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Coinbase has been accused of telling fibs. Based on 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 change secretly launched a buying and selling restrict of $10,000. He found this when he re-registered for Coinbase One to alter his cost technique. Earlier than 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 assist.
Coinbase customer support woes
Hyland calls Coinbase a liar for claiming by way of a assist agent that the $10,000 cap had at all times existed on its Coinbase One product.
On its web site, the change confirms a buying and selling restrict within the phrases and circumstances of its Coinbase One beta subscription. “There’s a fee-free buying and selling quantity restrict. While you commerce over this restrict, you’re chargeable for paying common buying and selling charges. The restrict could 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 assist. On the time, customers filed over 11,000 complaints in regards to the change with varied client safety our bodies within the U.S.
Subsequently, the corporate mentioned it could introduce phone assist and reside chat help to cut back the time prospects needed to anticipate a decision.
Quick-forward to Oct. 2021, many purchasers had been nonetheless sad. Hackers had been draining their accounts, and phone assist couldn’t resolve their issues. One couple that misplaced a big sum known as the helpline, just for the agent to inform them they might not entry the case file. The husband known as the service “a joke.”
Be[In]Crypto reached out to Coinbase assist 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 said that the corporate was trying to strengthen its stability sheet by providing subscription providers. Coinbase can also be decreasing advertising and marketing prices and just lately slashed workers by 18%.
Armstrong mentioned that the corporate meets regularly with regulators because it seeks to develop into essentially the most trusted change based mostly on its compliance document.
Binance and Bybit additionally may 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 submit. “There’s no shaky, ulterior motive right here. We’re not rebalancing earnings from elsewhere, growing spreads, or partaking in different actions to revenue from this transformation.”
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 response to Investopedia.
Bybit, one other change to supply zero-fee buying and selling, additionally has solely 2 out of 5 stars.
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