Coinbase has been accused of telling fibs. According to one former buyer, there’s a catch to Coinbase One’s zero-fee buying and selling product.
For $30 a month, blockchain technical analyst Matthew Hyland was reportedly promised limitless free buying and selling on Coinbase. He claims that the alternate secretly launched a buying and selling restrict of $10,000. He found this when he re-registered for Coinbase One to change his cost technique. Before that, Hyland claimed he may make limitless trades for $30 a month. He additionally had entry to $1 million in account safety and 24/7 help.
Coinbase customer support woes
Hyland calls Coinbase a liar for claiming by way of a help agent that the $10,000 cap had all the time existed on its Coinbase One product.
On its web site, the alternate confirms a buying and selling restrict within the phrases and circumstances of its Coinbase One beta subscription. “There’s a fee-free trading volume limit. When you trade over this limit, you’re responsible for paying regular trading fees. The limit can be found in your account settings,” the product’s assist web page advises.
Coinbase customer support historical past
Coinbase has had a historical past of questionable ranges of customer support. In Aug. 2021, CNBC reported that it had interviewed hundreds of consumers who had had dangerous experiences. This was principally within the type of account takeovers that failed to elicit a speedy response from Coinbase help. At the time, customers filed over 11,000 complaints concerning the alternate with varied client safety our bodies within the U.S.
Subsequently, the corporate stated it might introduce phone help and reside chat help to scale back the time prospects had to look forward to a decision.
Fast-forward to Oct. 2021, many purchasers had been nonetheless sad. Hackers had been draining their accounts, and phone help couldn’t remedy their issues. One couple that misplaced a big sum known as the helpline, just for the agent to inform them they may not entry the case file. The husband known as the service “a joke.”
Be[In]Crypto reached out to Coinbase help for a response to Hyland’s allegations. At press time, the corporate has not responded to inquiries.
In an interview with CNBC on Aug. 24, 2022, Coinbase CEO Brian Armstrong stated that the corporate was wanting to strengthen its stability sheet by providing subscription providers. Coinbase can be decreasing advertising prices and just lately slashed workers by 18%.
Armstrong stated that the corporate meets repeatedly with regulators because it seeks to grow to be probably the most trusted alternate based mostly on its compliance document.
Binance and Bybit additionally may use some enhancements
While different corporations haven’t been publicly questioned, they nonetheless have customer support points requiring enchancment.
On July 8, 2022, Coinbase competitor Binance launched zero buying and selling charges for 13 BTC buying and selling pairs and outlined its causes succinctly. “So, one thing to understand is that this isn’t a ‘promotion.’ It’s not a campaign, either – we’ve simply made the decision to remove the fees for the time being,” it stated in a weblog publish. “There’s no shaky, ulterior motive here. We’re not rebalancing profits from elsewhere, increasing spreads, or engaging in other activities to profit from this change.”
Notably, the corporate states that the zero-fee coverage applies to spot trades solely.
Despite this transparency, Binance averages 2 out of 5 stars from over 2,000 TrustPilot critiques, in accordance to Investopedia.
Bybit, one other alternate to provide zero-fee buying and selling, additionally has solely 2 out of 5 stars.
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