 Initiated at Coinbase 1-Jan 2-Jan Estimated Availability 9-Jan 10-Jan Business Day Available 6 6 Left Checking 2-Jan Left on Business Day 1 Arrived at Coinbase Pro Business Day Arrived First Day Useable Business Day Useable Comment -
Following is my daily update on my recent deposits to Coinbase. Deposits were USD from my checking account to Coinbase Pro. Simple transfer, no purchases. I'll update daily until I'm able to use money to purchase BTC.
Transaction 1 Transaction 2 Initiated at Coinbase 1-Jan 2-Jan Estimated Availability 9-Jan 10-Jan Business Day Available 6 6 Left Checking 2-Jan 3-Jan Left on Business Day 1 1 Arrived at Coinbase Pro Business Day Arrived First Day Useable Business Day Useable Comment -
At Gemini, under the "add a bank" start typing your bank name in the drop down box. Once it starts to display the message "Don't see your bank on the list?", click on that message. It will take you to a process to wire in your first deposit. Gemini will give you all the info you need to give to your bank. You'll have to call up your bank's customer support and set up the wire transfer and feed them the info Gemini gave you. After your first successful deposit, your bank will be verified and you can use wire transfer (no wait) or ACH (5 days to clear) to get funds into Gemini.Comment -
Will check that option out, thanks for that information. Five days much more tolerable than the 13 days that I just endured last month.Comment -
This works at Coinbase. Do an ACH to transfer cash from my bank account. Wait 1 week for funds to clear. Crypto can then be purchased and sent out. If I don't want to wait a week, I can send a wire and pay my bank fee + another $10 fee from Coinbase. Bank wires clear the same day.Comment -
Just an update from me. Funds released exactly 17 days later, as they said. And I actually made $5 overall!Comment -
I am still on my 17 day waiting period. I have 10 days to go even though my bank was already charged the bitcoin purchase almost immediately. I think this the new normal for coinbase. About a year ago, I had to wait about 12 days. So it seems they are increasing their wait time. I will update when I actually receive my bitcoins.Comment -
A poster here told me about cash app. I already had it downloaded and have used it many times to send money to friends and family but never thought about using it for bitcoin transactions. I got verified in a couple of hours which was great and did my first book deposit today and the process took less than an hour. Wait time from blockchain to book.
I use to use coinbase a year ago and it was run smoothly to guys/sell and send/receive transactions, then it started being a hassle. Now it’s square cash app and blockchain, which is working out nicelyComment -
I finally was notified by Coinbase that my 1st transfer was available. This occurred at 10 PM on the 8th business day. I was able to use the funds to buy coins. Presumably the 2nd transfer will be completed later today.
Transaction 1 Transaction 2 Initiated at Coinbase 1-Jan 2-Jan Estimated Availability 9-Jan 10-Jan Business Day Available 6 6 Left Checking 2-Jan 3-Jan Left on Business Day 1 1 Arrived at Coinbase Pro 8-Jan Business Day Arrived 8 First Day Useable 8-Jan Business Day Useable 8 Comment -
No, it is not changing as of 2 days ago. I purchased BTC through Coinbase, no warning whatsoever beforehand (wish I checked this forum first), got told 15 day wait to be able to use my BTC. Currently 13 more days remaining. Insane considering what the actual nature and purpose of BTC is.
I may give CashApp a shot, but I was also curious to the posters on this thread, have you withdrawn BTC from a book and got it back in USD? How is this process, particularly with Coinbase?Comment -
Sorry for the late reply but I was using cash app buying and selling pretty much everyday. Maybe you are right they got upset because they pay the fees. Its strange because I emailed them asking specifically what I did wrong and their reply was they could not tell me. They just said I'm not welcome to use their service anymore. Kind of frustrating because they did have the easiest way to buy bitcoins. I was also selling bitcoins on localbitcoins.com for square money transfer. Maybe that was the issue. Just be careful.Comment -
Following is my final update on these transfers. The first one was available at 10 PM on the 8th. The second was available on the 10th at 2 AM. Basically just as they predicted. I had not made a deposit with Coinbase in almost two years. But my recollection is that the transfers were more like five days then.
This was a cash transfer and did not involve a purchase of BTC at that time. If one initiates the transfer with a purchase, then you are hoping that the price goes up before you have access to the coins. If the price falls in the interim, then you lose. In my case the price did increase for a bit, but is now back where it started. So, no gain or loss for me.
While Coinbase's performance has deteriorated, I continue to use them for the ease of going through via the ACH system. I am not interested in messing with bank wires. Besides, I obviously don't make many transfers.
Transaction 1 Transaction 2 Initiated at Coinbase 1-Jan 2-Jan Estimated Availability 9-Jan 10-Jan Business Day Available 6 6 Left Checking 2-Jan 3-Jan Left on Business Day 1 1 Arrived at Coinbase Pro 8-Jan 10-Jan Business Day Arrived 8 9 First Day Useable 8-Jan 10-Jan Business Day Useable 8 9 Comment -
I am still on my 17 day hold with coinbase with another week to go. In the meantime, over the last day the value of bitcoin went down 10%. Thus my initial purchase of bitcoins is worth at least $60 less now. I don't think it is fair to be on a hold of this long, especially when you are risking the value going way down. As of right now, a $500 purchase of bitcoins is worth $444. If I could have gotten immediate access with wait period, I would have been able to deposit close to the full amount. But as of now, I have already lost $60. And that was just in the last day. In another week, who knows what the value is. A 17 day hold is just not worth it or fair.Comment -
Only use Coinbase for withdrawals. The best thing to happen to sports gambling is Coinbase allowing free withdrawals to PayPal, and they’re instantaneous. I can go from Coinbase to PayPal to my bank issued debit card in two minutes with a total fee of no more than $10.Comment
