Coinbase Customer Service Issues
Coinbase has committed blockchain technical analyst Matthew Hyland to free unlimited trading fees of $30 a month.
The exchange has secretly introduced a trading limit of $10,000. Hyland discovered this when he re-signed up for Coinbase One to change his payment method.
Previously, Hyland claimed to be able to make unlimited trades for $30 a month and had access to $1 million in account protection and 24/7 support.
Meanwhile, on its website, the exchange confirms the trading limit:
“There is a free trading volume limit. When you trade beyond this limit, you are responsible for paying the normal transaction fees. You can find the limit in your account settings”.
Coinbase Customer Service History
In August 2021, CNBC reported that it interviewed thousands of customers who had a bad experience on Coinbase due to not receiving a quick response from Coinbase support. Users have filed more than 11,000 complaints with various consumer protection agencies in the United States.
Later, the company said it would introduce phone support and live chat support to reduce customer wait times.
By October 2021, many customers were still unhappy. Hackers who have withdrawn funds in their accounts and phone support cannot solve the problem.
A couple who lost a large amount of money called the helpline, but the representative responded that the case file could not be accessed.
At the time of writing, Coinbase had not responded to Hyland’s allegations.
In an interview with CNBC on August 24, 2022, Coinbase CEO Brian Armstrong said that the company is looking to strengthen its balance sheet by offering subscription services. Coinbase is also reducing marketing costs and recently cut its headcount by 18%.
Binance and Bybit improve customer service
On July 8, 2022, Coinbase competitor Binance offered free trading fees for 13 BTC trading pairs and briefly stated the reasons.
“This is not a ‘promotion’. It’s not a campaign either – we’re simply making the decision to eliminate the charges at the moment. There are no secret, shaky motives here. We are not rebalancing profits from elsewhere, increasing spreads, or engaging in other activities to profit from this change.” Binance said.
Binance states that the free trading policy only applies to spot trades. Binance still has an average rating of 2/5 stars from over 2,000 TrustPilot reviews. Bybit, another exchange that offers free trading, is also only rated 2 stars.