Coinbase has been accused of lying. According to a former client, there is a catch in the product of trade free of charge from Coinbase One.
For $30 per month, the technical analyst of block chain Matthew Hyland was promised trade Unlimited free on Coinbase. He claims that the swap secretly introduces a limit of trade of $10,000.
He discovered this when he re-registered with Coinbase One to change his payment method. Before, Hyland claimed he could trade unlimited for $30 per month. You also got access to $1 million in account protection and 24/7 support.
Hyland calls Coinbase a liar
Hyland qualified to swap from a liar for claiming through a support agent that the $10,000 limit has always existed on his Coinbase One product.
In its webpage, the swap confirm a limit of trade in the terms and conditions of your Coinbase One beta subscription:
“There is a free trading volume limit. When you trade above this limit, you are responsible for paying trading fees. The limit can be found in your account settings.
Exchange customer service history
Coinbase has a questionable track record when it comes to customer service. In August 2021, CNBC reported that it had surveyed thousands of customers who had had bad experiences. It was mostly in the form of account takeovers that didn’t get a quick response from Coinbase support.
At this moment, users have filed more than 11,000 complaints about the swap with various consumer protection agencies in the United States.
Subsequently, Coinbase said it would introduce phone support and live chat support to reduce the time customers wait for a resolution.
In October 2021, many customers were still not satisfied. The the Pirates they were emptying their accounts and the phone support could not solve their problems. A couple who lost a large sum called the helpline, only to be told by the agent they couldn’t access the file. The husband called the service a “joke”.
BeInCrypto has contacted Coinbase support for a response to Hyland’s allegations. At the time of publication, the company did not respond to inquiries.
In an interview with CNBC on Aug. 24, 2022, Coinbase CEO Brian Armstrong said the company was looking to bolster its balance sheet by offering subscription services. Coinbase is also cutting marketing costs and recently reduced its workforce by 18%.
Armstrong said that Coinbase regularly meets with regulatorsas he seeks to become the swap the most reliable based on your compliance history.
Binance could also use some improvements
Although other companies have not been publicly challenged, they still have customer service issues that need improvement.
On July 8, 2022, Coinbase competitor Binance launched trade at zero rate for thirteen pairs of trade of BTC and succinctly describes his reasons:
“So one thing to understand is that this is not a ‘promotion’. It’s also not a campaign, we’ve just made the decision to remove the fee for the time being. […] There is no flimsy ulterior motive here. We are not rebalancing earnings elsewhere, increasing spreads, or engaging in other activities to benefit from this change.
In particular, the company claims that the zero fee policy only applies to spot trading.
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