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Anybody here use Coinbase to invest in cryptocurrencies like Bitcoin, Ethereum and Litecoin? 

I've finally decided that I want to dip my hands in the cryptocurrency game so I've opened a Coinbase account after hearing about this American-based company from various people and places, but I've not been able to verify my payment details as their website doesn't really specify how to do this for UK investors.

I would like to invest in Ethereum and Litecoin (not Bitcoin because it's way too expensive for me) but can't because of this payment verification confusion. Any pointers?

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i had problems with the verification. i tried and tried but it did not work.

i tried again recently and it went through.

You should photograph your passport - all the edges of the passport with your mobile and upload it from your mobile. i ensured the phone was connected to a cable connection to ensure speed and surety.  

 I think the other ID i used a pdf of my latest statement with name and address downloaded from my bank. 

It went through ok

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I'm copying this from another thread.

I've never bought with cards on exchanges.

I've only ever bought btc with bank transfers on localbitcoins/bittylicious  usually sending those btc directly to an exchange (eg. Bittrex) to buy the alts.

 

 

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There is a common problem with Coinbase. You have to photograph your ID either with the camera on your laptop or smartphone. i used my phone. For some reason the uploaded photos kept getting rejected. The forums are full of people having problems with verification images and Coinbase. i tried another exchange and had no problems. 

The customer service at Coinbase is poor so i never got a solution from them and i didn't find a solution on the forums only frustrated people trying to get an account. To be fair the issue may have been it was sending the details from Spain but for a UK account. When i sent the details from the UK for a UK account it went through pretty much straight away. So this might have been the problem.

 

Edited by sixgun

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I've just coinbase it seems ok but payments have failed the last three times the price dropped, which is suspicious and unethical to say the least so I'm looking for something better.

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1 hour ago, 4Nines7Hills said:

I've just coinbase it seems ok but payments have failed the last three times the price dropped, which is suspicious and unethical to say the least so I'm looking for something better.

Probably best to have accounts with several exchanges.

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I have been looking at having a dable with crypto currencies and a common theme that seemed to crop up with coinbase is that there are problems with withdrawing money into a UK account.  Has anyone else had the problem or do you use a different exchange ?

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8 hours ago, sixgun said:

i had problems with the verification. i tried and tried but it did not work.

i tried again recently and it went through.

You should photograph your passport - all the edges of the passport with your mobile and upload it from your mobile. i ensured the phone was connected to a cable connection to ensure speed and surety.  

 I think the other ID i used a pdf of my latest statement with name and address downloaded from my bank. 

It went through ok

My identity has already been verified but I still can't invest in any cryptocurrencies. 😯

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4 hours ago, 4Nines7Hills said:

I've just coinbase it seems ok but payments have failed the last three times the price dropped, which is suspicious and unethical to say the least so I'm looking for something better.

That's actually not the first time i've heard that. Very suspicious indeed.

29 minutes ago, Daz147 said:

I have been looking at having a dable with crypto currencies and a common theme that seemed to crop up with coinbase is that there are problems with withdrawing money into a UK account.  Has anyone else had the problem or do you use a different exchange ?

Depositing money from a UK account seems to be another common issue as well.

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Just found out about another platform to purchase cryptocurrencies - Cryptomate. Any users here who would like to write a review of said platform?

1 minute ago, 4Nines7Hills said:

it could be the server is over loaded and they arent trying to rip people off but either way if you can't buy and sell when i want it isn't much use 

I've read somewhere that Coinbase has thousands of people signing up every day or week.

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The draw for me in using coinbase was the link to the gdax exchange.  However, when the market is going bananas coinbase has been offline; it has happened 3 times in the past month so I have withdrawn my funds.  I hear that yesterday, someone dumped $30M of ETH into gdax/coinbase using a market-sell order.  Will coinbase have the $30m to pay the seller?  Who knows but I have sold some crypto and withdrawn funds.

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Not in the Crypto-Commodities yet but I'd trade NEM on derivative ratio moves as most smart money seems to be. It has the widest absorbtion rate yet is held in a narrow trading tunnel and of course is Blythe Masters (JP Morgan linked). Look at the graph, a very impressive derivative leverage king building there. I'm wary of this Crypto so-called money (Commodity in thin air) with no inflation (900 tradeable currencies = hyper-inflation!!!!) Pyramid scheme and everything linked to it when looking at methodology, ease of use etc. Future currency....more like a high tech buy-in scam to me. Then again, so are Pensions.....

Edited by shemyaza

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I think the trick is to join 4 or 5 of the top echhanges as Coinbase is very often down when you want to act, might be a hassle but to ensure getting your buy or sell order through in a timely manner means opening up your options.

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Coinbase forcibly stop the webpage when they see the currencies goes down, I notice that the last month, when you're ready to act, they shut it down. But to be honest Coinbase is the simplest way to exchange EUR/GBP for crypto currencies. 

If I can give an advice for Coinbase - don't keep all your coins inside the app, store them (or at least 60%) in cold storage, as I don't believe Coinbase people, especially when there is a lot of finances involved! 

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I would personally avoid coinbase. Its a very good app, easy to use and deposit funds. But withdrawing it, thats another story.

I had a little dabble, just to test the water, my £30 investment had grown to £50 in a short time. So, to make sure everything works ok, i went to withdraw. So i cashed in the bitcoin/litecoin to GBP within the app, for a fee of £1.99 per currency. So now my £50 is down to £46. Ok, lets get this cash out, except there is no option to withdraw GBP, it has to be euro (it doesn't tell you this when you sign up). but to do this i need to convert to a crytpo and then into euro, incurring a £1.99 for each. Now down to £42. So, to confirm my bank account I have to make a deposit to coinbase, in euro. Now this incurs a bank charge for the transaction, £9. now down to £33.

Now i know once the bank is confirmed, it isn't charged again so the next transaction will be cheaper.

great for purchasing, nightmare to withdraw, in the UK anyway.

And, as other people have mentioned, the app shuts down when the price drops significantly. It took weeks to get verified.transactions don't register sometimes so your'e not sure whether to hit buy again or wait and see if it did actually work.

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I agree with you, I'm operating in EUR, so I don't have problem with withdrawing, the app is easy to use and top up, purchase as well. Other thing is to purchase from Coinbase and sell on Kraken, Bittex or other similar market place! 

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On 23/07/2017 at 01:01, MikeOxlong said:

Wanting to get into cryptocoin signed up with coinbase but dissapointed to hear you cannot withdraw GBP! Which exchange is best for UK based people?

To withdraw from coinbase our need to send them a SEPA payment, thenthey will be able to send one back to you... alternatively you could open a coinbase account and to sell you can send your coins to another exchange like localbitcoins and sell them directly to someone on there. Generally when taking money out of any cryptocurrency you will need to convert back into bitcoin, send to localbitcoins and sell them from there. Note this will cost a bit in fees and exchange rates 

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