September 28, 2022

Coinbase has been accused of telling fibs. In response 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 trade secretly launched a buying and selling restrict of $10,000. He found this when he re-registered for Coinbase One to vary his cost technique. Earlier than that, Hyland claimed he might 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 a help agent that the $10,000 cap had all the time existed on its Coinbase One product.

On its web site, the trade confirms a buying and selling restrict within the phrases and situations of its Coinbase One beta subscription. “There’s a fee-free buying and selling quantity restrict. If you commerce over this restrict, you’re chargeable for paying common buying and selling charges. The restrict may be present 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 shoppers who had had unhealthy experiences. This was largely within the type of account takeovers that didn’t elicit a speedy response from Coinbase help. On the time, customers filed over 11,000 complaints in regards to the trade with numerous client safety our bodies within the U.S.

Subsequently, the corporate mentioned it might introduce phone help and stay chat help to scale back the time prospects needed to watch for a decision.

Quick-forward to Oct. 2021, many shoppers have been nonetheless sad. Hackers have been draining their accounts, and phone help couldn’t remedy their issues. One couple that misplaced a big sum referred to as the helpline, just for the agent to inform them they might not entry the case file. The husband referred to 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 mentioned that the corporate was trying to strengthen its steadiness sheet by providing subscription providers. Coinbase can also be decreasing advertising prices and not too long ago slashed employees by 18%.

Armstrong mentioned that the corporate meets commonly with regulators because it seeks to grow to be essentially the most trusted trade based mostly on its compliance document.

Binance and Bybit additionally might use some enhancements

Whereas different firms 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 factor to grasp is that this isn’t a ‘promotion.’ It’s not a marketing campaign, both – we’ve merely made the choice to take away the charges in the intervening time,” it mentioned in a weblog publish. “There’s no shaky, ulterior motive right here. We’re not rebalancing earnings from elsewhere, rising spreads, or partaking in different actions to revenue from this alteration.”

Notably, the corporate states that the zero-fee coverage applies to identify trades solely.

Regardless of this transparency, Binance averages 2 out of 5 stars from over 2,000 TrustPilot evaluations, in keeping with Investopedia.

Bybit, one other trade to supply zero-fee buying and selling, additionally has solely 2 out of 5 stars.

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